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
More articles
More articles
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Japan's Norinchukin Bank is understood to have invested in US middle market CLOs for the first time, the latest chapter in the evolution of the bank’s CLO investing strategy, writes David Bell. It accompanies a growing surge of liquidity in middle market lending in what could be a breakout year for the sector. -
Risk retention sponsors are hiring third party firms to help accurately value their horizontal strips of US CLO equity, although the growth of bank financing is also encouraging more managers to adopt the vertical approach to the regulation.
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A flood of European CLO paper washed through the primary pipeline in the past week, with issuers across asset classes flipping the switch following a lull in the wider euro ABS market.
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A flood of capital into the US middle market is fuelling a rise in CLO issuance, with the product also set to expand into Europe for the first time.
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The European ABS market shifted to high gear this week, as market participants prepare to head off to Barcelona for Global ABS on June 6.
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The European Central Bank published its final guidelines on leveraged lending on Tuesday, clarifying issues that arose during the consultation period beginning in September. The guidelines are set to be implemented later this year.
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Carlyle is attempting to get an amendment on a 2015 CLO, Carlyle Global Market Strategies Euro 2015-3, to raise the covenant-lite limits in the deal to 90% from 80%.
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HPS Investment Partners has priced its first-ever European CLO, the first new issue deal to be priced in May and the 13th of 2017.
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Technical factors have driven US CLO spreads to record tight levels, and analysts have said there could be further room for the rally to run — though concerns around a falling oil price and reflation rate mean mezzanine tranches may have more limited potential for further tightening.
