Latest news
Latest news
An interview with Propel and the BBB, a busy Q1 for ABS, more arb headaches for CLO managers
Resets for 2021 and 2024 deals are less attractive to managers due to wider liability pricing
Spreads for the triple-A rated notes were similar to the manager's previous deal
More articles
More articles
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Carador Income Fund, a CLO investment vehicle set up in 2006 and managed by GSO/Blackstone Debt Funds Management, is set to give shareholders a vote on whether to wind up the fund, with an option to roll over into another vehicle for those still interested in CLO investment opportunities. -
Neuberger Berman is preparing a CLO fund with a focus on mezzanine debt tranches. The private equity firm will pitch the UCITS fund to sophisticated investors and has already secured $77m of seed money.
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The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell.
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Tom Majewski, chief executive of US CLO equity investment firm Eagle Point, said on Tuesday that the firm was focused on resetting existing CLOs in which it held majority equity positions, in order to improve the arbitrage in the structures and also build “runway” for the company to benefit when the loan market eventually suffers a downturn.
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Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.
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Both the US high yield and leveraged loan markets absorbed a flurry of deals at the end of last week after second quarter results painted a strong picture for corporate earnings.
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Bank of America Merrill Lynch Analysts in a note this week pointed to weakening in UK retail businesses as a pressure point for European CLOs, citing recent poor performance across such sectors as clothing and restaurants.
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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.
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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.
