Latest news
Latest news
Market anticipates another record year for new issuance, even as equity returns remain weak
Rating upgrades to CLO tranches by Moody's and Fitch could let managers increase leverage in deals
Manager takes advantage of tight spreads available for refinancings to cut triple-A pricing by 14bp
More articles
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A new private debt fund hopes to entice institutional investors into emerging market loans, but banks must be at the forefront of teaching these newcomers how the market works.
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Industry vets, newcomers, aspirants and the curious piled into the Information Management Network’s second annual collateralized loan obligation and leveraged loan conference in New York last week, with about 1,300 attendees checking in.
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Distinct features of post-crisis European collateralized loan obligations are beginning to emerge following this week’s pricing of Pramerica Investment Management’s Dryden XXVII CLO—including increased levels of credit enhancement and shorter non-call periods, among other things.
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Pramerica Investment Management has successfully priced Europe’s second leveraged loan CLO of the year, the 300m 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, writes Hugh Leask.
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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.