Latest news
Latest news
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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Static securitizations of a pre-crisis vintage were among the poorest performers of the post-crisis era, as mortgage standards slipped into the boom year of 2007. But CLOs printed in the 2006 and 2007 are among the best deals ever done in the market, giving managers locked up leverage and the flexibility to exploit a huge market dislocation. Could the 2020 crisis see the same? -
Financial market tumult and global instability as a result of the coronavirus pandemic are hitting CLO primary issuance, while activity in the secondary market is accelerating as investors hunt for opportunities amid the chaos.
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The 30% drop in the price of crude oil as Saudi Arabia kicked off a price war this week is causing anxiety in the CLO market and a flashback to the oil plunge of 2016, though data shows that the sector is far less exposed than during past crises.
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Credit Suisse Asset Management priced the first deal since Monday’s market collapse through Citi on Wednesday — raising hopes that the large number of open warehouses will escape being stuck on bank balance sheets and find their capital markets exits.
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The volatility in the market caused by the fallout from the Covid-19 coronavirus is having the effect of putting CLO players on the defensive, but market participants are still not predicting a drop in new issuance volume despite declines in broader markets.
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Dutch tax authorities will not apply a VAT tax on CLO management fees with retroactive effect and are considering a grace period for CLOs, issuers learned on Tuesday.
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Blackstone’s GSO took advantage of a long bout of volatility caused by the fallout from Covid-19 headlines to price a $500m “print and sprint” CLO at the end of last week, accelerating the formation of the deal and navigating volatility to buy loans cheaply and bundle them into bonds.
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The European Commission's Technical Expert Group will be publishing its much-awaited Taxonomy and Green Bond Standard on Monday. GlobalCapital has received leaked copies from a source in Brussels. The GBS endorses a use of proceeds approach and limits the inclusion of operating expenditure. The Taxonomy contains reassurance for companies whose activities are not yet covered by it and sets out human rights standards.
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UniCredit has appointed a new global head of debt syndicate, as the present one is leaving the bank.
