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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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Goldman Sachs priced a €416.7m CLO late last Thursday in a tightening market, but while demand is high for paper, leveraged loan issuance is falling. -
US middle-market lender and CLO manager Fifth Street Asset Management has hired a managing director from The Carlyle Group to be a member of its management committee.
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Very few CLO managers in the US have a coherent plan for how to deal with risk retention, but they are not going to let that stop them from printing deals, according to a new survey by Fitch Ratings.
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A crunch in US leveraged loan supply has not deterred Monroe Capital from bringing its first ever broadly-syndicated CLO, even as European regulators talk of closing a ‘loophole’ in risk retention.
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Chicago-based Monroe Capital expects its first ever broadly syndicated CLO to comply with risk retention in both Europe and the US, potentially helping it price tighter.
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Société Générale has bagged its first mandate to arrange a US-marketed CLO, as the French bank tries to assert itself in securitization stateside following a hiring spree.
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CIFC’s latest US CLO, priced by Barclays, is the latest in a string of deals to use a conciliatory make-whole structure to reduce refinance risk for senior investors.
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Ares Management and Deutsche Bank this week picked up GlobalCapital’s second US CLO of the Year award for Ares XXX, a short-duration CLO priced last May. The structure is a blueprint for meeting similar demand, they said.
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As risk retention looms, equity and triple-A US CLO investors at loggerheads over the value of refinancing options are forcing managers to make unwanted concessions.
