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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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.
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New York Life Investment Management is looking to raise a $406.65 million collateralized loan obligation, and to price the top-rated portion at lower spreads than other recent deals.
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An alternative asset manager founded by former Banc of America Securities executive Stephen Ketchum is making the rounds with investors for a $300 million debut collateralized loan obligation; one of at least two new managers to enter the space in recent weeks.
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LCM Asset Management will tap the collateralized loan obligation market for the third time this year, this time with Bank of America arranging.