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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Earlier this month, Apollo Global Management — which picked up the Best CLO Manager award at GlobalCapital’s Securitization Milestones Awards last week — priced the largest CLO since the financial crisis. Joe Moroney, senior portfolio manager at Apollo in New York, caught up with GlobalCapital to discuss the issues affecting the market and explain why spreads will not tighten without regulatory resolutions. -
Earlier this month, Apollo Global Management — which picked up the Best CLO Manager award at GlobalCapital’s Securitization Milestones Awards last week — priced the largest CLO since the financial crisis. GlobalCapital caught up with Joe Moroney, senior portfolio manager at Apollo in New York, to discuss the issues currently affecting the CLO market.
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Market analysts are warning investors to exercise caution as leverage continues to drive the booming market for collateralized loan obligations, which have surpassed last year’s deal flow volume by almost 40%.
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The already intense pressure on US regional banks to make their CLO holdings comply with the Volcker rule ratcheted a notch this week as the Office of the Comptroller of the Currency released a set of guidelines for bank examiners enforcing the Volcker rule.
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The already intense pressure on US regional banks to make their CLO holdings comply with the Volcker rule ratcheted a notch this week as the Office of the Comptroller of the Currency released a set of guidelines for bank examiners enforcing the Volcker rule.
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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.
