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Latest news
Resets for 2021 and 2024 deals are less attractive to managers due to wider liability pricing
Spreads for the triple-A rated notes were similar to the manager's previous deal
State of New Hampshire's innovative bond gets Ba2 rating
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A study released by Fitch Ratings on Thursday showed that first-lien leverage ratios rose by a half-multiple between 2017 and 2018, a factor which the ratings agency said would reduce recovery rates in the event of a distress scenario. -
European leveraged finance loan investors are undersupplied. But this is unlikely to last for too long, as several buyouts are making their way towards the market. Banks are lining up financings to support auctions for Nestlé Skin Health, VFS Global and Elior Concessions, while the takeovers of Scout24 and RPC are nearing.
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Barclays on Monday priced a reset for a 2012 CLO managed by Carlyle Group, extending the deal with a new five year reinvestment period and stated maturity of 2032.
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US asset manager LibreMax is teaming up with investment management firm TowerBrook to form a fund that will invest in equity tranches of deals issued by LibreMax’s CLO platform Trimaran, a firm it acquired in December 2018.
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New leveraged lending dropped in every category from figures in the same period of last year, according to data published through the Loan Syndication and Trading Association (LSTA) at the end of last week.
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Axa Investment Management’s Volta Finance fund cut its euro CLO debt exposure to zero over the six months to the end of January, while boosting its buying of CLO equity tranches, hoping to benefit from reinvesting during a period of loan market dislocation.
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Oliver Wriedt, former co-CEO of CIFC Asset Management, is joining DFG Investment Advisers as CEO while the firm rebrands with the intent of growing its existing CLO and structured product businesses.
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The acquisition debt for Ifco, the spinout plastic boxing business of Australian logistics firm Brambles, will come inside the 400bp barrier some market participants see as crucial to bringing in CLO demand.
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Sound Point, Bardin Hill and PGIM are working on European CLOs, despite consistent complaints around the available arbitrage for CLO equity. The deals are from warehouses still being cleared from 2018, according to an investor.
