Latest news
Latest news
Borrowers take advantage of robust CLO demand to tighten leveraged loan pricing
New realm for ex-Natixis banker, as HSBC Innovation Bank hires
Manager reset the deal for the second time as the end of its reinvestment period approached
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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. -
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.
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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.
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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.
