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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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Triple-A spreads on new issue CLOs hit 160bp this week, the tightest since the start of the pandemic, as GSO priced a $361m transaction arranged by BNP Paribas. -
Investcorp Credit Management announced on Tuesday that it has hired Brian Marshall to its US credit business.
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Morgan Stanley Investment Management has finalized its acquisition of the CLO assets of Assurant, according to CLO market sources.
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CLO managers are in talks with banks in hopes of opening new warehouses in coming weeks, paving the way for a new wave of post-Covid CLO issuance — though firms will be emerging into a markedly more difficult environment, sources say.
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First time CLO issuers in Europe are seeing little to no premium on their market debuts, with AlbaCore’s market debut pricing its senior notes inside Investcorp’s 24th deal and the second issue from MacKay Shields. This follows strong debuts from CBAM Europe and BlueBay, which also printed inside or in line with more established issuers — though lower leverage may have helped.
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Carnival Corporation, the world's largest cruise line, finally secured a dual currency leveraged loan on Friday, following its bond sale in April. The deal is expected to provide a financial lifeline for the company, which has been hard hit by the economic effects of the coronavirus pandemic.
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Middle market investment specialist Garrison Capital is set to merge with business development company (BDC) Portman Ridge Finance Corporation.
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Clearlake Capital Group has acquired a majority stake in WhiteStar Asset Management, a Dallas-based investment firm specialising in CLOs.
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BlueMountain Capital Management, Benefit Street Partners and Western Asset Management are the latest managers to tap the CLO primary market, bringing new issuance to $14bn since the market reopened in early April.
