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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BNP Paribas is pitching a reset of Dryden 48 Euro CLO 2016 on behalf of PGIM Fixed Income, keeping the late summer CLO reset and refinance wave rolling. -
A pair of CLO transactions were priced on Thursday, with Neuberger Berman bringing a deal via arranger Credit Suisse, and Citi pricing a transaction on behalf of Aegon Investment Management.
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CLO managers are still able to refinance deals in the European market, but analysts said such deals will soon be replaced by a raft of new issuance. The buy-side is also diversifying as investors flee negative yield rates in other market sectors.
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Apollo subsidiary Redding Ridge has hired Pretium Partners executive John D’Angelo as CLO portfolio manager in New York.
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A New York-based alternative credit specialist has appointed a new partner and hired a managing director to its credit research team.
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After a month of record issuance in July, CLO spread levels have tightened into a range to create a window for managers to reset older transactions in August.
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GSO Capital Partners priced its Dunedin Park CLO at the tightest spread levels of the year on Tuesday, selling the senior notes at 107bp over three month Euribor.
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US CLO managers priced three new deals totalling $1.21bn last Friday, bringing to a climax a week in which a total of $4.6bn in new paper hit the market.
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Ares European CLO XII was priced on Wednesday via Bank of America, with senior notes coming in at 108bp over one month Euribor, tighter than the senior debt from other CLO managers in recent months.
