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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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European corporates are asking lenders to switch their loans to semi-annual interest payments, in some cases, which could feed through to CLO coupons as well. -
Spreads on triple-A CLOs are tightening, with investors predicting a snap back to pre-pandemic levels this summer.
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GSO/Blackstone and Napier Park both priced post-covid CLOs on Thursday, with GSO finding new tights for the European CLO market since its reopening.
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Owl Rock Capital, an alternative asset manager focused on middle market credit, has hired Jesse Huff from Oaktree Capital Management.
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The possibility of CLO downgrades from the major rating agencies is creating a difficult situation for insurance companies, many of which have bulked up their investments in lower rated bonds in the last two years.
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CLOs structured in the post-pandemic world will see tighter documentation, but more flexibility on ratings, as the market adapts to the lessons learned through the Covid-19 crisis and ushers in a new ‘CLO 3.0’ era for the European market, according to Investcorp Credit Management boss Jeremy Ghose.
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A gathering storm of bankruptcies among US retailers rolling in behind a swelling wave of loan defaults is bringing distress to the US CLO market, forcing both managers and investors to adjust their approach, writes Paola Aurisicchio.
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In the special situations arena there are few situations quite as special as a global pandemic, and few opportunities quite as large for investment firms that manage to navigate the sell-off in corporate credit, bank loans, CLOs and securitizations correctly. GlobalCapital spoke to Dan Zwirn, founder, CEO and CIO of Arena Investors, and a 25 year veteran of distressed debt and special situations investing about buying free volatility, where to play in retail, and why the CLO market has much further to fall.
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Spreads on triple-A CLO paper hit their tightest levels since the pandemic began with a deal priced last Friday, as investors report renewed confidence in the highest rated portions of the CLO capital stack.
