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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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. -
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.
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CLO players have been resolute that deal structures will withstand the pressure on corporate credit, and that the product has been tested by worse. But even though the market expects to weather the coming storm, industry veterans are predicting a new landscape after the virus crisis subsides, writes Paola Aurisicchio.
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Garrison Investment Group has sold three broadly syndicated loan CLO management contracts to Anchorage Capital Group, according to sources familiar with the matter.
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S&P Global Ratings placed another 15 CLOs on rating watch with a negative outlook over the weekend, flagging deals with a growing exposure to loans facing downgrades as the coronavirus crisis drags on.
