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 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.
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Rumors have swirled in Europe that governments could be preparing an aggressive capital injection program for banks that would resemble the U.S. Troubled Asset Relief Program.
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More collateralized loan obligation managers are stepping up purchases in the loan market as retail loan funds and other investors flee amid market jitters and sustained turmoil.
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The pricing this week of Apidos Capital Management’s $350 million collateralized loan obligation is being viewed as a positive sign as the sector looks to find its feet amid weeks of market turmoil.
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Moody’s Investors Service has upgraded the ratings on an estimated 287 billion worth of collateralized loan obligations that were lowered during the financial crisis.
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RBS Securities has named Tom Majewski as managing director and head of collateralized loan obligation origination in its asset-backed finance team in the Americas.
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Citigroup is said to be looking to unwind more than $2.2 billion in collateralized loan obligations it created as part of its plan to dispose of collateral held in Citi Holdings, the “bad bank” it set up.