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 managers may be more inclined to amend existing deals to make them comply with the Volcker Rule now that the US Federal Reserve has given bank investors an extra two years to make sure their CLO holdings conform. But that doesn’t make it any easier to do in practice, CLO market participants have told GlobalCapital. And the potential changes could put too much pressure on equity investors. -
CLO managers may be more inclined to amend existing deals to make them Volcker-compliant now that the Federal Reserve has given bank investors an extra two years to make sure their CLO holdings conform. But that doesn’t make it any easier to do in practice, and the potential changes could put too much pressure on equity investors, CLO market participants told GlobalCapital on Monday.
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The declining arbitrage levels in the European broadly syndicated loan CLO market are not leading managers to change their approach to asset selection, Moody’s analysts told GlobalCapital this week.
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The Fed risks derailing the lobbying momentum for grandfathering of existing deals with its decision to give banks two more years to make sure their CLO investments conform with the Volcker Rule’s ban on deals that include bond collateral, sources told GlobalCapital this week.
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The Fed’s decision to give banks two more years to make sure their CLO investments conform with the Volcker rule’s ban on deals that include bond collateral falls short of the full grandfathering regime the industry was hoping for — and risks derailing the positive momentum the market chose to believe was driving efforts to soften the impact of the rule, sources have told GlobalCapital.
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The declining arbitrage levels in the European broadly syndicated loan CLO market are not leading managers to change their approach to asset selection, Moody’s analysts told GlobalCapital on Tuesday.
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GSO Capital Partners has picked up in 2014 just where it left off in the European CLO market late last year, after increasing the size of its Holland Park CLO by more than €100m this week.
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The return of large bank investors like JP Morgan and Wells Fargo to the market for triple-A CLO paper this week has boosted demand, helping managers increase their deal sizes as optimism about potential grandfathering of existing CLO deals under the Volcker rule took hold. At the same time, strong equity demand is helping supercharge the market.
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The return of large bank investors like JP Morgan and Wells Fargo to the market for triple-A CLO paper this week has boosted demand, helping managers upsize their deals as optimism about potential grandfathering of existing CLO deals under the Volcker rule took hold. At the same time, strong equity demand is helping supercharge the market.
