Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
More articles
More articles
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Activity in the European ABS market is being driven by issuer appetite for CLO refinancing that has gathered momentum over the otherwise quiet festive period, while a debut European CLO from US issuer HPS Investment Partners could soon surface. -
Connecticut-based CLO manager Marble Point Credit Management has acquired American Capital CLO Management for an undisclosed sum, the latest in a spate of industry mergers.
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Bank of Ireland has structured a synthetic securitization to transfer the risk exposure on a pool of €2.9bn business banking and corporate loan assets to a small group of international investors.
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Leveraged loans are likely to be a prized commodity in 2017 as demand will continue to outstrip supply, leaving CLO managers scrounging around for whatever they can find to ramp up their portfolios. Sam Kerr reports.
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Symphony Asset Management is the first CLO manager to try and refinance a deal while adhering to guidelines laid out by the Securities and Exchange Commission last year, allowing it to avoid risk retention even if it closes after the December 24 implementation date.
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A pledge by Opec to reduce oil production is likely to be a tailwind for the US CLO market in 2017.
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CLO managers Barings, Alcentra and PineBridge all priced refinancings of European CLOs last week, announcing plans to reissue notes and cut liability costs in the new year.
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The long wait for the US Federal Reserve to hike interest rates ended this week and implications for further tightening produced a mixed outlook for ABS markets.
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For all the noise in the US and EU markets this year over risk retention and the harm that it causes issuers and market participants, many in the market admit privately to quite liking the idea.
