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Manager trims spreads on CLO’s investment grade tranches in partial refinancing
New hire spent spent more than a decade at Arnold & Porter
Deal priced 1bp wide of Oaktree's previous new issue transaction
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A summer rally in the European CLO market is driving asset managers from both sides of the Atlantic to start laying the groundwork for pitching debut deals to investors on the continent. -
Two debut CLO managers, and a repeat US issuer are lining up new European deals, underscoring the attractiveness of the market. With spreads at record tights still offering investors scarce yield, European CLOs are set to enter the last leg of 2016 on a high.
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The US CLO market has been on a tear this summer, with sources saying that the untangling of the Gordian knot of risk retention is giving the sector a boost and driving spreads to the tightest levels of 2016.
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US credit investment manager HPS Investment Partners, formerly Highbridge Principal Strategies, is looking to issue its first ever European CLO, according to sources speaking to GlobalCapital.
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Spread tightening is creeping down the capital stack in European CLOs, improving the arbitrage for CLO managers while still offering investors yield that is increasingly scarce in other credit markets.
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Cerberus Capital Management priced its first middle market CLO of the year last week, and the sixth middle market deal of 2016, in what is proving to be a tricky year for middle market managers compared to their peers in the broadly syndicated loan (BSL) sector.
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More banks than ever are turning to balance sheet CDOs to hedge their loan books, with a boost from Basel plans to increase risk weights for ordinary assets. Institutions such as Crédit Agricole, Credit Suisse and Deutsche Bank have ramped up their issuance programmes, while others are entering the market for the first time, as with Nordea.
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CLO managers in August are taking advantage of favourable market conditions to price deals at tight spreads after a slow start to August left yield starved investors scrounging for paper.
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Crédit Agricole could expand its synthetic securitization programme to cover more asset classes, after closing a deal to achieve balance sheet relief on a €1bn portfolio of European corporate loans.
