Latest news
Latest news
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal is one of the tightest prints this year and is the second European CLO solely arranged by Mizuho
Debut manager is launching a CLO platform building on leveraged loan market experience
More articles
More articles
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Spire Partners, which issued its debut CLO last year, announced a €360m deal on Thursday morning, amid a battle for managers against changing dynamics in the European CLO market. -
New details in the saga of Canadian healthcare giant Valeant Pharmeuticals have once again plunged the CLO market into a debate over credit quality.
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Historically wide CLO spreads, particularly in the triple-A tranches, are making managers reluctant to price new deals, depressing total issuance in 2016, according to sources speaking to GlobalCapital.
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The US CLO market extended a rally in primary issuance on the back of a solid end to April, with three deals crossing the finish line this week.
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Deutsche Bank priced a €558m CLO from Blackstone’s GSO Debt Funds Management on Wednesday — the biggest issued in the European market so far this year.
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The failure of a 2014 CLO to pass its overcollateralisation (OC) test last week has put the spotlight back on underlying credit quality in US CLOs, even as the market retraces much of the widening in spreads that has taken place in 2016.
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Spreads in the US CLO market have tightened in recent weeks, but market participants are questioning the strength of the rally because fundamentals have yet to see widespread improvement.
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CLO investors on Monday said that they were pleased with the decision by Valeant Pharmaceuticals to appoint Joseph Papa as CEO, adding to the good news in recent weeks as to the direction of the embattled Canadian drug company.
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Blackstone's GSO Debt Funds Management has scaled up its latest European CLO on the back of heavy demand from Japanese buyers, making it one of the biggest CLOs to be launched globally in the year to date.
