Latest news
Latest news
Despite unfavourable equity arbitrage, CLO issuance continues at pace
Triple-A rated CLO spreads tighten at last and a template is established for European data centre ABS
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
More articles
More articles
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Bankers and investors at IMN's Global ABS conference, which returned to what bankers call its spiritual home in Barcelona on Tuesday, are hopeful that collateralised loan obligations (CLOs) — one letter removed from the infamous CDO — will overcome its "fear factor" this year and inspire unprecedented levels of demand.
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Bankers and investors at IMN's Global ABS conference, which returned to its "spiritual home" in Barcelona on Tuesday, are hopeful that the collateralised loan obligation product — one letter removed from the infamous CDO — will overcome its 'fear factor' this year and inspire unprecedented levels of demand.
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Blackstone/GSO, Pramerica and Apollo have been vying to take European CLO 2.0 supply over €5bn this year as the asset class continues to exhibit strong performance, with risk appetite pushing up the proportion of cov-lite loans in portfolios.
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CLO managers in the US are finding demand from an ever-broader range of investors, and the recent glut of issuance looks set to continue into July, with Neuberger Berman the latest addition to the pipeline. But strong triple-A demand cannot continue forever without large bank investors, so the market is watching Volckerisation efforts closely. -
US banks that hold non-Volcker-compliant CLO paper have finalised a set of standardised supplementary documentation and proposed the changes to CLO market participants, in a concerted effort to bring the deals into line with the incoming regulation. But not everyone is convinced that managers will bite.
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CLO managers in the US are finding demand from an ever-broader range of investors. The recent glut of issuance looks set to continue into July, with Neuberger Berman the latest addition to the pipeline. But strong triple-A demand cannot continue forever without large bank investors, so the market is watching Volckerisation efforts closely.
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Blackstone/GSO and Pramerica are vying to take European CLO 2.0 supply over €5bn this year as the asset class continues to exhibit strong performance, with risk appetite pushing up the proportion of cov-lite loans in portfolios.
-
US banks that hold non-Volcker-complaint CLO paper have finalised a set of standardised supplementary documentation and proposed the changes to CLO market participants, in a concerted effort to bring the deals into line with the incoming regulation. But not everyone is convinced that managers will bite.
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Citi has combined its structuring groups for credit and residential real estate products, expanding the responsibilities of its head of European CLOs and several directors to reflect the reorganisation.
