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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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Paris-based Ostrum Asset Management is expanding into US markets as its institutional investors look to diversify into US alternative asset strategies, it said on Tuesday. -
Barings BDC announced on Thursday that it is forming a joint venture with the State of South Carolina Retirement System (SCRS) that will invest in private debt, syndicated senior secured loans, structured products and real estate debt.
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Reluctance from smaller Japanese buyers and the end of a rally in loan prices are likely to dampen CLO volumes through the remainder of 2019, market sources say, although the market thus far shows no signs of abating.
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After the biggest month for new issue CLO supply since the market was created in the 1990s, Wall Street researchers have predicted that new issue spreads will grind tighter in the near-term, as secondaries come in and CLO formation is challenged by low loan supply.
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Goldman Sachs is planning to directly offer equity using a new middle-market business development corporation (BDC) that opened at the end of 2018, as interest in direct lending continues to tick up and the economic cycle stretches toward its conclusion.
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Thomas Mathieson has joined Credit Suisse from NatWest Markets, to head up special situations and loan trading.
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The Securities and Exchange Commission (SEC) is taking a second look into combination notes, a genre of resecuritized CLOs, nearly nine months after Moody’s was fined for allegedly misrepresenting risks contained in the blended debt products. Alex Saeedy reports.
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The Alternative Reference Rates Committee (ARRC) issued recommendations for Libor replacement at the end of April, indicating that it believes the market should effectively self-regulate when it comes to picking a new benchmark for floating rate debt contracts.
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Voya Alternative Asset Management is preparing to issue a €354.32m CLO via Citi, the US manager’s second European CLO since setting up shop in Europe.
