Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
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Bain Capital and Cinven's €5.3bn buyout of German pharmaceuticals maker Stada went through this week, the firm announced on Friday, after a tense build up to Wednesday's midnight deadline, with the 63% shareholder acceptance threshold only just being reached. -
Fresh supply of European leveraged loans has led to softening prices, creating opportunities for CLO managers to form new deals and bringing new investors, including Japanese buyers, into the market.
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The number of highly leveraged retailers including clauses in loans that allow them to strip out valuable collateral into separate subsidiaries, out of reach of secured lenders, has reached “extreme” levels, according to loan market sources.
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The New York office of Allen & Overy has hired a CLO-focused partner as well as four associates from Ashurst, building on recent hires in the high yield and leveraged finance practices.
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Moody’s said on Tuesday that the struggling US retail sector would have only a limited impact on structured finance asset classes, with only narrow areas of the market likely to face distress.
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The prospect of nuclear conflict between the US and North Korea led to increased trading of CLO mezzanine debt in the secondary market, but the market recovered quickly this week as fears receded.
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A wave of new US CLOs have been priced in the last week, with a slew of managers, some of whom have been long absent from the primary market, taking advantage of easy risk retention financing and heavy demand from debt investors to push deals through the pipeline.
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A new CLO backed by commercial real estate loans has been priced this week, with spreads grinding tighter as investors snap up floating rate real estate debt.
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The CLO sector has quieted down with the rest of the securitization market in August, with a refinancing of a 2015 deal from Carlyle Group among the only offerings on the horizon for the month.
