Latest news
Latest news
Borrowers take advantage of robust CLO demand to tighten leveraged loan pricing
New realm for ex-Natixis banker, as HSBC Innovation Bank hires
Manager reset the deal for the second time as the end of its reinvestment period approached
More articles
More articles
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As the world has cottoned on to how its dominant role in the CLO market has exploded, Japan’s Norinchukin Bank is apparently under the regulatory spotlight too. There’s nothing wrong with it buying loan exposure by the bucketload, but where it marks that lot might merit close examination.
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A €409.79m CLO, Bilbao CLO II, managed by Guggenheim Partners Europe and arranged by Citi, was sold on Monday with the class ‘A-1A’ notes pricing at 114bp. However, market participants note that CLO arbitrage has taken a turn for the worse.
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A €407.5 CLO from Hayfin Capital Management arranged by Goldman Sachs in the market this week is being offered with senior equity in place of single-B debt, with the equity sold 'within an hour or two' of the announcement, according to a source. -
Mizuho replaces global markets head after less than a year — Syndicate banker leaves ING — Hudson joins Credit Suisse executive board
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Asif Godall has been appointed as head of global markets for EMEA at Mizuho International plc, replacing Zahra Peerbhoy. Godall joins from Cairn Capital, where he was co-chief investment officer.
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The first two big acquisition loans of the year in Europe, for Amer Sports and Ahlsell, have both been subject to pushback from investors on some of the most borrower-friendly terms in their original security packages. That has set a standard for new deals, now markets have recovered much of the ground they lost in the fourth quarter.
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Japanese CLO investors are said to be moving their bid for senior CLO debt wider yet again, following a move at the beginning of the year that saw anchor buyers like Norinchukin Bank demand considerably more spread compared to 2018.
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A slowing economy is likely to weigh on US corporates, leading to rating downgrades that could induce CLO managers to sell loans on the basis of failed overcollateralization or weighted average ratings tests. A small but growing handful of new issue deals are already taking active bets on such downgrades and incorporating a bigger bucket for downgraded debt or accommodating a hybrid pool of bonds and loans.
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ICG’s St. Paul’s CLO X, arranged by Goldman Sachs, was priced on Monday evening with triple-As at 114bp while the Ares, Redding Ridge and Guggenheim CLOs are expected to price by Friday.
