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◆ 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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The forward pipeline for collateralized loan obligations is bubbling with activity, but the market may not soon see a full return to the $2.25 billion-a-week pace set in January.
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Arranging bank Credit Suisse priced the four debt tranches in Cairn Capital’s new leveraged loan collateralized loan obligation late on Tuesday, the first of potentially several new European CLOs to come to market.
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More bid lists comprising European collateralized loan obligation bonds surfaced this week, as hedge funds—particularly U.S.-based players—continue to try and lock in profit on the back of the market rally.
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Citigroup is said to be aiming to bring a euro-denominated collateralized loan obligation, sized between EUR150-200 million ($200.2-267 million), to market within the next three months.
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Wells Fargo priced two collateralized loan obligations Thursday, following up GSO Blackstone Debt Fund Management’s $727 million Sheridan Square with a $412.71 million broadly-syndicated loan deal from Chicago Fundamental Investment Partners, a publicly-traded investment manager.
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GSO Blackstone Debt Funds Management hit new tights on the triple-A rated portions of its recent $727.33 million collateralized loan obligation Sheridan Square.
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GSO Blackstone Debt Funds Management’s new collateralized loan obligation has been upsized to $727.33 million ahead of pricing up from the previous $520.46 million.
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More banks are pitching collateralized loan obligations to loan managers in Europe, amidst further signs that Europe’s dormant CLO market is set for a return.
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Invesco Senior Secured Management is said to have raised a $411.9 million collateralized loan obligation via Citigroup.