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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Some European CLO issuers have been sitting on the sidelines of the new issue market waiting for financing conditions at the top of the stack to tighten in order to make deals more economically attractive. However, the huge supply of refinanced and reset CLOs continues to push spreads even wider, meaning that managers may have to bite the bullet and issue deals at levels they may not entirely be comfortable with. -
Eagle Point Credit Management, a specialist asset manager focused on investing in CLO securities, has hired Nate Morse as its new head corporate trader.
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Credit Suisse Asset Management (CSAM) and Ares Management re-priced 2017 vintage CLOs on Friday, slashing their cost of financing.
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The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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The Covid-19 pandemic has battered commercial real estate (CRE), leaving cash-squeezed properties scrambling for finance. The crisis, though, has rejuvenated the CRE CLO market in the US, with non-bank lenders providing properties with large amounts of leverage, leading to expectations that this year will make the sector a mainstream asset class.
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Together Money has taken a structural feature from the CLO market for its latest £267.7m RMBS, TABS 2021-1 - CRE2, adopting loan notes for the triple-A tranche, a first for the asset class. The issuer pre-placed four tranches – almost certainly with a single account, sources said.
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First Eagle Alternative Credit has hired Nishil Mehta as portfolio manager from Prospect Capital Management, where he was head of capital markets and a CLO portfolio manager.
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Sustainable securitization is moving into the mainstream, with a growing number of managers adopting ESG language in CLOs — usually through excluding specific industries from investment. What’s next in the green securitization revolution will depend on building a rigorous framework for assessing ESG factors and how to create standards. Paola Aurisicchio reports.
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Apex Credit Partners has returned to the US CLO market, pricing its first transaction of 2021, a $310m deal arranged by Jefferies.
