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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Lowenstein Sandler has hired a lawyer from Seward & Kissel to join its mortgage and structured finance practice group in New York.
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The US CLO market is becoming more open to innovation in investment strategies and deal structures, as strong demand for refinanced deals inspires shorter-dated new transactions and investors search for value by looking further down the capital stack or leveraging triple-A paper. -
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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Investors who feel primary prices on senior European CLO tranches offer good value will have no shortage of opportunities to test their theory in the next month or two, with managers adding three new transactions to the pipeline this week alone.
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Tikehau Group is looking to expand its credit business across Europe with the hire of the former head of Blackstone GSO’s CLO business.
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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.
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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.
