Latest news
Latest news
Borrowers take advantage of robust CLO demand to tighten leveraged loan pricing
New realm for ex-Natixis banker, as HSBC Innovation Bank hires
Manager reset the deal for the second time as the end of its reinvestment period approached
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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. -
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.
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Recent tweaks to the legal provisions and indentures in US CLO documents might increase the potential risks for debt investors, who may not fully appreciate the implication of the changes, according to a Moody’s report on Thursday.
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A raft of CLOs that were issued during a turbulent 2016 are coming back to the market to be reset, and the higher spreads on offer are drawing attention away from brand new deals, according to sources.
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Goldman Sachs as sole arranger announced a new euro CLO from AXA Investment Managers, the €412.7m Adagio VII, on Wednesday but the primary ABS market was noticeably quieter this week.
