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
More articles
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More collateralized loan obligations, including ones issued since 2010, are likely to be called, refinanced or repriced as equity holders look to take advantage of CLO liability spreads that keep tightening.
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A number of European collateralized loan obligations are in the works and that’s convincing managers and bankers that the market may be poised for a rebirth.
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Fortress Investment Group is viewing its $412 million broadly syndicated loan collateralized loan obligations via Bank of America last week as within its well established approach.
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Greywolf Capital Management, last seen in the collateralized loan obligation market in 2007, priced a $412.9 million deal via arranger JPMorgan.
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Bids in the asset-backed securities secondary market have started to soften because few clients are willing to sell into a market that offers little prospect of reinvestment. But some traders expect the very positive tone in equity and other credit markets to gradually seep into ABS and encourage more flows.
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UBS kicked off its 2013 collateralized loan obligation calendar last Friday with the raising of a $940 million deal for Ares Management, and is setting up a $417 million CLO for American Money Management.
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March has opened with market activity still flat, as the primary issuance pipeline remains quiet and secondary market volumes still thin, bankers on the frontline have said.
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Fortress Investment Group, which sold its first collateralized loan obligation of broadly-syndicated loans, is said to be looking to issue BSL deals regularly.
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Poor collateral performance in M&G Investment Management’s Panther CDO IV collateralized debt obligation has prompted Standard & Poor’s to downgrade notes at the lower end of the deal’s capital structure.