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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Nomura is mulling the launch of a fully fledged European CLO business, complementing its existing EMEA leveraged loan franchise and a track record of deals executed in the US. The bank already has some warehouse lines outstanding, but is looking to build up its operations. -
Post Advisory Group, which set up a new CLO business in September last year, closed a debut deal on Tuesday as spreads leak wider in the primary market on the back of heavy supply.
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The US high yield market has snapped back after softening in February and March, with recent deals issued at steep discounts bouncing back in the secondary market as retail funds flocking back to the sector chase scarce paper.
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A recent spike in three month Libor has prompted US loan borrowers to switch to the cheaper one month Libor rate, causing a mismatch between CLO assets and liabilities that is putting a new strain on the arbitrage in the structures.
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The bullish sentiment around the European CLO market was on full display this week at the IMN Investors’ Conference on European CLOs and Leveraged Loans in London, with expectations of higher issuance, more investors and US managers seeking more opportunities to issue on the continent.
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Life insurance providers maintained their holdings of securitized products at a steady level last year, but many have rejigged portfolios to target higher yielding, riskier asset classes, a report from Wells Fargo said on Wednesday.
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PGIM Fixed Income announced on Thursday that its co-head of US CLOs would become the firm’s new head of US bank loan portfolio management, upon the retirement of Joe Lemanowicz later this year.
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US fund manager Alexandria Capital is preparing to launch a fund that will invest in alternative assets including CLO equity on behalf of its private wealth and family office clients.
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European CLO spreads have widened following a five week tightening rally, leading to some backtracking of bullish sentiment from triple-A investors at the start of the second quarter, according to a JP Morgan investor survey.
