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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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CVC Credit Partners and BNP Paribas Asset Management are two CLO managers preparing to price their latest CLOs, bringing broadly syndicated deals to the market without help from Japanese anchor investment. Both well-established managers are having little trouble finding interest in their latest deals, as European and US investors rush in to fill the gap. -
CIFC Asset Management’s debut European deal, which was priced on Monday through Deutsche Bank, shows the slim premium required for new issuers in the European market — despite increasing fears that the manager landscape is becoming crowded.
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The European securitization pipeline is bulging with 14 deals in the market this week, adding to an already heightened primary market supply on the back of the Global ABS event in early June.
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Santander has closed York 2019-1, a synthetic securitization of loans granted to SMEs and self-employed borrowers, selling not only the junior risk but a BB-rated mezz tranche — an increasingly common approach driven by regulatory changes which kicked in this year.
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Investcorp announced Wednesday night that it will acquire middle market investment firm CM Investment Partners, marking the $26bn investment manager’s entry into the US middle market.
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Non-bank lenders achieving the ‘simple, transparent and standardised’ (STS) designation on their securitizations since the regulatory framework came into being at the start of the year have come mainly from the car industry. They and other alternative lending institutions are having a tough time with the new rules, despite the success of recent deals, writes Tom Brown.
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Barclays' head of loan syndicate for Europe, the Middle East and Africa is set to leave the role in the next few weeks.
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Investment manager CVC Credit Partners has closed its latest fund, a $1.42bn vehicle that will focus on distressed opportunities across North America and Europe.
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The issuer of the long-troubled synthetic CMBS Juno (Eclipse 2007–2) missed a deadline for submitting its 2017 financial statements and its annual return last Friday. This means it risks being struck off the register of Ireland’s companies and having its remaining assets transferred to the government.
