Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
More articles
More articles
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Cheyne Capital’s structured investment vehicle (SIV) has finally been liquidated, marking another post-crisis milestone. Cheyne Finance was the first SIV to be forced into wind-down in August 2007, as frozen commercial paper markets stopped it raising funding, and worries about subprime forced it to breach a ‘major capital loss’ trigger and start selling assets. It then entered a restructuring and has been in receivership ever since 2008. -
Some buy-siders are cheering the slump in CLO issuance relative to 2018, saying underwriting and investor protections are likely to improve on the back of slower deal flow.
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As the world has cottoned on to how its dominant role in the CLO market has exploded, Japan’s Norinchukin Bank is apparently under the regulatory spotlight too. There’s nothing wrong with it buying loan exposure by the bucketload, but where it marks that lot might merit close examination.
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A €409.79m CLO, Bilbao CLO II, managed by Guggenheim Partners Europe and arranged by Citi, was sold on Monday with the class ‘A-1A’ notes pricing at 114bp. However, market participants note that CLO arbitrage has taken a turn for the worse.
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A €407.5 CLO from Hayfin Capital Management arranged by Goldman Sachs in the market this week is being offered with senior equity in place of single-B debt, with the equity sold 'within an hour or two' of the announcement, according to a source.
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Mizuho replaces global markets head after less than a year — Syndicate banker leaves ING — Hudson joins Credit Suisse executive board
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Asif Godall has been appointed as head of global markets for EMEA at Mizuho International plc, replacing Zahra Peerbhoy. Godall joins from Cairn Capital, where he was co-chief investment officer.
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The first two big acquisition loans of the year in Europe, for Amer Sports and Ahlsell, have both been subject to pushback from investors on some of the most borrower-friendly terms in their original security packages. That has set a standard for new deals, now markets have recovered much of the ground they lost in the fourth quarter.
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Japanese CLO investors are said to be moving their bid for senior CLO debt wider yet again, following a move at the beginning of the year that saw anchor buyers like Norinchukin Bank demand considerably more spread compared to 2018.
