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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The US CLO market continued its recent run of good form this week, despite continued uncertainty over whether bank investors will be given relief from the Volcker rule. The exit of some of those buyers could inspire structures that cater to non-bank investors, said market participants.
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The US CLO market continued its recent run of good form this week, despite continued uncertainty over whether bank investors will be given relief from the Volcker rule. The exit of some of those buyers could inspire structures that cater to non-bank investors, say market participants.
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The US CLO market is cooling down after four busy weeks, as participants wait for regulators to provide guidance on possible changes to the Volcker rule to stop banks from having to sell their investments in certain CLOs. The pressure is now on, after the House Financial Services Committee overwhelmingly voted to protect banks from the rule. -
Standard & Poor’s has downgraded the lowest-rated tranche of the amortising €425m Skellig Rock CLO. The move comes after the ratings agency warned earlier this week that it anticipated a “steady stream” of CLO loan defaults in Europe this year.
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Standard & Poor’s has downgraded the lowest-rated tranche of the amortising €425m Skellig Rock CLO. The move comes after the ratings agency warned earlier this week that it anticipated a “steady stream” of CLO loan defaults in Europe this year.
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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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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.
