Latest news
Latest news
Despite unfavourable equity arbitrage, CLO issuance continues at pace
Triple-A rated CLO spreads tighten at last and a template is established for European data centre ABS
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
More articles
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Direct lending funds have raised more money than ever this year, and are writing ever bigger cheques in the sort of investments usually done by broad syndication. However, in all but a handful of cases, syndicated financing is the better option. -
CIFC, a corporate and structured credit asset manager, has hired two more staff for its European operation, with Anders Samuelsen and Aidan Reynolds joining its investor services team.
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Dutch manager NIBC has printed a new European CLO, North Westerly VI, which raises the bar for ESG standards in the leveraged credit market, with an absolute ban on companies involved in a variety of problematic industries — irrespective of the proportion of their earnings that comes from the activity in question. It has also committed to ESG scoring through the trustee reports, so buyers of the CLO debt can monitor the portfolio’s ethics down the road.
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ING and Rabobank choose markets heads — FIG’s Falth leaves UBS — DZ picks covered bonds boss
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US middle market debt specialist and CLO manager Monroe Capital has hired four staffers to its private credit team in New York and Chicago.
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Collateralised loan obligations (CLOs) are on trial with regulators and central banks around the world, standing accused of being the financial instrument most likely to cause the next financial crisis. The prosecution, however, needs to look at the the facts.
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CLO managers are hoping to avoid a repeat of the ugly end to 2018, with some credit buyers opting to sit on their hands and wait out what is expected to be a period of thin liquidity and shaky sentiment. Despite a spate of nervousness and some late-cycle behaviour, however, underlying metrics in the market still look mostly sound, according to Steve Vaccaro, chief executive of CIFC, one of the largest CLO issuers.
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More than a decade after the financial crisis, and with leveraged loan growth under the regulatory microscope, only two CLO 1.0 deals rated by S&P Global Ratings remain outstanding, with only 21 tranches defaulting since 1997.
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European bank supervisors have switched their approach to excess spread in risk transfer securitizations, paving the way for the stream of full stack capital relief deals issued this year by banks including BNP Paribas and Santander. But questions remain about how the deals handle IFRS 9 accounting, with Santander’s approach potentially boosting principal losses for investors. Owen Sanderson reports.
