Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
More articles
More articles
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Metro-Goldwyn-Mayer (MGM), which controls the distribution of movies and TV content such as the James Bond franchise and The Handmaid’s Tale, is in the market with a new $2.5bn refinancing package this week, as traditional US media companies ramp up their borrowing to fund new content to compete with new competitors such as Netflix. -
Just one issuer had tapped US high yield investors by Thursday this week, following the quietest May since 2010 and with leveraged loans now outweighing high yield bonds for the first time since 2008.
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The US primary CLO market buzzed with activity last week, as five new deals were priced and investors eye a wave of reset transactions in the second half of the year.
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US alternative investment manager Highland Capital Management has launched a new Irish-domiciled global CLO debt fund to tap into European investor demand for floating rate corporate debt in an easily investable format.
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PIMCO is understood to be setting up a new fund aimed at buying CLO equity tranches, with portfolio managers recently flagging the opportunity created in the space by the rollback of risk retention rules.
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Natixis has appointed Chris Gilbert as head of US CLO banking and David Williams as head of US global structured credit solutions capital markets, following the departure of two CLO bankers last month.
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The rush of US CLO managers looking to extend existing deals on the back of risk retention rules being vacated might take some of the steam out of the new issue CLO market in the second half of the year, say some market players.
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A panel of CLO experts speaking on day two of Global ABS agreed that the market in Europe is operating a near peak efficiency, and that the market is “nowhere near” a turn in the credit cycle for at least the remainder of this year.
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US pet retailer PetSmart has moved a portion of online subsidiary Chewy out of the reach of the company's senior bondholders, but that has not weighed on the notes in the secondary market.
