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First debut European CLO deals of 2026 price, several more expected
Manager resets CLO ahead of reinvestment period ending later this year
UK regulations take shape, software slide tests CLO managers' mettle and how captive equity is distorting the market
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Investors buying primary and secondary collateralized loan obligations in their search for yield may want to weigh the relative value of new-issue deals against the pre-2008 vintages, according to RBS analysts.
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Spreads on new-issue collateralized loan obligations continued to tighten with the pricing of The Carlyle Group’s $615.86 million deal, arranged by Citigroup.
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Tom Majewski, RBS managing director in charge collateralized loan obligation origination, has left to start a CLO equity investment fund.
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A $409.3 million collateralized loan obligation from New York Life Investment Management saw its top-rated tranche sell at a spread of 145 basis points over LIBOR; the second CLO this week to price the level, confirming the general tightening in CLO spreads in recent weeks.
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Secondary market activity in European securitization continues to be dominated by bids-wanted-in-competition, with several lists emerging midweek from hedge funds looking to lighten up books and take some profit.
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Spreads on new-issue collateralized loan obligations continued to fall with the pricing of a $450 million deal from American Money Management Corp.
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A $518.25 million collateralized loan obligation from LCM Asset Management, which is owned by Tetragon Financial, saw its $321.25 million AAA-rated tranche priced in line with recent tights on the primary market, at 147 basis points over LIBOR.
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Invesco Senior Secured Management has priced a $465.34 million collateralized loan obligation after a prolonged marketing period, upsizing the transaction by $104.78 million.
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Tom Majewski, managing director in the asset-backed finance group and head of collateralized loan obligation origination at RBS has left the bank.