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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European triple-A rated CLO spreads have blown out further and faster than other securitized products, and further than may be justified by the collapse in leveraged loan prices. That may mean more of these bonds have found their way to leveraged investors than market studies assumed. -
Banks have started sending CLO managers notice to post more collateral against open warehouses after prices of the underlying leveraged loans dropped steeply to an average of about 76 cents this week, according to market sources.
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James 'Jim' Amine has left Credit Suisse, which has folded his private credit opportunities business into a different unit.
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CLO managers and investors are predicting a raft of consolidation in the industry as the virus crash leads to further tiering among managers.
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S&P Global Ratings said on Monday that it has placed 25 tranches from 15 CLOs with high exposure to energy sector obligors on ratings watch negative.
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Alternative credit specialist CIFC has hired David Walker as head of research.
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CLO managers and investors are facing a nearly unprecedented crisis in corporate credit, but sources say that while defaults loom, they are hopeful recovery rates will deliver the market from disaster.
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After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.
