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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Sentiment among US CLO investors is nearing a fever pitch, as buyers pile into new offerings despite debt spreads plunging to their tightest levels in recent memory. -
CLO equity is the “belle of the European credit ball” because of the level of returns investors enjoyed in 2016, said JP Morgan analysts on Monday. But with large risk retention vehicles muscling in and loan repricing taking its toll, the landscape is set to get rougher.
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Canadian drug maker Valeant Pharmaceuticals is hoping to complete a large debt refinancing which will extend maturities and loosen covenants, though leveraged loan investors are still likely to lap up the new debt, sources said.
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Prytania, a structured credit boutique, has formally split its corporate structure, separating its advisory and solutions business from investment management.
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The primary CLO market has sprung to life following the SFIG Vegas conference held last week, with new transactions set to finally overtake the refinancing market that has dominated the pipeline in 2017.
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Alcentra’s latest fundraising effort for its European direct lending strategy has closed, with recent commitments of €4.3bn taking the firm’s committed capital for the lending strategy to more than €5.7bn.
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Chenavari Investment Managers priced its third ever European CLO at its tightest levels last week, though triple-A spreads were a touch wider than other recently issued deals as sources say manager tiering is creeping into the European market.
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CLO equity investors at SFIG Vegas were in an upbeat mood in a panel discussion on Monday, but with rate rises and political risks looming they said this was no time to get comfortable.
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The first Republican attempts to scale back the Dodd-Frank Act following Donald Trump’s November presidential election victory are on the horizon, with The House Financial Services Committee gearing up to vote on a new bill as early as March.
