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 European Investment Fund has completed a programme of synthetic securitizations in Italy, offering capital relief to five of the country’s lenders in return for cheaper lending in southern Italy. -
Looser documentation is emerging in the hot US CLO market, with debt investors in some instances now allowing managers to include terms that permit trading gains to be funnelled straight through to the pockets of equity investors, which is sometimes the CLO manager themselves.
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A burst of new CLOs has emerged in the primary market, with six new deals being marketed this week. Managers have been rushing to close refinancing and reset deals in the first weeks of the year, as JP Morgan analysts warn of a resurgence of loan repricing activity ahead.
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US credit manager CIFC has hired Citi’s former global head of CLO trading as a senior portfolio manager in structured products.
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US retailer Sears announced its intention on Tuesday to swap unsecured and senior secured debt into new payment-in-kind notes that could be converted into common stock. Seeing this as a distressed debt exchange, Fitch Ratings quickly downgraded the retailer to C.
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Moody’s Investors Service said on Thursday that quality of covenants in the US leveraged loan market have dropped to their weakest ever level.
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The CLO curve has flattened as a result of the success of the refinancing market, and investors may be becoming complacent on the duration risk in longer dated bonds, said a CLO portfolio manager on Thursday.
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Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.
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On Wednesday, Cineworld launched a $4bn term loan and £1.7bn rights issue to back its acquisition of Regal, the second biggest cinema operator in the US.
