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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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Palmer gets interim ECM head gig at BofA — Clarke to join JP Morgan for FIG — Paz-Galindo promoted at UBS -
The number of new managers entering the CLO market has dwindled in 2020 as a result of the pandemic crisis, interrupting years of growth that peaked with an average of 10 new managers a year since 2017.
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Spreads on new issue CLOs moved tighter as BlackRock and GoldenTree Asset Management priced senior bonds at 155bp over three month Libor, scoring the tightest triple-A pricing since March.
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The European CLO summer slowdown is set to persist into autumn as pre-Covid warehouses run dry, and CLO 3.0 structures take time to mature, according to Investcorp, which has closed two euro CLOs in 2020 to bring its total European CLO assets under management to more than €7bn.
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Kansas-based investment manager Palmer Square Capital Management is planning to issue two static CLOs in Europe this year, broadening the reach of a strategy that the manager has had success with in the US.
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Managers are working on a wave of new CLOs to be priced the coming weeks, as conditions in the market continue to improve and stabilize heading into August.
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More US CLO managers are growing their presence in Europe, enticed by a tighter market for the bonds, growing demand from investors and a more contained Covid-19 crisis compared with the US, sources tell GlobalCapital.
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Wellfleet Credit Partners and Carlyle Group priced new CLOs last week, adding to a growing pool of new deals that have cleared the pipeline in recent weeks as investors and managers settle into a stabilized market, according to sources.
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European CLO managers have begun opening up warehouses again, according to two sources. Newly collateralised Covid-19 era CLOs are set to emerge, as the market heads into 2021 following a primary issuance drop-off as a result of the pandemic.
