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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Recent tweaks to Standard & Poor’s loan recovery rating methodology could give CLO managers an incentive to choose the ratings agency over market leader Moody’s, which seized market share after a backlash last year over S&P’s treatment of covenant-lite collateral, say market participants. -
Chenavari Investment Managers will look to price its debut European CLO 2.0 on Friday, defying weaker trading in a more illiquid summer market that has sent junior euro CLO tranches materially wider.
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Cantor Fitzgerald is looking to acquire residential mortgage origination firms as it moves to “aggressively” expand its capabilities in that market, its CEO, Shawn Matthews, told GlobalCapital. The firm is also looking to move into the CLO market.
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A change in Standard & Poor’s loan ratings methodology could benefit CLO managers by moving some of the assets in their CLO portfolios further away from recovery rating covenants, according to Wells Fargo analysts.
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KKR's Avoca Capital has built on a very minor recent tightening in primary euro CLO spreads this week by pricing the senior notes of its second European deal of the year at 134bp over Euribor, in line with Intermediate Capital Managers’ St Paul’s CLO V transaction last week.
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Even after large CLO buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.
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Even after large CLO-buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.
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CIFC, which priced its most recent CLO just last month, has hired Morgan Stanley as arranger for its next deal, which is currently being marketed.
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CIFC Asset Management and Black Diamond Capital Management are soon to hit the US market with new CLO deals, with new issuance showing no sign of abating after the most active quarter since the inception of the market, according to data from Fitch Ratings.
