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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PGIM has reopened the European CLO market with its second deal of the year, as managers contend with a difficult leveraged loan market that is hampering primary activity. -
The CLO market's best hope of easing risk retention rules is likely to come during a lame duck session of Congress, given the highly politicised atmosphere leading up to the US Presidential and Congressional elections in November.
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A rush of both reset and new issue CLO deals is heating up competition in the new issue market, as managers look to sell to a limited number of investors.
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The US House Financial Services Committee, has moved to pass the Financial CHOICE bill, a wide ranging reform of the Dodd-Frank Act which would essentially exempt non-RMBS securitized assets from risk retention.
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Two leading figures in US central banking gave speeches on Monday which once again left those looking for an indication on the future of US interest rates disappointed.
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Chinese investors are beginning to invest in US CLOs, according to sources speaking to GlobalCapital, as issuers continue to rely on global interest in the product.
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Strong demand for CLO debt is pushing issuers to market new deals more quickly, but a barren leveraged loan market is keeping them at bay for now.
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Despite tough market conditions this year so far, there were some bright spots singled out at the leveraged finance panel at the Loan Market Association conference on Wednesday, with the growth of CLOs highlighted as a strong point for the market.
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Two US CLOs hit the market this week from managers Wellfleet Credit Partners and Symphony Asset Management as issuers gear up for the ABS East conference in Miami.
