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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The recent trend of companies issuing senior secured notes to pay down senior secured term loans is benefitting holders of senior European collateralized loan obligation debt, according to Moody’s Investors Service.
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Cairn Capital’s new collateralized loan obligation will hold the 5% skin-in-the-game portion in a managed structured credit fund of the London-based asset manager.
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Market chatter suggests Cairn Capital’s EUR300.1 million ($406.6 million) Cairn CLO III—the first European leveraged loan collateralized loan obligation in over 18 months—has received a cautious but positive welcome as the deal hit the road this week.
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Buysiders threw $15.5 billion into new-issue asset-backed securities in the weeks ahead of ASF 2013, compared to $11 billion for the entire month last year.
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Société Générale has merged its debt management subsidiary Egret Management LLP into its Lyxor Asset Management unit.
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The surge of collateralized loan obligations in both the primary and secondary markets rolled on last week, as nearly $4.71 billion across nine new deals priced and spreads continued to grind in across the capital stack.
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Cairn Capital opened discussions with potential investors in its long-awaited EUR300.1 million ($404 million) Cairn CLO III European collateralized loan obligation on Thursday.
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The Carlyle Group priced a $604.9 million collateralized loan obligation via arranger Citigroup, with the top-rated, $380 million A-1 tranche yielding 130 basis points over LIBOR.
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Kramer Van Kirk Credit Strategies priced its third collateralized loan obligation, a $570.1 million deal arranged by Goldman Sachs.