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Despite currency risk, structure offsets some dangers for investors, although lower credit quality remains
No one is sure when AI's threat will strike, or where
Spread on the triple-A rated notes is 8bp tighter than for the issuer's recent deals
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WCAS Fraser Sullivan is offering its second collateralized loan obligation of the year, a $400 million broadly syndicated vehicle, through arranger Citigroup.
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European leveraged loan collateralized loan obligations are likely to come under increasing pressure in the fourth quarter, according to Fitch Ratings.
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The pipeline of new-issue collateralized loan obligations is stuck in a holding pattern, with issuers and bankers waiting out volatility tied to Europe’s debt crisis and the U.S. equity markets.
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The U.K. government guarantee scheme for small and medium-size enterprises could boost issuance of collateralized loans for SMEs, according to Fitch Ratings.
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Mutual funds are stepping in as a funding source in Europe as collateralized loan obligations fade as the biggest loan investors in the region.
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Primary issuance of European securitization reached EUR212 billion ($281.8 billion) as the market entered the fourth quarter, with London-based analysts anticipating further deals despite the tough market environment.
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The primary market in arbitrage CLOs, long hamstrung by regulatory confusion when it seemed that risk retention rules designed for RMBS might apply also to CLOs, could be set for a comeback. New guidelines from the European Banking Authority might now have cleared the way for deals to return — but not until spreads start to line up.
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Equity returns in primary collateralized loan obligations are still attractive, despite broad volatility dogging the market since early August, according to Russell Morrison, managing director and head of high-yield investments at Babson Capital Management.
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New Amsterdam Capital Management, a European credit manager, is looking to purchase one or two collateralized loan obligations as part of its expansion plans, according to John Seal, a partner at the London-based firm.