Latest news
Latest news
Bold cuts to capital charges across deals with CMBS and CLOs set to benefit
Technicals keep triple-A spreads attractive
◆ Issuance abounds despite Iran-Israel escalation ◆ European securitization regulatory proposals unveiled ◆ A digital first for sovereign bonds
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Jefferies appointed Crescent Capital's former CLO head Melissa Weiler and Ellis Kirk Group's CEO Matrice Ellis Kirk to its board of directors, starting from July 1. -
Palmer Square Capital Management priced a $1bn CLO on Friday, the largest deal of the year arranged by Citi and with no reinvestment period.
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ABS lawyers are asking issuers to resist taking advantage of a legal loophole left via a regulatory quirk, where a number of CLO and CMBS deals are technically exempt from switching data over to the securitization repositories approved by the European Securities and Markets Authority (ESMA) on Friday.
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Trimaran Advisors has refinanced a CLO originally issued in 2014 via an applicable margin reset (AMR) auction, joining a handful of managers to the innovative way of refinancing. More online repricings are expected to follow, as the issuers scramble to lower their funding costs.
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The spreads on triple-A rated CLO tranches in euros are levelling off once more, after a spell of widening. The senior parts of the capital stack have become more accessible to investors, leading to a stabilisation of spreads which syndicates warn may be temporary.
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Too much supply in the US CLO market has caused the spreads on triple-A tranches to widen to 110bp-120bp, according to market sources. Issuance is expected to reach record levels this year.
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Deutsche Bank has hired Alex Danehy as head of US CLO syndication, according to a person with knowledge of the matter. Danehy joins from JP Morgan, where he was an executive director responsible for CLO origination.
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TCW Asset Management has issued its second CLO via Jefferies, since forming a partnership with Kennedy Lewis Investment Management and Jefferies to boost the firm's CLO issuance program.
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Rhode Island Employees' Retirement System has allocated $250m to Sycamore Tree and Neuberger Berman to invest in CLO equity and mezzanine tranches, following a new strategy that targets CLOs rather than real estate investment trusts (Reits) and master limited partnership (MLPs).
