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
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Pramerica Investment Management has successfully priced the European CLO market’s second leveraged loan CLO of the year, 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.
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Pramerica Investment Management’s European collateralized loan obligation Dryden CLO XXVII, which priced Tuesday, was well-received by the market, with investors hailing the longer lead-in time that allowed them to get comfortable with the transaction.
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Look for some new names—perhaps ones never yet seen at any structured finance conference—to attend Information Management Network’s second annual collateralized loan obligation and leveraged loan conference in New York this week.
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A slew of managers and arrangers are looking to break onto the collateralized loan obligation scene, after a near-record breaking quarter for the sector.
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Anthony Pawlowski, UBS’s head of collateralized loan obligation origination and syndication, is heading to Ares Management to take a role on the buyside, according to several sources.
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U.S. collateralized loan obligation issuance in the first quarter nearly broke the all-time record, with $26.3 billion in middle-market and broadly syndicated loan CLOs priced, according to SI data.
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UBS is losing its head of collateralized loan obligation origination and syndication Anthony Pawlowski to the buyside, continuing a week of high-level people moves for the bank’s remaining securitization platforms.
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Price talk on Apollo Global Management’s EUR306.5 million ($391.7 million) ALME Loan Funding 2013-1 collateralized loan obligation has emerged, tracking in line with market expectations.
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Deutsche Bank is looking to close Par-Four Investment Management’s first collateralized loan obligation since the financial crisis only three days after the bank priced the deal, reflecting uncertainty as to how the market will react to upcoming changes in the way the Federal Deposit Insurance Corporation assesses the riskiness of banks’ investments.