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Pricing on junior mezzanine notes is diverging as managers have to cope with difficult conditions
Manager extends non-call by a year, tapping into market for shorter-dated deals
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Spreads on primary triple-A rated CLO paper moved tighter with the latest deal from CVC Credit Partners, priced on Friday, as managers look to get deals done in the narrow window before the US presidential election on November 3. -
CLO managers took different approaches to deal with a primary market last week in which prices softened all the way down the capital structure from the tights of late September. One manager, PGIM, even opted not to issue single-B rated notes, using a delayed draw structure instead.
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The Securities and Exchange Commission in a report published this week said the agency recognized that the CLO market has fared reasonably well through the crisis, but warned that “disruption brought on by the COVID-19 economic shock is still ongoing" and that their outlook could change.
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Trans-Canada Capital, which manages the assets of Air Canada’s pension plans, is investing $110m with Pretium Partners in search of structured and corporate credit opportunities that may emerge as a result of the market volatility in 2020.
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Permira Debt Managers is looking at a new, enhanced ESG approach for its next Providus CLO, going beyond the negative screening seen so far in the market and committing to a minimum ESG score across the portfolio.
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New Mountain Capital and Sixth Street Partners took advantage of stabilised market conditions to each price their inaugural CLOs this week.
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Pre-Covid CLO structures are making a gradual comeback as managers rush to market ahead of the election, with a deal from New York Life Investment Management arranged by Jefferies priced with a traditional five year reinvestment period.
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New York-based Churchill Asset Management, an investment specialist affiliate of Nuveen, has hired Kelli Marti as managing director and CLO portfolio manager to boost the firm’s middle-market CLO business.
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A rare environmental, social and governance (ESG) themed CLO was priced this month by Palmer Square Capital Management, setting the tone for the still-early days of ESG securitization in the US and hinting at bigger things to come for socially responsible CLOs.
