Latest news
Latest news
Borrowers take advantage of robust CLO demand to tighten leveraged loan pricing
New realm for ex-Natixis banker, as HSBC Innovation Bank hires
Manager reset the deal for the second time as the end of its reinvestment period approached
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The riskiest end of the US leveraged loan market has outperformed the wider loan market in the year to date, although investors are starting to push back on pricing in some instances. -
Some global CLO managers are proving to be less actively engaged in managing their European portfolios compared with their US businesses, according to research from JP Morgan, bucking a belief that “a US manager tends to be more active in Europe”.
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US CLO managers brought a deluge of deals in April, but after some triple-A buyers stepped back, primary market activity has slowed down, helping firm up spreads at the riskiest end of the capital structure.
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MeDirect, the former Mediterranean Bank, has hired Michael Curtis as chief investment officer, ahead of a planned push into the credit markets that will see the firm boost corporate lending and related activities. Curtis was most recently at ICG.
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More than $1tr of leveraged loans are now outstanding in the US market, according to the Loan Syndications and Trading Association. The market has doubled in size in just eight years, with lower rated loans swelling volumes as CLOs and retail funds chase yield in corporate credit.
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The pace of loan refinancing and repricing eased in the first quarter of 2018, according to a quarterly update from Fitch Ratings. Some investors expect this trend to continue as companies look to dodge rising rates by refinancing loans in the fixed rate bond market.
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Highly valued companies that are yet to make any money are enjoying a strong reception in the US high yield market. WeWork and Netflix were the latest to sell bonds this week, despite questions over WeWork’s accounting, which turned a $933m loss into $233m of earnings. David Bell reports.
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The trading ability of European and US CLO managers is being affected by the deterioration of a key collateral quality metric designed to protect debt investors, according to a report by Moody’s this week.
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BBVA secured a guarantee on Monday for a €2bn loan portfolio from the EIB Group, comprising the European Investment Bank and European Investment Fund. The aim is to encourage BBVA to boost lending to Spanish small and medium-sized enterprises.
