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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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With the Schuldschein having grown into one of Europe’s foremost private debt markets, Asian and European banks have swarmed to it on the hunt for implied investment grade companies to lend to. But at the corners of the market, new characters are edging into the picture. According to several market sources, hedge funds and US investment banks have started to work their way into a still rare element of the centuries-old German market — distressed debt. Silas Brown investigates. -
Recently marketed CLO documents circulated to investors have included language to suggest that the European Union could require Ireland to bring its VAT tax laws in line with the rest of the EU, raising fears that CLOs domiciled in the country could suffer a similar fate to Netherlands-based transactions.
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Aberdeen Standard's Milligan to quit — Daiwa's Hultgren leaves over Frankfurt relocation — MUFG picks Domann
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The leveraged loan market has taken a leg wider as coronavirus fears sweep the capital markets. But the primary markets are sucking up the larger discounts and fatter margins and forging ahead, with Polynt-Reichold, Genesis Care, and Inspired Education pressing on and printing deals this week.
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A seller pulled a $175m BWIC — bids wanted in competition — scrapping an attempt to offload a list of CLO triple-A bonds as the Covid-19 coronavirus spurred more volatility in the market midweek.
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Apollo Global Management has hired Obinna Eke, the former head of US CLO syndicate at BNP Paribas.
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Spreads on mezzanine tranches of US CLOs widened over the past week, as the Covid-19 outbreak drove a sell-off in broader markets.
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ICG, the asset manager, has hired Rob Faulkner as managing director responsible for European CLOs.
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New Mountain Capital is the latest manager to make a first foray into the US CLO market, readying its inaugural broadly syndicated loan deal, according to sources.
