Latest news
Latest news
An interview with Propel and the BBB, a busy Q1 for ABS, more arb headaches for CLO managers
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
More articles
More articles
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At IMN's European CLOs and Leveraged Loans Conference in London on March 9, GlobalCapital will be presenting 2014's European CLO of the Year Award to the winning manager and arranger, as voted by the market. Read on for more details.
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Investors may demand wider pricing than is currently being talked about for York Capital Management’s debut collateralised loan obligation, as incoming risk retention rules lead to increased price tiering between established managers and newer entrants, according to market participants.
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Credit Suisse has been handed arranger duties on a new collateralised loan obligation from debut New York issuer York Capital Management, according to a person familiar with the situation.
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Fitch Ratings has grown its structured credit ratings team in the US significantly over the past 18 months or so and is continuing to do so, with several more positions to fill as the market grows, especially in collateralised loan obligations.
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Loosening language around what types of assets collateralised loan obligations can hold could lead to more middle market loans making their way into broadly syndicated loan CLOs, market participants told GlobalCapital this week. -
Invesco has agreed to Volckerise one of its 2013 collateralised loan obligations, as well as modifying it to include changes to Standard & Poor’s recovery ratings that could benefit equity investors. The S&P changes could provide a crucial window for Volckerisations as refinancing activity winds down, say market participants.
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Leverage levels of the single-B rated issuers that dominate European CLO portfolios are back to 2007 levels, according to Moody’s. But despite Europe’s continued deterioration of loan covenant quality and weak economic growth, the ratings agency still expects the asset class to perform strongly in 2015.
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CLO managers could escape burdensome risk retention requirements following a law suit to block the rule on grounds it was an arbitrary and capricious overstep by financial regulators. That argument has proved successful in the past, but CLO managers are not yet changing course as a result of the news.
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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.
