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Deals from the second half of 2024 may not be in the money for resets with triple-A pricing remaining sticky
Portfolio mixes financing originated by Barings and public infrastructure debt
European CLOs have fewer negative cash balances as managers avoid weaker credits
More articles
More articles
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Yield-chasing investors are piling into US direct lending, and the move is taking its toll on credit underwriting. Cov-lite terms and more aggressive leverage are seeping into the traditionally conservative middle market space, even as the spreads on offer track tighter to the larger broadly syndicated market. -
The US high yield market suffered a volatile week, with pulled deals, wider spreads and billions of dollars of retail investor outflows, but a string of determined issuers and hardy investors keen to pick up bargains meant the sell-off did not result in a full blown market rout, as many had earlier feared.
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European ABS issuers have rushed the primary pipeline this week, bringing as many as seven deals to market as the push to year end begins.
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The European CLO market is showing no sign of cooling down going into year end, with investor demand stronger than ever and heightened Japanese interest driving spreads tighter.
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Investor thirst for yield has pushed the price of the riskiest pieces of CLO debt well above par, but market participants say that many investors are underestimating call risk as they hunt for value.
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Last week was the second busiest week of issuance in the global CLO market in the post-crisis era, but refinance and reset activity is set to dominate the sector for the remainder of the year, a move which is likely to facilitate further price tightening in the leveraged loan market.
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Changes put forward under Republican tax plans could dent the attractiveness of high yield debt and leveraged loans, according to analysts, but a cut to the corporate tax rate and a potential holiday for repatriated cash would be positives for US corporates.
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PGIM has priced its latest CLO, increasing the deal size to meet demand and pricing the offering at tight spreads.
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Spreads keep tracking tighter in senior triple-A CLO paper, narrowing investor returns in a busy market and driving talk of leveraging bonds throughout the debt capital structure.
