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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Slow settlements and burdensome admin in the European leveraged loan market have been delivering risk-free profits to some loan arrangers — leaving loan funds and CLO managers fuming, and prompting a move from the Loan Market Association to work on a fix. But in a hot market, voluntary guidance may not be enough. -
The European Banking Authority’s plans to level the playing field for synthetic securitization could raise the cost of such deals for banks supervised by the European Central Bank’s Single Supervisory Mechanism (SSM), slowing down a market which has boomed in the last two years, and forcing banks to look elsewhere for capital relief.
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Dagmar Kent Kershaw, a veteran leveraged finance investor, has joined the advisory council at Strategic Value Partners
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A pair of CLOs that were priced in the last week have hit 101bp over Libor for the senior class, a post-crisis record for a market that observers say still has room to run.
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CVC Credit Partners has appointed Gretchen Bergstresser to a new role as global head of performing credit, while Jonathan Bowers is to step back from the European business to pursue other opportunities.
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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.
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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.
