Latest news
Latest news
Borrowers take advantage of robust CLO demand to tighten leveraged loan pricing
New realm for ex-Natixis banker, as HSBC Innovation Bank hires
Manager reset the deal for the second time as the end of its reinvestment period approached
More articles
More articles
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Palmer Square Capital Management has joined a handful of CLO managers that are adding single-B tranches to their US deals, a layer of the capital structure more frequently issued when the market is 'hot', to satisfy investor demand from hedge funds. -
Traders say the CLO market is suffering from new issuance fatigue, while worries over inflation and rising Treasury yields have also begun feeding into the European secondary market. But any softness is unlikely to last long, given a strong longer term technical backdrop.
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The strong CLO volumes, both new issue and repricings of existing deals, has started to weigh on spreads, softening pricing across mezzanine tranches over the last 10 days, signaling that demand is started to be overwhelmed by the heavy supply.
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Danish credit asset management boutique Capital Four is expanding in the US and has hired former MidOcean CLO portfolio manager Jim Wiant to establish and lead the US business. Wiant has been appointed CEO of US Capital Four and portfolio manager. He will be based in the New York office.
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Recent CLO resets have broken through the 80bp spread barrier for triple-A paper in recent weeks, bringing the market to its tightest point since coronavirus lockdowns began a year ago.
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MUFG has introduced a new CLO asset class, bundling $500m of project finance and infrastructure loans together for Starwood Property Trust, in a deal that clearly demonstrated investor appetite for the product. Other issuers could follow, raising capital for the forthcoming US infrastructure building plan potentially worth $2tr, writes Paola Aurisicchio.
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Chicago-based middle market CLO manager Monroe Capital has sold a minority equity stake to Bonaccord Capital Partners, a subsidiary of the UK asset manager Aberdeen Asset Management. The minority interest is classified as 'passive', in which the buyer will not exercise control by votes and will not have impact on the day-to-day management, operations and decision-making processes of Monroe. Terms of the investment were not disclosed.
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Antares Capital has priced a jumbo reset, giving a new lease of life to its $2.1bn middle-market CLO originally issued in 2017.
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Spread tightening on double-Bs tranches has created a domino effect, increasing the investor demand for the riskier tranches rated single-B.
