Latest news
Latest news
Lower pricing across CLO capital structure does little to improve equity arbitrage
Manager tightens triple-A pricing by 27bp and avoids refinancing some junior mezzanine notes
Spread on triple-A rated notes 4bp wide of recent tights
More articles
More articles
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Principia Partners has made impact assessments for overnight index swaps (OIS) discounting available through its derivatives valuation service, pasVal. -
Palmer Square Capital Management is looking to 2016 to expand its reach into CMBS, as widening spreads over the past six months make the space more attractive relative to other securitized products.
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Palmer Square Capital Management is looking to 2016 to expand its reach into CMBS, as widening spreads over the past six months make the space more attractive compared to other securitized products.
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Research from Moody’s Investors Service published on Thursday states that defaults in European CLO collateral are ‘non-existent’, and the share of publicly rated collateral in CLO portfolios is increasing, strengthening the credit quality of the asset class overall.
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Insurance company asset manager Conning said that it would acquire Octagon Credit Investors last week, a move that will potentially give the CLO manager a leg up as risk retention approaches.
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Two CLOs have hit the market in the last week, with Oak Hill’s €415.8m deal on Tuesday following last Friday’s €412.8m CLO from Alcentra. Pricing in the top tranches is sticky, but mezzanine spreads are widening. Analysts say build-up in the pipeline is giving investors the upper hand when it comes to pricing.
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Sticky triple-A spreads and widening mezzanine spreads are not keeping Oak Hill from tapping the European CLO market, as it prepares to sell its fourth deal from the Oak Hill European Credit Partners shelf, and its second European CLO since 2007.
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JP Morgan priced a €412.8m CLO for Alcentra on Friday. While the top tranche was in line with recent deals, spreads in the mezzanine tranches have widened, comparatively. Analysts say spread widening in comparable asset classes and a heavy pipeline have created a buyers’ market in the sector.
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The former head of bespoke correlation trading at a European bank has resurfaced at Orchard Asset Management in London.
