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
More articles
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European securitized paper is continuing to attract money despite falling trading volumes, according to London-based Chenavari Investment Managers, whose Toro Capital IA securitization fund turned over 10% of its portfolio to score a 3.21% return last month.
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Market players are buzzing that a $417.3 million American Money Management Corp. collateralized loan obligation is the final CLO contract for arranging bank UBS.
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MJX Asset Management returned to the collateralized loan obligation market with a $600 million CLO arranged by Jefferies & Co.
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Apollo Global Management is set to meet with investors this week to gauge appetite for its upcoming Citigroup-arranged EUR306.5 million ($399.3 million) collateralized loan obligation, with the official roadshow to follow next week—almost a month after SI first reported Citi was arranging a European CLO.
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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.