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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Bank of America is marketing a static CLO for Barings Business Development Company, a subsidiary of the North Carolina-based asset manager, as the sponsor looks to move away from broadly syndicated loans back towards lending into the middle market. -
While Japanese regulators opted for 'reg-lite' when determining that CLO holdings did not pose a substantial systemic risk to its domestic banking sector, an opposition to risky overseas investment among Japanese politicians is growing as more cracks show in the nation’s banking sector.
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Fair Oaks Capital is planning to launch its debut European CLO this quarter, with deal documentation structured to comply with ‘environmental, social and governance’ (ESG) principles.
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A CLO reset caught in the crossfire while fourth quarter rates volatility ushered havoc into fixed income markets has at last been refinanced via arranger Natixis, which priced the deal earlier in the week.
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In an analysis of CLO managers’ holdings of distressed loans since the financial crisis, a team of analysts at JP Morgan found that Voya and KKR were the top managers for selling loans that later became distressed at the highest spread versus their eventual recovery price.
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S&P Global Ratings has announced that it intends to recalibrate its CLO ratings tools to better account for years of performance data that show the firm’s models predicted more defaults than have occurred across CLO and CDO asset classes.
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A study released by Fitch Ratings on Thursday showed that first-lien leverage ratios rose by a half-multiple between 2017 and 2018, a factor which the ratings agency said would reduce recovery rates in the event of a distress scenario.
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European leveraged finance loan investors are undersupplied. But this is unlikely to last for too long, as several buyouts are making their way towards the market. Banks are lining up financings to support auctions for Nestlé Skin Health, VFS Global and Elior Concessions, while the takeovers of Scout24 and RPC are nearing.
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Barclays on Monday priced a reset for a 2012 CLO managed by Carlyle Group, extending the deal with a new five year reinvestment period and stated maturity of 2032.
