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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CVC Credit Partners priced its first European CLO of the year this week, ensuring the euro primary market’s busiest quarter for years. CLO managers told GlobalCapital they were untroubled by triple-A spreads remaining stubbornly above last year’s levels and just happy to be pricing deals again. -
The CLO market proved its resilience to regulatory challenges this week by churning out at least three new deals, with more in the pipeline. But significant challenges are lurking beneath the positive sentiment — the SEC has launched a probe into the product, and some smaller bank investors are nervously eyeing their CLO holdings because of uncertainty around the Volcker Rule.
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The CLO market is proving its resilience to regulatory challenges this week, with new deals bringing total issuance so far this year to over $20bn. But significant challenges are lurking beneath the positive sentiment — the SEC has launched a probe into the product, and some bank investors are selling their CLO holdings because of uncertainty around the Volcker rule.
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Small banks with large holdings of collateralized loan obligations may not wait for a clarification on the Volcker Rule and could start divesting their holdings very soon.
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The US CLO market continued its recent run of good form this week, despite continued uncertainty over whether bank investors will be given relief from the Volcker rule. The exit of some of those buyers could inspire structures that cater to non-bank investors, said market participants.
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The US CLO market continued its recent run of good form this week, despite continued uncertainty over whether bank investors will be given relief from the Volcker rule. The exit of some of those buyers could inspire structures that cater to non-bank investors, say market participants.
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The US CLO market is cooling down after four busy weeks, as participants wait for regulators to provide guidance on possible changes to the Volcker rule to stop banks from having to sell their investments in certain CLOs. The pressure is now on, after the House Financial Services Committee overwhelmingly voted to protect banks from the rule.
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Standard & Poor’s has downgraded the lowest-rated tranche of the amortising €425m Skellig Rock CLO. The move comes after the ratings agency warned earlier this week that it anticipated a “steady stream” of CLO loan defaults in Europe this year.
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Standard & Poor’s has downgraded the lowest-rated tranche of the amortising €425m Skellig Rock CLO. The move comes after the ratings agency warned earlier this week that it anticipated a “steady stream” of CLO loan defaults in Europe this year.
