Latest news
Latest news
◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
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
More articles
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As many as three banks reportedly bought into a new-issue collateralized loan obligation from New Jersey-based Seix Investment Advisors; a possible sign that new capital charges on the CLO investments made by banks won’t be as much of a hindrance to the booming sector as some feared.
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Oak Hill Advisors this week refinanced three tranches of a leveraged loan fund issued in 2011, shaving nearly 60 basis points off the triple-A bonds.
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A small equity slice of the Queen Street 2007-I collateralized loan obligation traded on Tuesday afternoon at a higher level than anticipated, which a dealer said reflects the sustained appeal of the name in the market.
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Credit Suisse Asset Management is preparing to come to market with a European collateralized loan obligation arranged by Bank of America-Merrill Lynch.
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The return of the European CLO market has taken another leap forward after the successful pricing of two new CLOs in a week. With spreads in the debt tranches of the three CLOs sold this year getting consecutively tighter, CLO specialists expect other big CLO managers will be lining up deals.
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A new private debt fund hopes to entice institutional investors into emerging market loans, but banks must be at the forefront of teaching these newcomers how the market works.
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Industry vets, newcomers, aspirants and the curious piled into the Information Management Network’s second annual collateralized loan obligation and leveraged loan conference in New York last week, with about 1,300 attendees checking in.
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Distinct features of post-crisis European collateralized loan obligations are beginning to emerge following this week’s pricing of Pramerica Investment Management’s Dryden XXVII CLO—including increased levels of credit enhancement and shorter non-call periods, among other things.
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Pramerica Investment Management has successfully priced Europe’s second leveraged loan CLO of the year, the 300m Dryden CLO XXVII. The transaction was well received by the market — particularly for the measured approach to the timing. But it also highlighted one of the chief obstacles to a full revival of the European CLO market — the shortage of leveraged loans available in the market, writes Hugh Leask.