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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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Irish insurer Ardonagh has refinanced its whole capital structure and funded the acquisitions of insurance brokers Arachas and Bravo with the largest ever unitranche loan from a group of direct lending funds, plus a $500m syndicated dollar PIK toggle note. -
CLO managers are in talks with banks in hopes of opening new warehouses in the next few weeks, paving the way for post-Covid CLO issuance.
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GoldenTree achieved the lowest senior coupon and the largest post-Covid size for its new CLO on Friday, issuing a €374m deal at 155bp through lead arranger Morgan Stanley. The deal comes as leveraged loan primary supply hots up again, pushing managers to term out their warehouses and get ready to buy in size.
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In the GlobalCapital poll for our 2019 US Securitization Awards, Golub Capital with Morgan Stanley as arranger of the Golub CLO 45(M) deal nabbed 28% of the votes, taking first place among the four deals nominated. Golub Capital has a 15-year track record of managing CLOs and has been the leading middle market CLO issuer by volume for each of the last seven years, according to Creditflux data. This is Golub Capital’s seventh award in the past seven years for recognition in the CLO space.
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The months since the coronavirus outbreak have proven to be an extremely turbulent time for European and US CLOs, bringing a new crisis in corporate credit, rather than in the banking sector as in 2008. Managers in both geographies are working hard to steer their deals through uncharted waters, testing new structures and deal formats. By Tom Brown and Paola Aurisicchio.
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Deutsche gives Toomey position as head of new group — Gimpel leaves Citi, has fintech idea — Moelis hires Whelchel for private capital team
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Securitization is the most mathematical of debt markets, and synthetic securitization its most abstract department. But in a niche within that niche is a small investment firm, for which the market is all about ideas and people. Jon Hay reports.
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Deutsche Bank has hired Mark DeSplinter as managing director and head of US index and single-name credit default swaps (CDS), based in New York.
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MacKay Shields is offering the market minority equity in its new European CLO, in a sign that arbitrage could be improving to a level sufficient to tempt third parties to buy into a deal.
