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
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Strong demand for CLO debt is pushing issuers to market new deals more quickly, but a barren leveraged loan market is keeping them at bay for now. -
Despite tough market conditions this year so far, there were some bright spots singled out at the leveraged finance panel at the Loan Market Association conference on Wednesday, with the growth of CLOs highlighted as a strong point for the market.
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Two US CLOs hit the market this week from managers Wellfleet Credit Partners and Symphony Asset Management as issuers gear up for the ABS East conference in Miami.
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Eagle-eyed issuers are taking advantage of a hungry US CLO investor base to issue reset deals in order to feed the demand for new paper and beat risk retention deadlines.
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Middle market CLO volume is down year on year compared to 2015, with sources saying that middle market managers are exploring alternatives to traditional CLO issuance.
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CLO managers are beginning to ramp up issuance activity ahead of an expected market escalation in September, with three issuers bringing new offerings this week.
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Nordea said that Barclays and JP Morgan, alongside its own investment banking arm Nordea Markets, worked on its landmark €8.4bn synthetic CDO, the bank’s first and the first from the Nordic region.
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CLO manager CIFC is eyeing a September return to the new issue market after sitting on the sidelines to date in 2016, following its acquisition by FAB Partners earlier this month.
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Chenavari Credit Partners has said that European CLO single-B tranches appear "especially attractive" in the primary market, with issuance spreads at an average of 75bp over secondary during July.
