Latest news
Latest news
Tight loan market makes it tricky to ramp CLO portfolios
Triple-As land 8bp back of recent tights as manager keeps the equity
Demand is expected to come from Europe, LATAM and Asia
More articles
More articles
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Seix Investment Advisors has successfully refinanced a CLO using an applicable margin reset (AMR) auction, slashing senior debt costs by 37bp. -
Fidelity International has hired a team of 10 private credit specialists from MeDirect Bank, in its first foray into European private debt.
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Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent
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The first CLO to comply with both diverging regimes in the UK and the EU has closed, marking a post-Brexit point of no return for the securitization market.
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This year looks likely to set records for CLO resets and refinancings, as managers call deals priced since the coronavirus pandemic began with wide spreads and expensive capital structures. Tightening spreads have also brought some 2018 and 2019 deals into refi or repricing territory, setting up a record year with as much as $78bn in refinancing and $115bn in resets, according to estimates from Deutsche Bank. Paola Aurisicchio reports.
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DFG Investment Advisers, a $7.3bn alternative credit investment management firm, has changed its name to Vibrant Capital Partners.
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MJX Asset Management has opened up the US CLO market for the new year, with an actively managed deal with five year reinvestment period, the norm for the pre-Covid period. This paves the way for a flurry of CLOs that are expected to pop up in the coming four weeks, sources said.
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Reset and refinancing activity is returning to the European CLO market, after a year of virtual absence, as spreads tightened further in the first week of 2021, especially at the bottom of the capital structure. Partners Group is in the market with a reset of Penta 5, aiming for a sub-100bp print at the top of the capital structure.
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It’s been almost a year since a Dutch tax ruling sent CLO managers scurrying to Ireland to avoid a VAT charge. But with the changes coming into action in 2021, some CLO managers are leaving their vehicles in the Netherlands and taking their chances on a ruling from the supreme court.
