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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The Loan Syndication and Trading Association this week released a questionnaire for leveraged loan borrowers on their environmental, social and governance policies, seeking to give loan investors more insight into the importance of ESG practices among corporate borrowers. -
Man GLG Euro CLO VI on Monday printed triple-A notes at 90bp, a new senior tranche tight for 2020 — but with a shorter reinvestment period than its peers. The deal was at first slated for last year, with the original warehouse set to expire in December, but the manager pushed into 2020 and benefited from a broad market rally — and from splitting the equity tranche.
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Lloyds is working on another risk transfer deal referencing its high loan-to-value mortgage portfolio, following last year’s debut Syon Securities 2019 issue. Mortgage risk transfer deals are almost unheard of outside the US, thanks to the low risk weights usually applied to performing mortgages, making last year’s Lloyds debut a landmark in synthetic securitization.
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Francis McCullough, former managing director and global head of new issue CLOs at Deutsche Bank, has joined Sound Point Capital Management as the firm's global head of CLO capital markets and structuring.
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The first ever refinancing of a CLO via an applicable margin reset (AMR) auction was a success this week, with BNP Paribas among the winning bidders, trading 73% of the total CLO, according to sources familiar with the matter.
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Dutch release liner manufacturer Loparex is launching a €186m term loan B to refinance the equity bridge, put in place by sponsor Pamplona when the company acquired its competitor Infiana last autumn. While the borrowing conditions are exceptionally benign for many, Loparex has struggled to make a good first impression.
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RBS has sold a risk transfer securitization referencing a book of UK green project finance loans to the BAE Systems pension fund, which was advised by a unit of Macquarie. The deal is the first ESG-rated risk transfer deal in the UK, and also potentially the longest-dated risk transfer deal ever done in the UK, with an average life of eight to nine years.
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On Thursday morning, bids for the first repricing of a CLO via an applicable margin reset (AMR) auction will roll in, bringing to life a concept that has the potential to disrupt traditional practices in the sector.
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Gulf Stream Asset Management has returned to the CLO market with its first deal since the financial crisis, selling senior bonds at 137bp over three month Libor on Tuesday.
