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Latest news
Resets for 2021 and 2024 deals are less attractive to managers due to wider liability pricing
Spreads for the triple-A rated notes were similar to the manager's previous deal
State of New Hampshire's innovative bond gets Ba2 rating
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The European and US CLO markets are aligning into what is set to become a global arena. But the crushing cost of finding loans is stunting deal sizes in both markets. David Bell and Sam Kerr report. -
Octagon Credit Investors has priced its second deal of the year, as large US CLO managers begin to show more willingness to hit the primary market in the second quarter.
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Demand for US CLOs has picked up significantly in recent weeks, but the recent run-up in the price of leveraged loans has resulted in unfavourable arbitrage conditions and is preventing managers from putting out larger deals.
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European triple-A CLO spreads are expected to tighten on the back of strong demand and limited supply, but sourcing assets remains a bottleneck for CLO managers’ ability to ramp deals.
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CLO manager tiering has hit an inflection point in 2016, with spreads between managers varying as much as 30bp at the top of the stack.
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The CLO investor base is changing at both the bottom and top of the capital stack, with shifts in the kinds of buyers willing to participate being more of a make-or-break factor for deals than ever before, according to panellists at Information Management Network’s Investors Conference on CLOs and Leveraged Loans held this week in New York.
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The US House of Representatives is set to decide this summer the fate of HR.4166, a bill to ease risk retention requirements for CLOs.
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The retail sector is becoming a headache for leveraged loan and CLO managers according to speakers at IMN’s Investors’ Conference on CLOs and Leveraged Loans, held in New York on May 16-17.
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Apollo Management International priced a €357m European CLO last Friday, after reducing the size of the deal, as expensive collateral weighs on equity returns in CLO structures.
