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
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Credit Suisse has hired Dimitris Papadopoulos as a managing director from Natixis to run origination and syndication of CLOs in EMEA. -
Swissport has been by far the most sold asset in European CLO portfolios since March, with €384m out of a €900m facility traded, according to trustee reports and Bank of America research. Managers exited the loan at an average price of 74. In an agreement reached two weeks ago, all secured debt will convert to equity, with unsecured debt extinguished.
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First Eagle Alternative Credit priced the first CLO with a five year reinvestment period since the pandemic, breaking a streak of managers opting for deals with reinvestment windows of one to three years.
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Investcorp has hired David Moffitt, former head of CLOs at hedge fund LibreMax, as co-head of its US credit management business.
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London-based SCIO Capital has announced that structured credit veteran Oliver Wriedt has joined the company as a strategic advisor.
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The worst of the pandemic may be behind the CLO market, both in the US and Europe, and optimism is growing as the sector moves towards the fourth quarter. However, speaking in a market update during Global ABS on Tuesday, panellists said some important changes to the market that emerged in the last few months may be here to stay.
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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.
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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.
