Latest news
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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UK CLO manager Spire is planning to launch a new open ended fund of around €200m-€300m that will invest in European CLO equity, debt and warehouse first loss positions. -
Uber’s self-syndicated leveraged loan is not just another example of big tech’s ambitious approach to the capital markets but a tribute to the hot credit markets that make these efforts fruitful.
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More than $26bn of new issue CLOs have been priced in the year so far in the US, on top of $22.1bn of refinancing and reset deals as managers look to wring more returns from existing deals. The combined volumes in the first two months of the year are the highest in the CLO market’s 20-year history, said JP Morgan on Tuesday.
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US Steel was in the US high yield bond market on Tuesday, one week after announcing it would restart a steelmaking facility in Illinois in anticipation of a boost in demand as a result of US president Donald Trump slapping a 25% tariff on imported steel.
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Toys ‘R’ Us is discussing with investors the outlook for the company on Monday — with a restructuring proving elusive, there is talk of liquidating the company, which would be a blow to unsecured lenders.
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Tennenbaum Capital Partners last week sold $147.9m of publically rated debt backed by a potential direct lending portfolio to a handful of insurance companies, before any of the assets had been originated. In a hot CLO market, talk of more exotic financing structures and riskier collateral is growing.
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Bankers and issuers said at the SFIG Vegas conference this week to expect commercial real estate CLOs to get more complex as what was once a small corner of the CMBS market grows rapidly.
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In a booming CLO market, managers have found a new bottleneck in the deal pipeline – squeezing their transactions in with rating agencies that are swamped with deals. The agencies are calling on veterans of the CDO market to help take on the challenge.
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Even before the rollback of risk retention rules has been confirmed, CLO managers have been rushing to include language in new deals that allows them to take advantage of a repeal, according to lawyers working on the deals.
