Latest news
Latest news
Pricing on junior mezzanine notes is diverging as managers have to cope with difficult conditions
Manager extends non-call by a year, tapping into market for shorter-dated deals
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Investec has filled a newly created sales position with a hire from UniCredit in a bid to expand its leveraged buyouts business. -
Spire Partners has hired Sumeet Sikka as senior credit analyst to provide generalist coverage as the CLO firm grows assets under management and looks to broaden the companies on its radar.
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The role of rating agencies in contributing to the 2008 financial crisis should not be forgotten. Inflated ratings on securities that turned toxic played a major part in the build-up of the financial bubble that later burst with costly consequences.
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The US CLO primary market has shown little sign of relenting in August, with three new deals already wrapped up by Wednesday, following six new deals and five reset/refinancing transactions last week.
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Carador Income Fund, a CLO investment vehicle set up in 2006 and managed by GSO/Blackstone Debt Funds Management, is set to give shareholders a vote on whether to wind up the fund, with an option to roll over into another vehicle for those still interested in CLO investment opportunities.
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Neuberger Berman is preparing a CLO fund with a focus on mezzanine debt tranches. The private equity firm will pitch the UCITS fund to sophisticated investors and has already secured $77m of seed money.
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The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell.
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Tom Majewski, chief executive of US CLO equity investment firm Eagle Point, said on Tuesday that the firm was focused on resetting existing CLOs in which it held majority equity positions, in order to improve the arbitrage in the structures and also build “runway” for the company to benefit when the loan market eventually suffers a downturn.
