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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The US CLO market is off to a slow start and managers are expecting more of the same through the first quarter of the year, as tightening in the leveraged loans market puts pressure on the economics of issuing new deals. -
With pressure on banks to tighten their belts and deleverage balance sheets, in 2017 synthetic securitization could become a much bigger part of the bank treasurer’s toolkit.
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Barclays, Lloyds, RBS and Santander UK all priced synthetic CLOs for risk transfer purposes just before the year-end, honing their capital positions for full year 2016 reporting. Most of the deals focused on large corporates, an asset class that fuelled much of last year’s boom in risk transfer trades, as banks seek ways to get ahead of increased Basel risk weights.
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Activity in the European ABS market is being driven by issuer appetite for CLO refinancing that has gathered momentum over the otherwise quiet festive period, while a debut European CLO from US issuer HPS Investment Partners could soon surface.
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Connecticut-based CLO manager Marble Point Credit Management has acquired American Capital CLO Management for an undisclosed sum, the latest in a spate of industry mergers.
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Bank of Ireland has structured a synthetic securitization to transfer the risk exposure on a pool of €2.9bn business banking and corporate loan assets to a small group of international investors.
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Leveraged loans are likely to be a prized commodity in 2017 as demand will continue to outstrip supply, leaving CLO managers scrounging around for whatever they can find to ramp up their portfolios. Sam Kerr reports.
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Symphony Asset Management is the first CLO manager to try and refinance a deal while adhering to guidelines laid out by the Securities and Exchange Commission last year, allowing it to avoid risk retention even if it closes after the December 24 implementation date.
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A pledge by Opec to reduce oil production is likely to be a tailwind for the US CLO market in 2017.
