Latest news
Latest news
Lower pricing across CLO capital structure does little to improve equity arbitrage
Manager tightens triple-A pricing by 27bp and avoids refinancing some junior mezzanine notes
Spread on triple-A rated notes 4bp wide of recent tights
More articles
More articles
-
Managers are working on a wave of new CLOs to be priced the coming weeks, as conditions in the market continue to improve and stabilize heading into August. -
More US CLO managers are growing their presence in Europe, enticed by a tighter market for the bonds, growing demand from investors and a more contained Covid-19 crisis compared with the US, sources tell GlobalCapital.
-
Wellfleet Credit Partners and Carlyle Group priced new CLOs last week, adding to a growing pool of new deals that have cleared the pipeline in recent weeks as investors and managers settle into a stabilized market, according to sources.
-
European CLO managers have begun opening up warehouses again, according to two sources. Newly collateralised Covid-19 era CLOs are set to emerge, as the market heads into 2021 following a primary issuance drop-off as a result of the pandemic.
-
Kansas-based CLO manager Palmer Square Capital Management is expanding its credit business into Europe.
-
More CLO managers are including the applicable margin reset (AMR) feature in new deals, broadening the use of the alternative method of repricing CLO securities since it was first tested at beginning of this year.
-
First Eagle Alternative Credit is expanding into asset-based lending, hiring Larry Klaff and Lisa Galeota to lead the new effort.
-
Columbia Management Investment Advisers has priced a CLO with the ability to reprice the bonds via applicable margin reset (AMR), an alternative method of resetting the price of the securities that was tested for the first time at the beginning of this year.
-
European CLOs are once again being marketed to investors with single-B tranches, after widening spreads forced most managers to exclude them from recent deal structures. Hayfin Capital Management has mandated Goldman Sachs for its fourth deal in Europe, roadshowing alongside CBAM’s Montmartre Euro CLO 2020-2, with both deals offering single-B notes.
