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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Issuance of US CLOs reached record levels in the first quarter of the year, but the number of new deals paled in comparison to refinancing and resets of legacy transactions. -
CLO managers have been forced to endure a wave of term loan B repricings from energy sector obligors in the first quarter of the year, as demand for leveraged loans allows borrowers to refinance at more attractive levels.
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Boutique CLO shop Spire Partners is looking to refinance its first CLO, shortly after closing its third deal earlier in March.
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The primary US CLO market is moving in fits and starts in 2017, with managers again pumping the brakes in the last week. But according to JP Morgan research, over 200 legacy CLOs could still be refinanced, giving managers plenty to do in the coming months.
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Buyers of CLO mezzanine debt are pushing back against the rapid spread compression seen since since the start of the year, with activity over the past month showing a slowdown in the pace of tightening.
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Looming macro risks and political turmoil could weigh on loan prices, potentially easing the squeeze on CLO equity investors at the bottom of the capital structure, said analysts at Prytania Investment Advisors this week.
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Spire Partners set a new tight level for new issue European CLOs last Friday, as triple-A spreads continued to rally and spreads at the junior end of the capital stack also show signs of tightening.
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Leveraged debt investors are not quite ready to retreat from their position in Canadian drug maker Valeant Pharmaceuticals, despite long-term advocate Bill Ackman abandoning his holding in the company on Monday.
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GlobalCapital is pleased to announce the nominees for its annual European CLO awards, to be presented at IMN's 4th Annual Investors' Conference on European CLOs and Leveraged Loans on April 5.
