Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
More articles
More articles
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Guggenheim Partners has priced a €281.65m European CLO, Bilbao CLO III, the fourth manager to come to market since the Covid-19 crisis began. -
Downgrades of leveraged loans in the first quarter led to Carlyle Group deferring $4m of subordinated CLO management fees, executives at the firm stated in a first quarter earnings call.
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US Bank has hired Sean Kelley as head of CLO data analytics and research, based in Chicago.
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Chenavari Investment Management’s Toro Fund said in a recent update to investors that it was unwinding its leveraged loan warehouse, in contrast to other CLO fund managers and equity investors that have pushed out deals and begun to reopen the market.
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Synlab, a medical testing firm owned by Cinven, is looking to push out its debt profile, amending and exchanging bonds and loans due 2022 to a loan with a 2024 maturity. It is the first flicker of life in the European primary leveraged loan market since the coronavirus crisis hit.
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The European CLO market is back in business, a few weeks on from the restart of primary issuance in the US. Both markets are moving cautiously to get back on track in the pandemic economy, tweaking deal formats, shortening reinvestment periods and looking at deal documents to see where there is room for flexibility to manoeuvre through a historic period of distress.
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CLO managers are moving to bake additional flexibility into deal documents, looking to bolster structures against any potential wave of bankruptcies among leveraged loan borrowers.
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Managers returning to the CLO market at the end of April saw their deals clear at the tightest levels of the month, greeted by investors ready to resume putting cash to work.
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The European CLO primary market is back in business, with new deals priced on Monday from Permira Debt Managers and Redding Ridge Asset Management. But the market backdrop looks very different, with new issues shorter, less levered, and much more expensive than the last pre-virus trades.
