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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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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. -
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.
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Greenwich, Connecticut based Wellfleet Credit Partners, the performing credit business of Littlejohn & Co, has promoted Dennis Talley and Scott McKay to managing director with a focus on CLOs.
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A handful of prime UK RMBS deals are rumoured to be in the pipeline, along with several prime euro transactions, with issuers said to be targeting US investors while they wait for the fog to clear around new ‘simple, transparent, standardised’ (STS) rules.
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Large Japanese buyers of US triple-A CLO debt are set to move their bids for the bonds wider as managers line up the first US deals of 2019, said sources this week.
