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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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US pet retailer PetSmart has moved a portion of online subsidiary Chewy out of the reach of the company's senior bondholders, but that has not weighed on the notes in the secondary market. -
The proposed changes to the Volcker rule include an invitation for comments on whether CLO managers should once again be able to hold high yield bonds in their portfolios, a move that would bring US managers back in line with their European counterparts.
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Fitch Group has reached an agreement to acquire Fulcrum Financial Data, which includes financial analysis brands such as Covenant Review, LevFin Insights and Capital Structure.
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A new CLO from Octagon on Wednesday was the only one to have been priced so far this week, after eight were cleared in the pre-holiday rush before Memorial Day. May has been the busiest month of the year for new issue volumes, but analysts have said the pace could be slowing.
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Data from Fitch Ratings showed that on average this year, managers have brought deals to the market with higher volumes of collateral already sourced before they sell CLO debt to investors, compared with previous years.
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Natwest Markets' announcement of a mandate to market PGIM Fixed Income’s first sterling CLO outing has stirred interest from investors and other CLO managers now alert to the opportunities if the deal lives up to its hype.
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The sheer volume of CLO transactions has swamped market infrastructure, panellists at IMN’s investors’ conference on CLOs and leveraged loans said on Thursday, which will likely be a restraint on volumes over the remainder of 2018.
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Fiscal stimulus and economic growth should keep the credit cycle going for another two years, but the weakening of investor protections will damage loan recoveries when the market turns, said panellists at an IMN investors’ conference on CLOs and leveraged loans on Wednesday.
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North Sea oil and gas operator Ithaca Energy cancelled a planned $350m junk bond on Tuesday, citing "market terms and conditions", after it had earlier tightened covenants on the deal.
