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
More articles
More articles
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Tom Majewski, managing director in charge of collateralized loan obligation origination at The Royal Bank of Scotland, has left his position at the bank’s Stamford, Conn., office to start a CLO equity investment fund.
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Sound Point Capital Management priced its debut collateralized loan obligation, with the top-rated tranche selling at a spread of 158 basis points over LIBOR.
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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.