Latest news
Latest news
'Europe’s first passive CLO ETF,' says manager
Tight loan market makes it tricky to ramp CLO portfolios
Triple-As land 8bp back of recent tights as manager keeps the equity
More articles
More articles
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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. -
Moody’s has started the process of upgrading CLO tranches, following an update to its methodology late last year. On Friday, the agency upgraded ratings on $311m of CLO notes across four deals.
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Onex Credit Partners has appointed Conor Daly to head its European CLO franchise, building out its capacity to tap into the European securitization market in 2021.
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Juan-Carlos Martorell, who jointly ran the risk transfer and structured solutions group at Mizuho, and before that, Lazard, has joined Munich Re Markets to work on origination, structuring and risk distribution, according to LinkedIn.
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When the year began, the European securitization market forecast a busy year for itself. Issuance levels in markets from synthetic risk transfer to CLOs had broken issuance records in 2019, with the year ahead expected to match if not outpace the previous year's volumes. Instead, the market found itself grappling with an outbreak which would close up issuance for months and set a new course for ABS. Linked below is a collection of GlobalCapital’s best securitization articles of 2020.
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The percentage of triple-C rated loans held in US CLOs has declined in the last quarter, a trend that CLO players believe will continue into next year.
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CLO managers in the US are rushing to price CLOs before the market shuts for Christmas, with five deals at various stages of marketing.
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The US CLO market has been to hell and back in 2020. From the depths of the March sell-off, the sector has faced huge challenges but has seen a remarkable comeback. Bullish sentiment is back on for Q4, and that defines the outlook for 2021. Not all managers will be well placed to take advantage, however, and a wave of consolidation probably looms. By Paola Aurisicchio.
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A wave of CLO refinancing has rolled out in the last seven days, as spreads on triple-A notes have tightened markedly. The trend, which bucks the pattern earlier this year when refinancing slowed, is set to continue early in 2021.
