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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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Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table. -
Both the US high yield and leveraged loan markets absorbed a flurry of deals at the end of last week after second quarter results painted a strong picture for corporate earnings.
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Bank of America Merrill Lynch Analysts in a note this week pointed to weakening in UK retail businesses as a pressure point for European CLOs, citing recent poor performance across such sectors as clothing and restaurants.
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S&P Global Ratings downgraded telecoms company Frontier Communications to triple-C status on Friday, swelling the proportion of the low-rated bucket in CLOs holding the debt.
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Concerns voiced over the growth of collateralised loan obligations (CLOs) shows that many commentators on both sides of the debate are still too blinded by the hangover of the 2008 crisis to appreciate the nuances of the next one.
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Across the credit spectrum, US corporate borrower inactivity made for a July that was exceptionally quiet, compared to typical summer volumes.
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A new deal from Carlyle is the only CLO to have emerged in the primary market so far this week, following just two new deals last week. Spreads have firmed up on the lower supply and better macro backdrop, but with as many as 35-40 deals in pipeline the slowdown might not last long.
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The CLO and leveraged loan markets, despite running at white-hot levels, do not represent the same level of systemic risk to the financial system as the subprime RMBS model did during the last credit cycle, said Bank of America Merrill Lynch analysts on Monday.
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A small flurry of summer deal pricing activity pushed two CLOs and a buy-to-let RMBS transaction over the line on Friday.
