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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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New terms are emerging in US leveraged finance documentation, as investors try to push back against the loosening of investor protections, but critics claim such provisions are too narrow and too ineffectual to stem the tide of a seller’s market. -
Speakers at a loan industry conference in New York on Wednesday highlighted the continued erosion in the quality of investor protections in leveraged loans, a trend that many expect will make recovery rates worse when the credit cycle turns.
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Credit and real estate investment firm Angelo, Gordon has hired a European leveraged finance portfolio manager from PGIM, as the firm joins a growing list of US debt managers setting up European CLO businesses.
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The riskiest end of the US leveraged loan market has outperformed the wider loan market in the year to date, although investors are starting to push back on pricing in some instances.
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Some global CLO managers are proving to be less actively engaged in managing their European portfolios compared with their US businesses, according to research from JP Morgan, bucking a belief that “a US manager tends to be more active in Europe”.
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US CLO managers brought a deluge of deals in April, but after some triple-A buyers stepped back, primary market activity has slowed down, helping firm up spreads at the riskiest end of the capital structure.
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MeDirect, the former Mediterranean Bank, has hired Michael Curtis as chief investment officer, ahead of a planned push into the credit markets that will see the firm boost corporate lending and related activities. Curtis was most recently at ICG.
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More than $1tr of leveraged loans are now outstanding in the US market, according to the Loan Syndications and Trading Association. The market has doubled in size in just eight years, with lower rated loans swelling volumes as CLOs and retail funds chase yield in corporate credit.
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The pace of loan refinancing and repricing eased in the first quarter of 2018, according to a quarterly update from Fitch Ratings. Some investors expect this trend to continue as companies look to dodge rising rates by refinancing loans in the fixed rate bond market.
