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US CLO investors are questioning the staying power of the recent trend of CLO resets and refinancings, which have outstripped the pace of new issuance considerably in the past few weeks. -
Spreads on European triple-A CLO paper have hit a new post-crisis low, after KKR Credit Advisors and Tikehau Capital Europe closed deals at the end of last week.
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CLO refi and reset deals are cannibalising new market issuance, to the chagrin of some investors who want to see more true new issue paper.
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Loan funds are taking a growing share of new issuance in the leveraged loan market, putting the squeeze on CLO managers who are fighting for allocations to fuel new structures, according to a report from Fitch Ratings.
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US CLOs are grinding tighter as buyers reach for yield, but CLO investors say that the bonds are still cheap and provide solid relative value compared with other fixed income assets.
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Private equity firms have jumped on the recent rally in ABS spreads to dust off loan portfolios for public syndication. The structures are bespoke, and the deals are one-offs — a far cry from the market being just another funding tool for banks. But that's OK.
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US CLO triple-A paper is attracting strong demand from buyers across the globe. But there is disagreement among investors over the relative value of paper from first and second tier managers.
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Issuers priced three new European CLOs at the end of last week, as well as the repricing of Carlyle’s 2013-2 deal, as a swarm of new and returning investors pile into European structured credit.
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Axa Investment Managers has merged its alternative solutions and structured finance teams to form a single alternative credit offering as investors hunt harder than ever to find elusive yield.
