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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Alternative investment manager Investcorp announced on Wednesday that it was welcoming a new chief executive to it US credit management operations. -
Investors from Japan’s Norinchukin Bank were in London earlier this month meeting with CLO players to reassure them that the Japanese fiscal year end on March 31 will have no effect on the bank's demand for European CLO paper, according to sources.
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A capitalised manager vehicle (CMV) controlled by Georgia-based Angel Oak Capital Advisors has sold a rare CDO backed by senior and subordinate debt issued by US community banks and insurance companies.
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HSBC’s first synthetic CLO since the financial crisis had a double helping of shaky UK support services firms, with exposures to Interserve, as well as Carillion. Investors in the deal have therefore been hit by two credit events from the sector, following Interserve’s administration two weeks ago.
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Mounting expectations that the US Federal Reserve could slash interest rates in 2019 is a prompting a new wave of redemptions among leveraged loan funds, similar to the selloff in the fourth quarter of last year that pushed CLO warehouses underwater and resulted in significant volatility through year end.
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Oaktree Capital Management is using a combination note carve-out structure to execute its first deal of 2019, Oaktree CLO 2019-1, which will give the noteholder equity control of the deal while holding a piece of debt rated as investment grade.
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With liability costs rising and more CLO managers dealing with 'underwater' warehouses, some arranging banks have found it hard to do as many deals as they did last year.
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Among the myriad dilemmas tied to managing Libor exposures and the development of Sofr markets, one potential remedy has steadily gained more attention: leave it to the government to fix the problem.
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Peter Gleysteen, founder of CLO manager CIFC, announced on Monday the launch of AGL Credit Management in partnership with Thomas H. Lee, one of the pioneers of the US leveraged buyout market in the 1980s.
