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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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Market players speaking on a panel on day two of ABS East were sounding the alarm on the possibility that a wave of downgrades could hit CLO collateral over the next three years, testing the market’s ability to withstand an influx of triple-C loans.
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CLO managers are rushing to reset their deals because they can no longer find enough loans with covenants to buy. European CLOs issued as recently as 2017 require up to 20% of loans to feature maintenance covenants, which are almost never seen in the European market now.
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Adani Transmission, the Indian power transmission firm, has launched US private placements, according to several market participants, in a debut set to test institutional investors’ appetite for Indian risk.
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Permira Debt Managers has launched its fifth ‘Sigma’ structured credit fund, looking to buy CLO equity. Senior tranches in CLO vehicles have sharply tightened against Euribor as European rates have plunged deeply negative, but Euribor floors worth up to 50bp are increasingly determining the economics of the CLO business. -
European managers are lining up to sell a wave of new CLOs over the next few weeks amid market conditions which have recently soured for issuers seeking leveraged loan collateral.
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BlueBay has launched a new total return leveraged finance fund, which can buy structured credit and investment grade bonds as well as leveraged loans and high yield.
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Axiom Alternative Investments has appointed Bedis Gharbi as senior portfolio manager, for a new credit derivatives focussed fund.
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The CLO refinancing wave has rolled through to the end of summer, with PGIM and CVC both refinancing deals from 2016 and 2017 respectively, as European markets continue to contend with negative rates.
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Credit investment manager THL Credit announced on Tuesday that it has begun using an environmental, social and governance (ESG) framework in its bank loan, high yield and CLO strategies.
