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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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Goldman Sachs economist Marty Young recommended in a note on Tuesday that investors go overweight on triple-A CLO debt as spreads have not fully retraced versus comparable investment grade credit products.
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The CLO market in Europe is off to a solid start for the year, despite the complaints of managers and arrangers alike that conditions are tougher than they have been for years. But look closer, and it seems worryingly narrow, with one investor dominating the top of the capital structure. That might be helping deals get done, but it is far from healthy.
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Apollo Global Management subsidiary Redding Ridge is in the market with its debut euro CLO arranged by BNP Paribas, out with price guidance for the deal on Tuesday.
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Spire Partners launched syndication on Aurium CLO V through Bank of America Merrill Lynch this week, the first euro CLO this year to be priced without an anchor from Norinchukin Bank. The senior notes were printed at 114bp, 6bp wider than the Japanese buyer’s recent commitments. -
A €360.25m CLO from BlueMountain Capital, BlueMountain Fuji Eur CLO IV, was priced on Monday with the senior notes coming in at 108bps over three month Euribor, continuing the run at that level for all new CLOs to be sold so far this year.
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Lloyds Bank's former head of loan markets, who subsequently became its global head of industrials and manufacturing, has left the bank.
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Law firm Morgan, Lewis & Bockius announced on Friday that it had added Paul St. Lawrence, an attorney with expertise in collateralized loan obligations, as a partner in its Washington, DC practice.
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The Carlyle Group and GSO Debt Funds Management both priced new European CLOs on Friday, selling the senior bonds at 108bps over Euribor, a strong sign for the euro CLO space as it clears the January hurdle.
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Loans have bounced back from their steep selloff in December, but the recovery has lost some of its steam as new CLO warehouse capital to buy loans proves less abundant.
