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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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US asset manager LibreMax is teaming up with investment management firm TowerBrook to form a fund that will invest in equity tranches of deals issued by LibreMax’s CLO platform Trimaran, a firm it acquired in December 2018. -
New leveraged lending dropped in every category from figures in the same period of last year, according to data published through the Loan Syndication and Trading Association (LSTA) at the end of last week.
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Axa Investment Management’s Volta Finance fund cut its euro CLO debt exposure to zero over the six months to the end of January, while boosting its buying of CLO equity tranches, hoping to benefit from reinvesting during a period of loan market dislocation.
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Oliver Wriedt, former co-CEO of CIFC Asset Management, is joining DFG Investment Advisers as CEO while the firm rebrands with the intent of growing its existing CLO and structured product businesses.
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The acquisition debt for Ifco, the spinout plastic boxing business of Australian logistics firm Brambles, will come inside the 400bp barrier some market participants see as crucial to bringing in CLO demand.
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Sound Point, Bardin Hill and PGIM are working on European CLOs, despite consistent complaints around the available arbitrage for CLO equity. The deals are from warehouses still being cleared from 2018, according to an investor.
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There is comparatively less systemic risk in leveraged loan CLOs than in the subprime crisis-era sector, representatives from both the Loan Market Association (LMA) and the Loan Syndications and Trading Association (LSTA) agreed while speaking at an IMN conference panel on Tuesday. Credit risks for the sector remain, however.
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Nearly $4.5bn of new CLO debt was issued last week, making it the busiest week of the year for the primary market, and several billions more is already in the pipeline. But investors report that the market is still finding its footing on pricing, and they continue to look for more bells and whistles before buying into a given deal.
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Clinton Ray and Guy Morgan are joining Perella Weinberg Partners from Goldman Sachs to advise on restructurings.
