Latest news
Latest news
Pricing on triple-A rated notes tightens by 15bp as manager avoids refinancing some mezzanine tranches
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
More articles
More articles
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Goldman Sachs is marketing senior notes in Pramerica’s Dryden 35 Euro CLO at 130bp, tighter than the 135bp level pegged for Deutsche for price thoughts on Spire Partner’s Aurium CLO I, but in line with Carlyle’s market-opening trade last week.
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Books are open on Spire Partners’ debut European CLO, with initial price thoughts 5bp wider than where Carlyle priced its market-opening Carlyle Global Markets Strategies Europe 2015-1 deal last week.
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Carlyle has won the race to print the first European collateralised loan obligation (CLO) transaction of the year, pricing its latest deal on Tuesday. Both primary and secondary CLO markets in Europe are busy, according to bankers, who are seeing investor resources being redirected to the higher yielding asset class.
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Carlyle has won the race to print the first European collateralised loan obligation (CLO) transaction of the year, pricing its latest deal on Tuesday. Both primary and secondary CLO markets in Europe are busy, according to bankers, who are seeing investor resources being redirected to the higher yielding asset class.
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Apollo Global Management, Carlyle Group and Credit Suisse Asset Management are among CLO managers that have structured new deals with ‘ghost’ tranches that could be used to refinance the transaction after risk retention rules come into effect, without having to take down the 5% equity stake those rules require — if regulators deem it acceptable.
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US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help redress that and push issuance towards €20bn in 2015.
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US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help solve that problem and help drive issuance towards €20bn in 2015.
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Deutsche Bank’s head of non-agency RMBS and consumer ABS trading has taken over CLO trading after the departure of Richard Rizzo last week. People familiar with the situation at the bank, which just priced its first US CLO of the year, say it is still fully committed to the business, but some investors are sceptical. -
The top 10 CLO managers in the US lost market share in 2014, amid a rash of transactions from first time managers looking to cash in on a bull market in the asset class. But as the implementation of risk retention rules looms, more consolidation — such as Man Group’s acquisition of Silvermine Capital — is on the way.
