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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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More articles
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Apollo Global Management subsidiary Redding Ridge priced a $447m CLO at the end of last week with a shortened reinvestment period, the second manager to reenter the market in less than a week, following nearly a full month of zero new issuance. -
US CLO managers avoided “par burn” in March, but a handful of firms stood out in navigating the volatility, according JP Morgan.
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The Federal Reserve on Thursday announced that the Term Asset Backed Lending Facility (TALF) will be expanded to include triple-A rated CMBS and CLO paper as eligible collateral, part of another sweeping set of relief measures to support the economy as damage from the virus pandemic mounts.
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Royal Bank of Scotland is pushing ahead with job cuts in its investment banking division, bucking a trend by big banks to delay restructuring plans and cost-cutting during the coronavirus crisis.
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The CLO market is pushing to reopen in April, but while deals in the US are forging ahead with 'print and sprint' and static deals, Europe is lagging, write Paola Aurisicchio and Tom Brown.
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GSO issued a static CLO at the end of last week, hitting play after a 23 day pause in the primary market.
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BP, the UK oil and gas company, has set up a new $10bn revolving credit facility, as oil companies look to shore up their cash positions in response to the twin maladies of Covid-19 and a drop in oil prices.
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Moody’s has taken negative action on over 200 leveraged loan issuers held in CLOs since the beginning of March, according to a report from the rating agency this week.
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CLOs are under acute stress as the coronavirus pandemic wreaks havoc on corporate credit, but the situation presents an opportunity for the market to prove itself to sceptics.
