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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European securitization investors this week are pricing longer duration deals tighter than earlier in the year, made comfortable by the ‘simple, transparent and standardised’ (STS) label. This is being demonstrated on Tuesday by Argenta Spaarbank's Green Apple RMBS deal. -
Thank you very much for inviting me to this roundtable, and for the opportunity to give kick off with some thoughts and observations. I took some time to think about what I would say today, and decided to google the latest news in the area.
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Adam Forchheimer, previously head of US high yield bridge financing at Credit Suisse and a managing director in the bank’s leveraged finance division, has left the bank after 13 years to join Owl Rock Capital, a New York-based direct lending fund that targets the US middle market.
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CLO activity continued unabated last week despite the three day Global ABS conference in Barcelona, with Napier Park, CIFC and Tikehau offering up deals.
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The CLO market has recently stalled due to a slowdown of investment from Japanese firms. Market participants say that this has been largely driven by negative media attention surrounding CLOs, and feel frustration that the asset class is still strongly associated with CDOs and the US subprime crisis.
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Edward Altman, creator of the Z-score metric predicting corporate bankruptcies, has co-founded a new company that automates credit scores for small and medium sized firms. That could help provide ratings for the SME CLO market.
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The attitude of managers and arrangers is holding back the CLO market, with weakening deal terms and pre-placement of triple-A tranches a particular problem, said Balint Vogavolgyi, senior portfolio manager at Aegon during a panel discussion.
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Quirks of Europe’s new Securitisation Regulation, which came into force this year and is dominating debate at this year’s IMN/Afme Global ABS conference in Barcelona, could leave CLO buyers carrying the can for failures of CLO managers to meet their regulatory obligations.
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CIFC is bringing a €356.05m CLO via arranger Deutsche Bank, the first CLO issued in Europe under CIFC’s name since the firm began expanding its presence across the Atlantic.
