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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The CLO market is ready for more supply and ripe for innovation, but that optimism is tempered by threats of a liquidity crunch in non-Volcker-compliant triple-A paper. The market is hoping for a deal on legacy CLOs to stop a trading freeze, but if that doesn't happen, it needs to wake up to two uncomfortable truths.
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As corporate treasuries and money managers show more interest in refinanced deals, CLO managers are looking to take advantage by selling new deals with short reinvestment and non-call periods. Increased short-end interest could be positive for bank investors hoping to be refinanced out of non-Volcker compliant deals, but as a liquidity crunch looms, all investors in those deals are at risk, say analysts. -
With the primary European CLO market showing few signs of slowing down in the second quarter, some investors have told GlobalCapital that primary prices on senior tranches have not mirrored secondary movements and offer value.
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Ahead of its Securitization Milestones Dinner in New York on May 28, GlobalCapital presented Prudential Investment Management and Morgan Stanley with awards at IMN’s New York CLO conference on Tuesday, after market participants voted their Dryden XXVI deal the best US CLO of 2013.
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Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings — but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital.
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Ahead of its Securitization Milestones Dinner in New York on May 28, GlobalCapital presented Prudential Investment Management and Morgan Stanley with awards at IMN’s New York CLO conference on Tuesday, after market participants voted their Dryden XXVI deal the best US CLO of 2013.
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Mizuho Securities USA has hired Jim Stehli as a managing director to run its collateralized loan obligations team in New York. The hire surprised some market participants who recalled Stehli's time at UBS, where his department recorded a huge loss on CDOs during the financial crisis.
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Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings, but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital.
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Restrictions on covenant-lite loan buckets have become commonplace in European CLOs this year amid a trend of increasing deal sizes, with issuance expected to surpass half of last year’s total within weeks.
