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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Barclays has hired a new head of CLO origination and syndication from Citi, as well as hiring two bankers from Natixis to set up a new middle market CLO platform. -
A handful of new US CLOs are expected to be priced this week, including deals from HPS, Voya and Octagon, as traders say that investors are looking to take advantage of tightening spreads in junior CLO debt.
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New terms are emerging in US leveraged finance documentation, as investors try to push back against the loosening of investor protections, but critics claim such provisions are too narrow and too ineffectual to stem the tide of a seller’s market.
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Speakers at a loan industry conference in New York on Wednesday highlighted the continued erosion in the quality of investor protections in leveraged loans, a trend that many expect will make recovery rates worse when the credit cycle turns.
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Credit and real estate investment firm Angelo, Gordon has hired a European leveraged finance portfolio manager from PGIM, as the firm joins a growing list of US debt managers setting up European CLO businesses.
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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.
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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.
