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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In the eternal contest between the high yield bond and leveraged loan markets, high yield has won the upper hand during the Covid-19 pandemic, and market participants expect that advantage to remain in the coming months. -
Kansas-based Palmer Square Capital Management has been one of the most active managers of the year, particularly in the pandemic era, with six CLOs priced in 2020. The firm, which manages $12.3bn in assets as of July 31, has specialized in static CLO issuance, and during the crisis was able to price three static deals in the US, as well as one in Europe. Chairman and CEO Chris Long spoke with GlobalCapital about the future of CLO market, the advantages of static deals in times of crisis and opportunities in Europe.
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Deutsche Bank increased the size of a Blackstone/GSO European CLO from €294.81m to €343.922m. The bank also added preliminary ratings from Kroll Bond Rating Agency to the deal hours before pricing.
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As the CLO market enters the end of the summer, managers are getting ready to restart activity after Labor Day. But they are concerned about a potential wave of negative actions from rating agencies.
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Palmer Square Capital Management has announced its debut CLO in Europe, mandating JP Morgan for a rare static CLO, a deal structure not commonly seen in Europe.
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US CLO managers are working through a backlog of warehouses opened before the Covid-19 pandemic by splitting the facilities in half to buy back some equity and issue new deals. While in Europe, managers are tweaking deal documentation in preparation for new transactions.
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European CLO secondary trading activity has surpassed 2019’s full-year volumes, following a spurt of CLO tranche trading when spreads widened out in March.
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Paul, Weiss, Rifkind, Wharton & Garrison has hired Charles Pesant as partner in the securitization practice group and in the corporate department in New York.
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Triple-A spreads on new CLO issues hit 130bp last week — their tightest level since the beginning of the pandemic — as GSO priced a $300.15m static CLO arranged by Barclays.
