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
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Analysis of CLO trading by JP Morgan’s fixed income research team concluded that, through the selloff in the fourth quarter last year and the rally this year, loan trading by CLO managers beat the market, with the vehicles successfully buying low and selling high compared to broader movements — and compared to waiting out the volatility entirely. -
After the CLO market ground to a halt in December following a retail fund-driven loan market selloff, the primary market has at last sprung back to life, albeit with wider spreads than some issuers grew accustomed to for much of 2018 and with more varying deal structures to get investors in the door.
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The Federal Reserve grabbed market participants' attention on Wednesday as it released the minutes of its most recent Federal Open Market Committee meeting, held from January 29-30, in which members agreed to pause rate rises and the central bank's balance sheet reduction.
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Sandra O’Connor, chief regulatory officer at JPMorgan Chase, is retiring from the firm on April 1, according to an internal memo seen by GlobalCapital.
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A new euro CLO from Ares is in the pipeline, with Citi acting as manager and the triple-A notes preplaced, while spreads in the ABS secondary market continue to grind tighter.
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Eleven CLOs were priced last week, marking the busiest week so far this year, but with wider spreads across the board and tranches in some deals split into fixed and floating components to appease some investors, sources said that the CLO market has yet to find its footing in 2019.
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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.
