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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Medalist Partners has parted ways with CIO Brian Herr, who stepped down as CIO and co-head of structured credit and asset finance to take up a role as managing director at financial services company Exos. -
Kayne Anderson Capital Advisors and Napier Park Global Capital each priced CLOs on Friday with pre-Covid reinvestment durations, joining a growing roster of managers that have returned to more normal CLO structures. Though they are becoming more frequent, sources say they expect the market to remain split between standard and Covid-era deal formats.
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DFG Investment Advisers, a New York-based alternative credit manager, has appointed Rehan Virani as chief executive officer. Virani joins from Partners Group, where he was head of business development for private debt for the Americas and Asia.
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Chairman and CEO of NXT Capital, Robert Radway, will retire next year after 11 years spent at the middle market finance firm. Radway will step down as CEO on January 1, 2021, but will continue as chairman and member of the NXT Capital investment committees until his retirement at the end of next year.
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Jefferies smashed its way into the European CLO primary market this year, hiring a team from the market’s top ranked arranger, Citi, and igniting a hiring merry-go-round. But the boutique bank doesn’t have the balance sheet muscle of its commercial rivals, and observers questioned how it planned to compete in the commoditised world of warehouse lending. Now however, GlobalCapital understands it has sourced external funding and has at least one warehouse already in the works.
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The ‘normalisation’ of the CLO market has stalled, with spreads for single-B tranches now at levels where issuing makes little sense, pushing many managers to retain these notes or print lower levered deals.
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Onex Credit Partners and Bain Capital Credit each priced CLOs with five year reinvestment periods on Wednesday, the latest managers to return traditional CLO structures that were upended by the coronavirus.
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Crestline Denali Capital, LCM Asset Management, Anchorage Capital Group and HPS Investment Partners are the managers expected to price CLOs in the coming week, as the primary pipeline sees one last burst of activity before election headlines dominate.
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Golub Capital priced the first CLO to take advantage of the Term Asset Backed Securities Loan Facility last week, selling a $678m static transaction arranged by Société Générale backed by a pool of mostly middle market loans. The deal, expected to close on October 30, may pave the way for more middle market managers to tap TALF funds, but sources remain skeptical that the program will have much impact on the wider CLO space.
