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
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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. -
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.
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The co-head of HSBC’s global capital markets business is moving to New York as the bank looks to win more market share in US leveraged finance.
