Latest news
Latest news
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal is one of the tightest prints this year and is the second European CLO solely arranged by Mizuho
Debut manager is launching a CLO platform building on leveraged loan market experience
More articles
More articles
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The rush of US CLO managers looking to extend existing deals on the back of risk retention rules being vacated might take some of the steam out of the new issue CLO market in the second half of the year, say some market players. -
A panel of CLO experts speaking on day two of Global ABS agreed that the market in Europe is operating a near peak efficiency, and that the market is “nowhere near” a turn in the credit cycle for at least the remainder of this year.
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US pet retailer PetSmart has moved a portion of online subsidiary Chewy out of the reach of the company's senior bondholders, but that has not weighed on the notes in the secondary market.
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The proposed changes to the Volcker rule include an invitation for comments on whether CLO managers should once again be able to hold high yield bonds in their portfolios, a move that would bring US managers back in line with their European counterparts.
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Fitch Group has reached an agreement to acquire Fulcrum Financial Data, which includes financial analysis brands such as Covenant Review, LevFin Insights and Capital Structure.
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A new CLO from Octagon on Wednesday was the only one to have been priced so far this week, after eight were cleared in the pre-holiday rush before Memorial Day. May has been the busiest month of the year for new issue volumes, but analysts have said the pace could be slowing.
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Data from Fitch Ratings showed that on average this year, managers have brought deals to the market with higher volumes of collateral already sourced before they sell CLO debt to investors, compared with previous years.
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Natwest Markets' announcement of a mandate to market PGIM Fixed Income’s first sterling CLO outing has stirred interest from investors and other CLO managers now alert to the opportunities if the deal lives up to its hype.
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The sheer volume of CLO transactions has swamped market infrastructure, panellists at IMN’s investors’ conference on CLOs and leveraged loans said on Thursday, which will likely be a restraint on volumes over the remainder of 2018.
