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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Standard & Poor’s is anticipating a “steady stream” of CLO portfolio loan defaults through the remainder of this year as pre-crisis vintages exit their reinvestment periods, even as improving economies and investor appetite for corporate debt boosts credit quality. -
Ten billion dollars of new US collateralised loan obligations have torpedoed banks’ case for an exemption in the Volcker Rule to prevent them having to sell off their holdings of the structured product. The argument that uncertainty over the rule’s impact is strangling the credit market appears significantly weakened after the busiest four week period for CLO sales since before the financial crisis, write Matthew Scully and Will Caiger-Smith.
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Blackstone’s credit arm, GSO Capital Partners, will look to emulate the demand garnered by Babson Capital this week after releasing the structure for its first euro CLO of the year. Bankers feel the European market is in fine shape despite some investors seeing better relative value in the US market.
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Blackstone’s credit arm, GSO Capital Partners, is looking to continue its good recent form in European CLOs after releasing the structure for its first euro deal of the year. The trade is expected to garner strong interest despite some investors seeing better relative value in the US market.
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Babson’s €413.5m Euro CLO 2014-1 could be priced as early as Thursday, and CLO specialists away from the trade said demand looked strong as the manager was able to tighten price guidance on the lowest rated tranches.
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GlobalCapital’s US CLO deal of the year award will recognise success and innovation in the CLO market over the past 12 months.
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Standard & Poor’s is anticipating a “steady stream” of CLO portfolio loan defaults through the remainder of this year as pre-crisis vintages exit their reinvestment periods, even as improving economies and investor appetite for corporate debt boosts credit quality.
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A legislative proposal to prevent banks’ divestiture of collateralised loan obligations is gaining new traction that could lead to a vote in Congress, as the five regulatory agencies enforcing the Volcker Rule remain silent.
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Intermediate Capital Group has made three hires as it seeks to expand its presence in the alternative structured credit market with a new dedicated team of investors.
