Latest news
Latest news
Manager tightens spread on triple-A rated notes by 23.5bp compared with the original deal
Lower loan prices offer higher equity returns but managers face rally risk once deals are priced
Despite the allure of lower loan prices, CLO managers should print deals cautiously
More articles
More articles
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Leads have opened books on Banque PSA Finance’s latest securitisation of French auto loans, setting guidance 5bp wider than the German auto ABS that it priced in May and at an even greater discount to other French auto ABS paper. -
Unilabs, the laboratory and radiology services company, has announced a three-tranche €685m high yield bond issue. The proceeds will be used to refinance all its bank debt .
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The Carlyle Group has priced and upsized its Barclays-arranged Carlyle Global Market Strategies Euro CLO 2013-1 collateralized loan obligation from EUR300 million ($388.8 million) to EUR350 million ($453.6 million), which market pros in London said demonstrates the sustained demand for new-issue CLOs in Europe this year.
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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.
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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.
