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
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US retailer Sears has landed a $100m private secured term loan, with a potential further $200m to be secured against the collateral, after the firm announced a fresh batch of store closures that Morningstar said could cause trouble for 16 CMBS loans. -
KKR’s latest global private credit fund will target asset classes seen as undervalued, including UK prime auto loans, Irish SME loans and US residential bridge loans, said portfolio manager Dan Pietrzak on Wednesday.
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KKR closed fundraising for a $2.24bn global private credit fund on Monday that will target private junior and mezzanine corporate debt as well as asset-backed financing, while on Tuesday Barings said it had closed a $1.85bn fund that will invest in private senior secured middle market loans.
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HSBC has hired managing directors in its US healthcare and consumer and retail coverage teams, as well as a new head for its US financial institutions group.
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Banks lined up to close capital relief securitizations at the end of last year, protecting portfolios of leveraged loans, commercial property and project finance.
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The former head of loans and CLOs at BlackRock has joined Alcentra, the alternative fixed income specialist for BNY Mellon Investment Management, as head of US loans and high yield.
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In a quiet start to the US CLO market in 2018, only reset and refinancing deals have emerged so far, but Wells Fargo is predicting a record year of issuance for the asset class. Some investors are pulling back, however, as loan market fundamentals show signs of deterioration.
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The Carlyle Group has raised over $800m for its Carlyle Structured Credit Fund, which will invest in the CLO debt of third-party managers in the US and Europe.
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Fitch Ratings’ 2018 leveraged finance outlook forecasted benign credit conditions for next year on Wednesday, but constricted supply and strong CLO demand is expected to lead to further erosions in documentation, analysts said.
