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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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GlobalCapital held its annual European CLO awards on April 4 in London, presenting this year’s winners at the IMN Investors’ Conference on European CLOs and Leveraged Loans. -
Upbeat headlines and a subsequent jump in the stock price of Valeant Pharmaceuticals has lifted the mood of US CLO investors, who had believed that troubles at the Canadian drug company would drive defaults in exposed CLOs.
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The wide range in pricing of new issue CLO paper is being driven by differing views of the market between US and Japanese buyers, according to market participants.
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Next year’s deadline for Volcker Rule compliance for securities issued before 2013 is likely to further exacerbate the liquidity crunch in the CLO market, sources told GlobalCapital.
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Continued pressure on equity investors means the European CLO market could be facing a muted second quarter, despite a recent flurry of deals in March, according to panellists at IMN’s Investors’ Conference on European CLOs and Leveraged Loans, held in London on Monday.
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Goldman Sachs has sold a $451.1 CLO for Canyon Advisors, closing out an otherwise quiet week for the primary CLO market.
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Concerns are growing in the US CLO market about the state of pharmaceutical giant Valeant Pharmaceuticals, as the Canadian company's stock price continues to fall, touching the lowest levels in five years in March.
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Trading in the US ABS secondary market in March has seen dealers further reduce their holdings across asset classes.
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The US CLO market maintained its strong new issue momentum this week with seven deals priced, but concerns over price discovery and long-term conditions are affecting the mood and leading to wide disparities in spreads.
