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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Matthew Natcharian, managing director at Babson Capital Management, says collateralized loan obligations offered with original issue discounts are a key to attracting investors in the post-crisis primary market. Natcharian, one of the market’s most active buyers of CLO tranches, said recent deals are bolstered by stronger structures than older vintages, but that total returns in the primary market could use the OID lift. -
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Collateralized loan obligations have weathered stormy market conditions remarkably well over the past couple of years.
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Joe Moroney, leveraged loan portfolio manager at Apollo Capital Management, with $9.3 billion in assets under management, recently spoke with Managing Editor Joy Wiltermuth about the current investor base for new issue collateralized loan obligations and the challenges of bringing new deals to market.
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The moribund European leveraged loan CLO market returned to life this week when Intermediate Capital Group closed a Eu1.42bn deal.
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Royal Bank of Scotland sent shockwaves around the loan market yesterday (Thursday) when it announced it was shutting down its leveraged and project finance lending operations, two areas in which the bank had previously been a market leader. RBS’s business restructuring, details of which were revealed alongside the £24.1bn loss in the bank’s full year results, confirmed widespread fears among project finance and leveraged specialists in Europe that these markets are in for further pain as big providers of underwriting commitments and capital start to signal their complete withdrawal.
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Credit Suisse First Boston has priced the notes for Credit Suisse Asset Management's CSAM Funding III collateralized debt obligation. The $401 million deal was initially slated to be $350 million but was increased due to investor demand, said a source. The $292.5 million AAA tranche priced at LIBOR plus 58 basis points. The top rated tranches on recent deals are reported to have priced at LIBOR plus 55 basis points, but one manager disputed this.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
