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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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PGIM Fixed Income announced on Thursday that its co-head of US CLOs would become the firm’s new head of US bank loan portfolio management, upon the retirement of Joe Lemanowicz later this year. -
US fund manager Alexandria Capital is preparing to launch a fund that will invest in alternative assets including CLO equity on behalf of its private wealth and family office clients.
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European CLO spreads have widened following a five week tightening rally, leading to some backtracking of bullish sentiment from triple-A investors at the start of the second quarter, according to a JP Morgan investor survey.
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The second quarter may be slower to pick up for European CLOs, as demand from several big investors softens following three months of brisk issuance.
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Unlike most sectors of US corporate credit, leveraged loans have escaped the volatility of the last couple of weeks. Even a slight cooling in collateralised loan obligations, the market’s biggest investor base, is unlikely to throw this corner of US credit off course just yet, writes David Bell.
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US middle market CLO volumes are running ahead of the levels achieved in what was a record year for the market in 2017, said Wells Fargo on Wednesday.
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A “significant” loosening of underwriting standards in US leveraged finance points to the market being in the late stages of the credit cycle, said Fitch Ratings on Tuesday, but market data show bids are still heating up in the sector.
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The US CLO market has posted its busiest start to the year since the financial crisis, and the torrent of paper is now weighing on spreads which could narrow the arbitrage for deal managers.
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Moody’s Investors Service downgraded Tesla on Tuesday, citing the company’s liquidity challenges as it struggles to ramp up production of its Model 3 electric car. The move caused the company’s shares — the most heavily shorted US stock — as well as its high yield debt to slump.
