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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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Kroll Bond Rating Agency has hired staffers from S&P Global Ratings and Goldman Sachs to head a new foray into CLO ratings, as other agencies struggle to keep up with the record pace of issuance in the red hot asset class. -
The spending bill signed into law by President Trump on Friday contained a provision that allows business development companies to double their permitted leverage, a move that could heat up an increasingly aggressive lending environment in middle market corporate debt.
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Strong demand for European leveraged loans is driving ratings pressure on European CLO tranches, according to a statement from S&P Global Ratings at the end of last week.
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Uber blazed a trail in the leveraged finance market this week, brushing off a fatal car crash involving one of its self-driven cars to close a bigger than expected self-syndicated leveraged loan at a spread inside of the initial price range.
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Stephan Paras, the former European and US head of leveraged loans at Bank of America Merrill Lynch, has joined the investment committee at middle market lending firm Star Mountain Capital.
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US retail funds have been pouring cash into the floating rate leveraged loan market in the last month, ahead of Wednesday’s 25bp rate hike by the Federal Open Market Committee.
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Investor demand has been strong for Uber’s self-arranged second leveraged loan, allowing the ride hailing company to increase the size of the deal from $1.25bn to $1.5bn.
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Despite a string of credit issues at troubled US retailers, the sector has provided leveraged loan investors with the strongest gains in the year so far, said JP Morgan on Tuesday, while the CMBX index targeted by mall bears as the next Big Short has barely budged.
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Claire’s Stores was the latest retailer to file for Chapter 11 bankruptcy protection on Monday, joining a handful of other private equity owned companies that became credit casualties last week. While CLO managers have generally traded out of the names, some older deals might be stuck with the loans, wrote Wells Fargo analysts on Monday.
