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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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A handful of new issue CLO deals to debut in 2019 have been structured with shorter non-call and reinvestment periods. While that may reflect a bearish economic outlook in the medium-term, some market watchers chalk it up to the sell-off in the loan market last autumn and bets on the shape of the yield curve. -
US credit manager CIFC Asset Management has launched an undertakings for collective investment in transferable securities (UCITS) fund in the Republic of Ireland.
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As worries about the leveraged loan market have entered the mainstream, there’s an obvious villain: the booming CLO market, which has expanded, gobbling up whatever the stretched lev loan mart can feed it. But not all heroes wear capes. Despite being a three-letter acronym, these vehicles could be the heroes we need.
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Analysts from Bank of America Merrill Lynch said on Monday that they were cutting their forecasts for CLO refinancing volumes by 45% as wider spreads in new issue markets may potentially make refinancing less attractive for callable deals this year.
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Credit Suisse Asset Management priced its first euro CLO at the end of last week, placing the triple-A bonds at 108bps over three month Euribor as CLO investors remain largely undeterred by regulatory concerns. This week, GSO is expected to price its Crosthwaite Park CLO by Friday, with the manager floating initial price thoughts at the start of the week.
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The US CLO primary market has officially reopened after a dearth of activity to start the new year, and while the market has not retraced all of late autumn’s spread widening, sources tell GlobalCapital that a burgeoning pipeline of deals speaks to steady investor demand up and down the capital stack.
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GSO has entered the market with a euro CLO alongside Credit Suisse Asset Management's Cadogan Square XIII deal, which is looking at initial price thoughts of 105bp-110bp.
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Risk retention rules spelt out last week by Japan’s Financial Services Agency have become a key regulatory concern for CLO managers that sell triple-A debt to Japanese banks, although a consensus is building among US players that exemptions for open market CLOs will be approved by regulators.
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Carlyle Group and BNPP are marketing a two-year non-conforming Euro CLO, at a time when CLO arbitrage is its worst level since 2013.
