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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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Investcorp Credit Management is looking to expand its footprint in US secured corporate loans, with middle market credit and the CLO debt of other credit managers’ both targets, according to the firm’s head of US credit. -
With the summer holiday season just around the corner, the flood of new issue euro ABS deals, seen following the IMN Global ABS conference, has turned into a trickle, with just one new mandate announcement on Thursday adding to three deals looking to price in conditions favouring investors.
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A spike in the supply of US leveraged loans and CLOs has caused spreads to widen in both markets in recent weeks. While CLO managers are scrambling to satisfy demand for the product, critics say they should be doing more to protect the quality of the loans they are investing in.
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An increase in European leveraged buyout activity is helping boost diversity in CLO pools, according to Bank of America Merrill Lynch.
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Bank of America Merrill Lynch analysts said on Monday that despite Japanese investors sitting on the sidelines in recent months as spreads slip wider, improving swap rates still mean US CLO debt is an attractive opportunity.
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The US CLO market has shrugged off the interruption of July 4th festivities, with five managers closing new deals so far in the shortened week and a raft of other issuers closing refinancing and reset transactions.
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Euro private placement (Euro PP) transactions can be structured as loans or as bonds, depending on the preferences of both parties. But some smaller investors have withdrawn from the bond format, concerned that it brings them into the scope of MiFID II and of MAR, though market participants are hatching plans to bring them back.
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A handful of deals from Bahrain and the CIS region is all there is to keep emerging markets loans bankers busy over the next six to eight weeks, with many already heading off for summer breaks as volumes and near term pipelines dwindle to almost zero.
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After a long wave of repricing activity, the amount of new money deals has increased in the US leveraged loan market and this is helping investors gain better terms and pricing.
