Latest news
Latest news
Heavy supply continues to weigh on spread tightening
Bold cuts to capital charges across deals with CMBS and CLOs set to benefit
Technicals keep triple-A spreads attractive
More articles
More articles
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Covid-era deals looking for cheaper liability stacks are beginning to flood the market with refi and reset transactions, as they hit the end of their one year non-calls. Canyon Capital has reset and increased the size of Canyon CLO 2020-1, cutting 74bp off the margin of a senior tranche originally priced in May 2020. -
More managers are eyeing the rare US CLO structure which combines both leveraged loans and high yield bonds, in search of more flexibility, and to capitalize on the mispricing between the high yield and leveraged loan markets.
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Apollo subsidiary Redding Ridge has boosted its CLO platform, hiring Patrick McCarthy from JP Morgan, and Andrew Croshaw from law firm Cadwalader.
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New issue CLOs are increasingly selling equity to multiple buyers, leaving no single investor with a majority position — signalling an end to the difficulties of last year, which saw managers without their own equity or committed partners struggle to come to market.
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WhiteStar Asset Management’s expansion into London could include the purchase of an existing CLO platform, according to chief executive Gibran Mahmud. The Texas-based firm, run by the former Highland Capital Management team, announced last week that it had opened a London office headed by executive chairman Gordon Neilly.
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Middle-market CLO issuance is set to accelerate towards the hectic pace set by broadly syndicated loan deal, driven by the large primary backlog and attractive market spreads. Top tiers managers are expected to issue more middle-market (MM) CLOs throughout this year and smaller managers are coming back to the market with their first deals of the year.
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Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic.
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Eagle Point Credit Management has added Sam Yoon to its CLO investment team to assist in CLO debt trading and portfolio management. Yoon will report to Dan Ko, principal and portfolio manager at Eagle Point.
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York Capital's CLO business has struck a strategic deal with Kennedy Lewis, which will see the manager rebranding to become 'Generate Advisors', and Kennedy Lewis commit $200m of equity to the shelf.
