Latest news
Latest news
State of New Hampshire's innovative bond gets Ba2 rating
Falling leveraged loan prices promise tantalising returns, but the risk of defaults is rising
Some managers are choosing loans conservatively to avoid losses, but they will struggle to improve returns
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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. -
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.
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European ABS has experienced a historic rally in recent months as spreads have tightened in response to a wider economic recovery. But as pent-up supply begins to return to the market, syndicate desks see a widening out of spreads as new issuance increased throughout June and July.
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CLO managers seeking to issue new deals have been sitting on the sidelines waiting for the return of large investors which had supported supply in the first quarter. But a substantial pipeline of new issues is being built.
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Triple-C loans remain a "conundrum", for many market participants — but improving economic conditions and high prices for the loans means that this collateral is less frightening than it may originally appear, said a panellist at the IMN Conference on CLOs and Leveraged Loans.
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The CLO market has entered a new expansionary period with more investors in deals and minimal leveraged loan defaults. A strong performance for the asset class in 2020 has changed the narrative outside of financial markets that CLOs are systemically risky, said panelists at IMN's conference on CLOs and Leveraged Loans.
