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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Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings — but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital. -
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.
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Mizuho Securities USA has hired Jim Stehli as a managing director to run its collateralized loan obligations team in New York. The hire surprised some market participants who recalled Stehli's time at UBS, where his department recorded a huge loss on CDOs during the financial crisis.
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Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings, but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital.
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Restrictions on covenant-lite loan buckets have become commonplace in European CLOs this year amid a trend of increasing deal sizes, with issuance expected to surpass half of last year’s total within weeks.
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CLO industry participants are losing hope for a regulatory or legislative fix to ease the Volcker Rule’s impact on banks investors, especially after the Federal Reserve confirmed that its two year extension for banks to make their deals compliant would not apply if those securities change hands.
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CLO industry participants are losing hope for a regulatory or legislative fix to ease the Volcker rule’s impact on banks investors, especially after the Federal Reserve confirmed that its two year extension for banks to make their deals compliant would not apply if those securities change hands.
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Restrictions on covenant-lite loan buckets have become commonplace in European CLOs this year amid a trend of increasing deal sizes, just as some market participants have begun to fret about riskier asset selection.
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European CLO managers and investors believe underwriting standards in Europe’s leveraged loan market are weaker now than before the 2008 financial crisis, but that with limited primary activity in the leveraged buyout market cov-lite loans are still not a “major issue” in Europe.
