Latest news
Latest news
Pricing on triple-A rated notes tightens by 15bp as manager avoids refinancing some mezzanine tranches
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
More articles
More articles
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Chenavari Investment Management’s Toro Fund said in a recent update to investors that it was unwinding its leveraged loan warehouse, in contrast to other CLO fund managers and equity investors that have pushed out deals and begun to reopen the market. -
Synlab, a medical testing firm owned by Cinven, is looking to push out its debt profile, amending and exchanging bonds and loans due 2022 to a loan with a 2024 maturity. It is the first flicker of life in the European primary leveraged loan market since the coronavirus crisis hit.
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The European CLO market is back in business, a few weeks on from the restart of primary issuance in the US. Both markets are moving cautiously to get back on track in the pandemic economy, tweaking deal formats, shortening reinvestment periods and looking at deal documents to see where there is room for flexibility to manoeuvre through a historic period of distress.
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CLO managers are moving to bake additional flexibility into deal documents, looking to bolster structures against any potential wave of bankruptcies among leveraged loan borrowers.
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Managers returning to the CLO market at the end of April saw their deals clear at the tightest levels of the month, greeted by investors ready to resume putting cash to work.
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The European CLO primary market is back in business, with new deals priced on Monday from Permira Debt Managers and Redding Ridge Asset Management. But the market backdrop looks very different, with new issues shorter, less levered, and much more expensive than the last pre-virus trades.
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US CLO managers are navigating the wave of negative outlooks and headlines to bring new deals, with the primary market in April dominated by static transactions and CLOs with shorter reinvestment periods.
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Merlin Entertainments, the private equity-backed owner of attractions like Madame Tussauds and Legoland which is struggling to stay afloat, launched a senior secured high yield bond on Friday, which raised €500m after a strong reception from investors.
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The CLO market is in the middle of the panic phase of the current crisis, and a new life cycle in the time of Covid-19 will run for two to three years before the sector normalizes, said speakers in a virtual panel held by IMN on Thursday.
