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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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US middle market CLOs sprung back to life this week with a $1bn deal from Golub Capital, the first new issue of the month. -
BlackRock has closed its first private debt fund dedicated to the European middle market, as the asset manager predicts private debt will be increasingly "significant" in the way mid-cap companies are financed.
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Sources speaking with GlobalCapital on Wednesday said that the growth of the commercial real estate CLO market is gnawing away at lenders’ ability to keep underwriting standards high and remain competitive, pushing out traditional sources of debt capital in favour of debt funds and other alternative providers.
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CLO equity investor Eagle Point Credit Management has filed documents with the Securities Exchange Commission to set up a new closed-end CLO debt fund that will target double-B rated tranches.
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Corporate fundamentals paint a rosy picture of the health of US leveraged finance markets, but investors are getting complacent given the erosion of creditor protections and the rumbling threat of trade wars, wrote Guggenheim analysts on Wednesday.
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Money360, a small commercial real estate lender, is joining a number of new issuers who are securitizing floating rate bridge and transitional loans.
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US CLO equity returns have dropped compared with previous years, but the trade is still outpacing the rest of the fixed income market and should improve, sell-side analysts said this week.
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Netflix said late on Monday that it intends to continue tapping the US high yield bond market to fund an anticipated $3bn-$4bn of negative cash flow this year.
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Union Investment, a fund manager headquartered in Frankfurt and majority owned by DZ Bank, announced on Tuesday the launch of a new fund for institutional clients focussed mainly on CLO investments.
