Latest news
Latest news
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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Several lenders have raised funding for the UK’s coronavirus loan scheme for SMEs through the securitization market, with Barclays emerging as the leading bank for the asset class. -
CVC Credit is marketing a new European CLO, CVC Cordatus XVIII, via Deutsche Bank, with initial price thoughts targeting a new Covid-19 era tight at 120bp-125bp. At the tight end of the range, this spread would be in line with Credit Suisse Asset Management’s Madison Park XV, which was issued in mid-March, just before the wrenching sell-off slammed the market window shut.
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Faced with a difficult leveraged loan market and volatility in CLO debt spreads, managers through the Covid crisis have often shortened the duration or split their warehouses to deal with the stress brought on by the pandemic, according to a study from Maples Group.
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Fair Oaks Capital has adopted an unusual ‘print and sprint’ approach to its third European CLO, mandating Barclays to launch the €350m deal entirely without a pre-existing warehouse.
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Spreads on primary triple-A CLO paper have tightened to a new Covid-era low this week, with CIFC Asset Management pricing via Citigroup a $498.8m CLO at 135bps over Libor.
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Wartchow heads to Pemberton — Barclays names permanent equities heads — Bonilla joins Kartesia
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KKR priced a $450.75m CLO arranged by Credit Suisse this week, setting the stage for what CLO players expect to be a busy September for new issuance.
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Connecticut-based Nassau Corporate Credit is starting a European CLO operation led by former Ellington portfolio managers Paul Meloche and Hekeani Mathieu. The new business will buy CLO liabilities from third parties as well as running its own CLOs.
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Nassau Asset Management has hired Michael Tamasco to oversee global business development, enhance client engagement and expand the firm’s third-party asset management platform.
