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
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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. -
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.
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Signs of renewed confidence in the US CLO market are showing this week, with GoldenTree Asset Management bumping up the size of its first deal since April by $200m.
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End of year earnings calls at the US banks all featured anxieties about the exposure of the firms to a leveraged finance market that was looking increasingly stretched through year end, with some bridges said to be hung and discounts offered on risk positions.
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Barclays is on the road this week with a CLO that it is looking to sell this quarter for Credit Suisse Asset Management.
