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New hire spent spent morte than a decade at Arnold & Porter
Deal priced 1bp wide of Oaktree's previous new issue transaction
Deal priced tighter than expected due to temporary US-Iran ceasefire
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The CLO market's best hope of easing risk retention rules is likely to come during a lame duck session of Congress, given the highly politicised atmosphere leading up to the US Presidential and Congressional elections in November.
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A rush of both reset and new issue CLO deals is heating up competition in the new issue market, as managers look to sell to a limited number of investors. -
The US House Financial Services Committee, has moved to pass the Financial CHOICE bill, a wide ranging reform of the Dodd-Frank Act which would essentially exempt non-RMBS securitized assets from risk retention.
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Two leading figures in US central banking gave speeches on Monday which once again left those looking for an indication on the future of US interest rates disappointed.
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Chinese investors are beginning to invest in US CLOs, according to sources speaking to GlobalCapital, as issuers continue to rely on global interest in the product.
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Strong demand for CLO debt is pushing issuers to market new deals more quickly, but a barren leveraged loan market is keeping them at bay for now.
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Despite tough market conditions this year so far, there were some bright spots singled out at the leveraged finance panel at the Loan Market Association conference on Wednesday, with the growth of CLOs highlighted as a strong point for the market.
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Two US CLOs hit the market this week from managers Wellfleet Credit Partners and Symphony Asset Management as issuers gear up for the ABS East conference in Miami.
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Eagle-eyed issuers are taking advantage of a hungry US CLO investor base to issue reset deals in order to feed the demand for new paper and beat risk retention deadlines.
