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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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. -
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.
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Florence based lender Cassa di Risparmio di San Miniato has issued a cash flow securitization of loans to Italian small and medium sized enterprises, but is understood to have retained the transaction as arbitrage levels in the market continue to prohibit public sales.
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Jim Stehli, the veteran of UBS’s CDO losses who joined Mizuho earlier this year to build a CLO origination team, has hired a CLO structurer from Cantor Fitzgerald.
