Latest news
Latest news
An interview with Propel and the BBB, a busy Q1 for ABS, more arb headaches for CLO managers
Resets for 2021 and 2024 deals are less attractive to managers due to wider liability pricing
Spreads for the triple-A rated notes were similar to the manager's previous deal
More articles
More articles
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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. -
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.
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HSBC hedged part of its lending to Carillion in a synthetic CLO, Metrix 2015-1, with the latter company’s liquidation announcement on Monday triggering a credit event in the portfolio.
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Spire Partners has hired a senior credit analyst from Tikehau.
