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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Greg Stoeckle, managing director and Head of Global Bank Loans at Invesco, which last completed a $350 million dollar deal in April (SI, 3/24), spoke with managing editor Graham Bippart about what’s driving issuers into the market, how the market is evolving and what’s in store for the sector.
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Three collateralized loan obligations totaling nearly $1.5 billion were priced by early Thursday afternoon this week, even as spreads on liabilities drifted wider to levels similar to those seen in February this year, when AAA-rated liabilities were consistently being priced in the area of 150 basis points, according to SI data.
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Around a dozen new-issue collateralized loan obligations are set to come to market ahead of the traditional summer lull. -
U.S. commercial mortgage-backed securities and collateralized loan obligations have performed better than expected, while residential mortgage-backed securities and real estate collateralized debt obligations have been the worst performing among all structured finance sectors, according to Fitch Ratings.
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Goldman Sachs has printed Credit Suisse Asset Management’s Madison Park Funding IX collateralized loan obligation, with coupons marginally higher than those offered on other recent CLOs—consistent with the recent widening trend pegged to European market jitters, insiders say.
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CVC Credit Partners has raised a $409.75 million Apidos CLO IX, it’s top-rated liabilities printing with a coupon of 140 basis points over three-month LIBOR.
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Default rates of Spanish loans to small and medium-size businesses in collateralized loan obligations will likely rise again after its current period of stabilization, according to Fitch Ratings.
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Shenkman Capital Management has priced Slater Mill Loan Fund, a $311.55 million arbitrage collateralized loan obligation after a six-year absence from that market and plans on rolling out more CLOs.
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The collateralized loan obligation market took off in the first quarter of this year in the U.S., but in Europe the asset class is still “quasi moribund” and unlikely to see a true re-emergence in the short term, panellists at Global ABS said this morning.
