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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With 17 years under his belt at Credit Suisse Asset Management, John Popp, global head and chief investment officer of the firm’s credit investments group, has seen his fair share of ups and downs in the CLO market. GlobalCapital caught up with him to ask how CSAM is preparing for risk retention, and what the CLO market landscape could look like a few months from now. -
As one of the larger CLO managers in the US market, Prudential is less exposed to from risk retention rules than smaller names. But that doesn’t mean they’re happy about the new regulations. GlobalCapital caught up with Brian Juliano, vice president and portfolio manager for Prudential Fixed Income's US bank loan sector team, to find out why risk retention could shift risk to the high yield market, how managers may work around the rules, and why smaller shops might lose analysts.
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West Gate Horizons is close to Volckerising one of its 2013 collateralised loan obligations, as well as modifying the documentation to reflect changes in Standard & Poor’s recovery ratings. The move comes as Volckerisation efforts are slowing because of a less refi-friendly environment — although some sources say equity investors are more receptive to such changes as they may enhance liquidity.
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CVC Credit Partners priced its latest European CLO this week, with its senior notes printed at the sort of spread levels that bankers say are playing a part in attracting a fresh batch of US managers to the euro denominated market.
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CVC Credit Partners has issued guidance on its latest European CLO, at the sort of spread levels that bankers say are playing a part in attracting a fresh batch of US managers to the euro denominated market.
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Pricing of mezzanine tranches in new CLOs has tightened in recent weeks as the asset class’s relative value has increased, and the pipeline of deals looking to get done before the Thanksgiving holiday is bulging. But as lawyers wrangle with the details of risk retention rules, investors say they are already discriminating between managers based on how they plan to deal with the rules.
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Credit Suisse Asset Management is looking for a new credit analyst to join its credit investments group in London, as it gears up to issue its first euro CLO of the year.
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CLO market participants could not agree on the potential impact of a Republican majority in the Senate on risk retention and the Volcker rule — two of the regulatory developments that have weighed on the market this year.
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Moody’s Analytics is looking for two full time researchers to create research papers and webinars showcasing data from its Structured Finance Portal, which was initially focused just on CLOs but is growing into ABS and RMBS — a process which will be sped up by Moody’s Corporation’s acquisition of data provider Lewtan.
