Latest news
Latest news
State of New Hampshire's innovative bond gets Ba2 rating
Falling leveraged loan prices promise tantalising returns, but the risk of defaults is rising
Some managers are choosing loans conservatively to avoid losses, but they will struggle to improve returns
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Arranger Barclays priced its €378.7m CVC Cordatus Loan Fund XIX at 106bp on Wednesday, the tightest senior spread since March, making the arbitrage between assets and liabilities attractive again for equity investors.
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CBAM priced a $329M CLO on Tuesday, joining a handful of managers that are gradually pushing out reinvestment periods back to the pre-Covid five year standard. -
A wider market rally boosted by positive vaccine news from Pfizer, Moderna and the University of Oxford has begun feeding into the European CLO market, tightening secondary spreads while primary markets remain more sluggish.
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A flurry of primary CLO deals in the BSL and middle-market opened up post-election supply in the US last week, with Ares Management achieving the tightest spread on triple-A rated paper since the pandemic and Pimco returning as issuer after a 13 year absence.
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Penta CLO 2 has become the first CLO to switch its coupon payment from three month Euribor to six month Euribor, according to Fitch Ratings on Monday, following the flood of underlying loan borrowers choosing to push payments onto the longer timeline.
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The Covid-19 pandemic has reshuffled the CLO investor base, with big bank buyers cutting their exposures, and insurers and mutuals gaining shares. Smaller pension funds and high net worth individuals have also entered the sector, tempted by the surprisingly strong performance of the asset class through the crisis period.
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At least two new middle-market CLO deals and two resets are being readied to open up a primary market that has been quiet since the end of October.
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Mount Logan Capital has acquired management rights to two middle-market CLO contracts from Garrison Investment Management. The asset manager disclosed the acquisition in an announcement and said that it paid $3m to take over the two CLOs together with “certain side letter agreements”.
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Indiana Public Retirement System has committed $80m to Oak Hill Advisors Structured Products Fund II to invest across CLO debt and equity tranches in the US and Europe in the secondary market, according to a board meeting document.
