Latest news
Latest news
UK regulations take shape, software slide tests CLO managers' mettle and how captive equity is distorting the market
Pricing on triple-A notes may tighten by 21bp as manager avoids refinancing single-Bs
Deal comes only slightly outside mainstream CLOs
More articles
More articles
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In a highly unusual event for the European corporate bond market, Equiniti, the UK outsourcing company, has had to withdraw a £440m high yield issue that it priced on Thursday May 23. The deal – a highly successful sale – is understood to have been stymied by the lack of a regulatory approval from the Financial Conduct Authority for a related change in the company’s structure.
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The Carlyle Group has priced and increased the size of its Barclays-arranged Carlyle Global Market Strategies Euro CLO 2013-1 collateralised loan obligation from €300m to €350m, which market professionals in London said demonstrated the sustained demand for new issue CLOs in Europe this year. -
The nascent collateralized loan obligation revival in Europe may be operating on borrowed time as bankers fear new European risk retention rules for securitizations will chase out many managers.
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New European risk retention rules for securitisations have delivered a vicious blow to the nascent CLO revival in Europe, writes Joe McDevitt. Bankers fear that a new proposal that brings CLO managers into the scope of the so-called "skin in the game" requirement — which dictates that the sponsor of a deal must retain a 5% vertical slice of the structure — will change the nature of the market forever.
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Bankers within the European leveraged loan market have greeted the European Banking Authority’s proposed tightening of risk retention rules for securitisations with apprehension.
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Matt Katke, head of Royal Bank of Scotland’s global head of collateralized debt and loan obligation trading, left the bank to take a role at Nomura.
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More than $42 billion in collateralized loan obligations issued in 2011 and 2012 will exit their non-call periods next year, and most of them are likely to be called, according to Royal Bank of Scotland.
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The European Banking Association’s latest tweak to risk retention rules, which now requires collateralized loan obligation managers to retain deals on their own balance sheets, could slow the flow of new euro CLO issuance — until greater clarity is provided, according to market participants.
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The European Banking Association’s latest tweak to risk retention rules, which now requires CLO managers to retain deals on their own balance sheets, could slow the flow of new euro CLO issuance — until greater clarity is provided, according to market participants.
