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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Healthcare of Ontario Pension Plan has invested $300m in a new partnership with US CLO manager CIFC, which will finance the risk retention requirements for a potential $7.5bn of future CLOs. -
Asset management firm Post Advisory Group said on Tuesday that it will build a US CLO management business, to be led by the former head of Alcentra’s US loan business, as deal volumes race past last year’s figures.
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A fifth straight week of outflows from leveraged loan funds and a slowdown in CLO refinancing activity could further boost the new issue CLO market, which enjoyed its second busiest month of the year so far in August.
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European CLO new issuance this year has already broken 2.0 era records and a strong supply of leveraged loans and managers wanting to issue will lead to even more supply over the autumn.
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Returns on US CLO debt have handily beaten those of high yield corporate debt over the past year, say JP Morgan analysts, though the rally may be running out of steam in the latter part of 2017.
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New issuance of euro CLOs could hit €18bn by the end of the year, according to Bank of America Merrill Lynch, and more new issuers from across the Atlantic are looking to issue European deals.
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Credit quality in new issue CLOs is sliding, according to Moody’s Investors Service, as managers continue to churn out deals despite difficulties sourcing loan collateral.
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Tikehau Capital Management is preparing to hit the post-August pipeline with a new CLO, its third European offering.
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Credit Suisse has hired a BNP Paribas CLO structurer for its London-based European origination team.
