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 investor Fair Oaks Income Fund has acquired the last two remaining CLO holdings from GLI Finance, as it builds an initial portfolio ahead of a listing on the London Stock Exchange’s Specialist Fund Market next month. -
Asset manager giant Carlyle Group is handing sole reins on a new Volcker-compliant collateralized loan obligation to one of Wall Street’s youngest structured products firms, Mitsubishi UFJ Securities.
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Despite increased interest in shorter non-call and reinvestment periods in the broadly syndicated CLO market, a wave of short dated deals is unlikely to materialise anytime soon, market participants told GlobalCapital on Thursday. But investors will still have a chance to take on shorter paper, with plenty of CLO 2.0 deals available for refinancing.
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Despite increased interest in shorter non-call and reinvestment periods in the broadly-syndicated CLO market, a wave of short-dated deals is unlikely to materialise anytime soon, market participants told GlobalCapital on Thursday. But investors will still get a chance to take on shorter paper, with plenty of CLO 2.0 deals available for refinancing.
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A veteran broker at Credit Suisse in New York has left the bank after 23 years to join Mitsubishi UFJ's US office as it jumpstarts a new ABS and CLO platform.
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US Regional banks under pressure to make their CLO holdings comply with the Volcker Rule by waiving their right to remove the CLO manager may have been saved in the nick of time. A group of large bank investors in CLOs is understood to be preparing a set of standardised supplementary indentures to make legacy deals Volcker-compliant.
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Regional banks under pressure to make their CLO holdings comply with the Volcker rule by waiving their right to remove the CLO manager may have been saved in the nick of time. A group of large bank investors in CLOs is understood to be preparing a set of standardised supplementary indentures to make legacy deals Volcker-compliant.
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Most of the time, it’s much easier to deal with new leverage than getting rid of old leverage. That’s something the US CLO market would do well to remember with lead managers said to be placing new CLOs with hedge funds that are taking down senior tranches, provided they can do so, up to 9x levered, making the 150bp spreads on offer look a bit more exciting.
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Hedge funds are starting to use aggressive leverage to make an unexpected move into triple-A CLO tranches, writes Will Caiger-Smith. Some players see this buying, which is not yet widespread, as a bid by bank arrangers to boost the product’s investor base, but others report growing real money demand in any case.
