Latest news
Latest news
Triple-A pricing widens by 49bp relative to the original deal
Refis, resets and new issues all on offer as Five Arrows, Apollo, Neuberger Berman, Ares and Oaktree price deals
European CLO ETFs' total holdings near €2bn
More articles
More articles
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Mark Okada, the co-founder of alternative credit investment and CLO management firm Highland Capital Management, is set to retire at the end of the year. -
Angelo Gordon sold its first ever European CLO at the end of last week, pricing the triple-A notes at the tightest levels of 2019.
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The European Banking Authority has published its long-awaited discussion paper on the possibility of ‘Simple, Transparent and Standardised’ synthetic securitizations — opening the way to better regulatory treatment for risk transfer deals. That would endorse a market that frequently faces public criticism.
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The Federal Reserve is unlikely to take US interest rates into negative territory, preferring to embark on another round of quantitative easing to stave off a recession, speakers said at ABS East on Tuesday.
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Market players speaking on a panel on day two of ABS East were sounding the alarm on the possibility that a wave of downgrades could hit CLO collateral over the next three years, testing the market’s ability to withstand an influx of triple-C loans.
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CLO managers are rushing to reset their deals because they can no longer find enough loans with covenants to buy. European CLOs issued as recently as 2017 require up to 20% of loans to feature maintenance covenants, which are almost never seen in the European market now.
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Adani Transmission, the Indian power transmission firm, has launched US private placements, according to several market participants, in a debut set to test institutional investors’ appetite for Indian risk.
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Permira Debt Managers has launched its fifth ‘Sigma’ structured credit fund, looking to buy CLO equity. Senior tranches in CLO vehicles have sharply tightened against Euribor as European rates have plunged deeply negative, but Euribor floors worth up to 50bp are increasingly determining the economics of the CLO business.
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European managers are lining up to sell a wave of new CLOs over the next few weeks amid market conditions which have recently soured for issuers seeking leveraged loan collateral.
