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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Raiffeisen Bank International has securitized a €1.2bn portfolio of corporate and project finance loans from its Slovak subsidiary, Tatra banka, in what it believes is the first ever securitization of Slovak assets. -
At JP Morgan’s fixed income markets 2018 outlook conference in New York on Tuesday, investors were advised to move into more defensive positions, with macro factors expected to weigh on credit next year.
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Fitch Ratings has hired two experienced bankers to help expand its footprint in US leveraged finance.
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With three weeks in the year still to go, US securitization volume has reached a post-crisis high of $474bn, according to S&P Global Ratings.
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NatWest has taken advantage of robust market conditions and improved its capital position with a synthetic securitization of loans called Nightingale 2017-1.
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Investors pulled $6.8bn from US high yield mutual funds last week, but spreads ended last week unchanged and a busy line-up of issuers have crowded the primary deal pipeline.
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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.
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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.
