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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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The Federal Reserve this week revised its Term Asset Backed Securities Loan Facility (TALF) to include a broader pool of leveraged loans eligible as collateral, a move that will clear the backup in warehouses but likely will not do much to reinvigorate the market. -
CLOs with shorter reinvestment periods continue to dominate the primary market in the US, as managers shift to actively managed deals rather than static transactions that reopened the market in April.
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Nassau Private Credit, the CLO arm of Nassau Financial Group, announced that it has hired Vincent Chan as portfolio manager to focus on CLO investments.
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Fair Oaks Capital is bringing its second euro CLO to market via JP Morgan, only the fifth deal issued since the Covid-19-induced lockdowns, bringing with it a delayed draw double-B tranche — an option to let the equity boost deal leverage once market conditions improve.
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The percentage of triple-C rated loans held in CLOs has tripled to 12% in the past three months, leading 21% of outstanding deals to fail at least one overcollateralisation test, according to Bank of America.
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The US CLO arm of Swiss private equity firm Partners Group navigated the volatility in leveraged loans this week to price a $301m “print and sprint” CLO.
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MUFG announced on Friday that is has hired Marc Lavine and Diane Wright as directors in the Japanese bank's leveraged finance sales group in New York.
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May opened up with another round of negative ratings actions for CLOs, with junior tranches coming under pressure as the number of leveraged loan downgrades climbs.
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As Western societies begin to contemplate life returning to some semblance of normality, the financial industry is working out how best to balance the understandable desire to get back to how things were before the crisis with the very real threat of a new and more deadly wave of coronavirus brought on by a mass-return to offices. GlobalCapital’s Silas Brown spoke with Peter Openshaw, a specialist in immunology and virology and professor of experimental medicine at Imperial College, about the transmission of Covid-19 and how banks, investors and companies can reduce the risk of infection.
