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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Spreads on triple-A paper from new issue US CLOs are expected to touch the 130bp over Libor area for a deal from Octagon Credit Investors later this month, though observers say the market could tighten further. -
The three month Libor rate topped 1% for the first time since 2009 this month, raising concerns among CLO and leveraged loan players, though most sources say they are confident that credit fundamentals are strong enough to withstand rate related shocks.
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Tight conditions in the European leveraged loan market are proving a boon for borrowers such as private equity houses, but CLO managers, which form a large proportion of the lending base to that market, are starting to feel the pain. CLO equity investors at the bottom of the chain will determine how far the screws can be turned, write David Bell and Max Bower.
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Spreads on new issue CLO senior bonds have rallied with the first deal of the year, but mezzanine spreads look likely to widen after a deluge of lower rated paper flooded the secondary market in the past week.
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Andrew Bellis, a former managing director at 3i Debt Management, has joined private markets investment firm Partners Group in London.
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US CLO trading volumes last week topped the average level seen in 2016, as low supply of new issuance drove investors to the secondary market.
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European CLO investors are targeting mezzanine and junior tranches of US and European deals, as wide spreads further down the capital stack lag the aggressive tightening seen in senior paper.
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Carlyle released price guidance for the refinancing of its Carlyle Global Market Strategies Euro CLO 2014-2 on Monday, as the primary CLO pipeline takes a back seat to a wave of refinancing deals.
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The pharmaceuticals industry is back under the microscope of US CLO players after comments on drug pricing from president-elect Donald Trump hinted at a tougher environment for drug makers under a Trump presidency.
