Latest news
Latest news
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
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
More articles
More articles
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CIFC is forging ahead with its new middle-market CLO platform, despite losing a managing director to a specialist middle-market lender.
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Babson Capital has joined an extensive pipeline of prospective European CLO 2.0 issuers, looking to print its second post-crisis euro transaction. Bankers are looking forward to robust supply for the second half of the year, but concerns remain over the effect of a strong loan market on overall returns. -
CLO managers in the US face a choice between pricing huge deals like Credit Suisse Asset Management’s $1.036bn Madison Park XIV CLO, or keeping their transactions smaller in order to achieve tighter pricing, said bankers.
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Nomura has hired an ex-Royal Bank of Scotland CDO trader to work on its London CLO trading desk, a year after he lost a lawsuit contending that he was unfairly fired from RBS.
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The Loan Market Association has called on the European Central Bank and Bank of England to consider the regulation of collateralised loan obligations in isolation, saying that encouraging more CLO managers into the market is vital for loan market liquidity and European corporate financing.
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At least three more US CLO managers are considering launching debut European CLO 2.0 transactions, GlobalCapital understands. The move further increases the potential pool of European issuers, which has already exceeded expectations this year and comes as Chenavari launches a rare deal complying with both US and European regulations.
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As Volckerisation of existing CLOs gains traction — with ratings agency Fitch suggesting that amending deals to make them Volcker-compliant will not result in downgrades and could actually improve their liquidity — large triple-A buyers like JP Morgan are reportedly being very selective about which managers they work with on new deals.
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At least three more US CLO managers are considering launching debut European CLO 2.0 transactions, GlobalCapital understands. The move further increases the potential pool of European issuers, which has already exceeded expectations this year and comes as Chenavari launches a rare deal complying with both US and European regulations.
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Deutsche Bank on Wednesday priced Par Four Investment Management’s Tralee III CLO, as it was announced that the arranger is also working on a new Volcker-compliant European CLO to be managed by London-based hedge fund Chenavari. The euro deal comes at a time when large US bank investors in CLOs are being increasingly selective about new deals, based on managers’ willingness to 'Volckerise' existing deals.
