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The CLO market is bracing itself for a long awaited downturn in US credit, amid talk that the current economic cycle is coming to an end. -
Issuers are cramming the US CLO pipeline with new deals, rushing to close transactions before the US presidential election on November 8 and racing to to the finish line for risk retention implementation on December 24.
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US CLO debt is drawing heightened interest from investors in other corners of the fixed income market, as the bonds remain cheap to other assets and offer attractive spreads for buyers looking for a pickup in yield.
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CLO spreads offer excess returns compared to the underlying assets and other credit markets because of the “perceived” rather than actual complexity and illiquidity of the market, heard LevInvest attendees in Barcelona on Wednesday.
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The European Central Bank has announced that it plans to start consultations on introducing official guidelines for the leveraged loan market, similar to those implemented in the US in 2013.
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Liquidity in the CLO market has improved “materially” in the second half of this year, but in the wake of enormous volatility in the first quarter that put the sector in a deep freeze, the trading landscape has been altered.
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The senior tranches of new issue CLOs are becoming an exclusive club consisting of US bank treasury departments, according to sources speaking with GlobalCapital.
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Manager flexibility and a strong buyer base has helped drive the European CLO market forward since the UK Brexit vote, but increasing diversification is a key challenge for managers to overcome, conference goers in Barcelona heard on Tuesday.
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PGIM has reopened the European CLO market with its second deal of the year, as managers contend with a difficult leveraged loan market that is hampering primary activity.
