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
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The Carlyle Group, CQS Investment Management, Bain Capital and Spire Partners were in the market with CLOs this week, sprinting to get deals out the door ahead of the Easter break. -
Risk retention financing and warehouse first loss pieces are becoming increasingly attractive trades for European CLO equity buyers as they face growing competition from US buyers and junior debt investors creeping down the capital stack.
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On Wednesday, April 5, GlobalCapital presented its annual European CLO awards at the IMN Investors' Conference on European CLOs and Leveraged Loans in London.
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New Jersey based asset manager Onex Credit Partners has closed its first European CLO, while fellow US manager HPS has also launched a first deal in the European market.
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Speakers at the IMN Investors’ Conference on European CLOs and Leveraged Loans, held in London on Wednesday, said that “covenant lite” loans in CLOs are not yet a problem for the market, but warned the audience that recovery rates have yet to be truly tested.
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The global CLO investor base is becoming increasingly fluid, with US, European and Japanese investors moving between markets based on relative value and credit quality with greater ease, attendees at the IMN Investors’ Conference on European CLOs and Leveraged Loans heard on Wednesday.
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Issuance of US CLOs reached record levels in the first quarter of the year, but the number of new deals paled in comparison to refinancing and resets of legacy transactions.
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CLO managers have been forced to endure a wave of term loan B repricings from energy sector obligors in the first quarter of the year, as demand for leveraged loans allows borrowers to refinance at more attractive levels.
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Boutique CLO shop Spire Partners is looking to refinance its first CLO, shortly after closing its third deal earlier in March.
