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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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.
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Mezzanine tranches of new-issue collateralized loan obligations continued a recent rally with the pricing of LCM Capital Management’s $518.75 million deal.
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Symphony Asset Management tapped Bank of America to raise a $827.5 million collateralized loan obligation, with the top-rated $494.5 million tranche pricing at the tightest yield seen for such a bond class since May 2012.
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Equity holders of post-crisis vintage collateralized loan obligations have in many cases obtained a new and valuable tool for hedging against loan spread tightening. A provision in some deal documents gives equity investors the ability to reprice outstanding tranches at lower liability spreads, and the inclusion of such powers in deal documents is likely to increase in the 2013 vintage, according to Royal Bank of Scotland researchers.
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StormHarbour Securities has raised a $515 million collateralized loan obligation for Feingold O’Keeffe Capital; the first CLO of 2013 and StormHarbour’s debut as a CLO arranger.
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JPMorgan emerged as the top bookrunner of global asset-backed securities deals in 2012, deposing Bank of America-Merrill Lynch, which had taken the top seat since 2010, according to league tables compiled by SI and Dealogic.