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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 Financial Stability Board warned on Thursday of growing vulnerabilities in the leveraged loan and CLO markets. Increased leverage, weak covenants and the rise of non-bank lenders have added risk and complexity to the market, according to the global watchdog of the financial system, and the investors don’t have enough visibility on the debt instruments they’re buying. -
NN Investment Partners appoints head of alternative credit — Bothamley and McNelis take up DCM reins at HSBC — RenCap picks private clients boss
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CLO market participants are eyeing the growing use of a structural feature seen for the first time in 2019, as a class of notes designed to hedge refinance risk are expected to increase in popularity over the next year.
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NN Investment Partners has hired a head of alternative credit, who is set to start in mid-January.
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The rally in the price of mezzanine CLO paper has run out of steam after a surprising run that saw spreads on the bonds tighten by 75bp-100bp since October, according to analysts at JP Morgan writing this week.
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The rally in the price of mezzanine CLO paper has run out of steam after a surprising run that saw spreads on the bonds tighten by 75bp-100bp since October, according to analysts at JP Morgan writing this week.
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The CLO is one of the more transatlantic sectors in securitization, and has grown more so in the past year as US managers make new inroads in Europe. However, both markets grapple with unique issues. In the US, a rocky corporate credit landscape has put the fear of widespread downgrades front and centre, while in Europe, the space is getting crowded and competition for collateral and persistent negative rates weigh on the sector. Both markets in 2020 are headed for an inflection point. Max Adams and Tom Brown report
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In November, GlobalCapital polled loan market participants for its 17th Syndicated Loan and Leveraged Finance Awards. The nominations are listed below, in alphabetical order. We will reveal the winners at the Awards Dinner, to be held on February 12, 2020, in London. For details on attending the event, please contact Daniel Elton at delton@euromoneyplc.com or by calling +44 20 7779 7305
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The amount of exposure to US loan collateral in European CLOs has climbed to as high as 30% for some newly issued deals, as newer managers “recycle” US collateral into euro transactions.
