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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US private debt manager CIFC Asset Management has hired John DiRocco as chief operating officer, as the firm plans to expand its investment product offerings in the US and overseas. -
One of the biggest challenges for CLO managers is easing up as the volume of new leveraged loans starts to increase, putting the brakes on a long rally in loan prices and sparking a flurry of deals.
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European CLO managers are paying no heed to the typical summer slowdown, churning out new offerings as well as CLO resets to kick off the month of August.
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A slew of new issue CLOs were priced on Monday and Tuesday this week, with broadly syndicated, middle market and commercial real estate deals all vying for investor attention.
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A flood of investor cash into US middle market lending is pushing more aggressive underwriting, as lenders compete for investment opportunities and debt investors chase yield in CLO structures.
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CLO manager Neuberger Berman said on Thursday that it had closed its CLO risk retention vehicle with around $450m of committed capital to invest in risk retention financing.
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PGIM and Octagon were active in the US CLO market on Monday and Tuesday this week, as new CLO formation is said to be building momentum despite the difficulty of attracting equity investors given the squeeze on returns at the bottom of the structure.
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Bank of Montreal is set to launch a synthetic ABS deal this week, shifting the risk on a $1.5bn portfolio of US and Canadian large corporate loans, with several European banks also understood to be working on risk transfer deals over the summer.
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CLO market sources say direct lending to European SMEs is growing quickly, with some lenders now approaching investors to gauge their interest in investing in private SME CLOs.
