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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Prytania, a structured credit boutique, has formally split its corporate structure, separating its advisory and solutions business from investment management.
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The primary CLO market has sprung to life following the SFIG Vegas conference held last week, with new transactions set to finally overtake the refinancing market that has dominated the pipeline in 2017.
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Alcentra’s latest fundraising effort for its European direct lending strategy has closed, with recent commitments of €4.3bn taking the firm’s committed capital for the lending strategy to more than €5.7bn. -
Chenavari Investment Managers priced its third ever European CLO at its tightest levels last week, though triple-A spreads were a touch wider than other recently issued deals as sources say manager tiering is creeping into the European market.
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CLO equity investors at SFIG Vegas were in an upbeat mood in a panel discussion on Monday, but with rate rises and political risks looming they said this was no time to get comfortable.
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The first Republican attempts to scale back the Dodd-Frank Act following Donald Trump’s November presidential election victory are on the horizon, with The House Financial Services Committee gearing up to vote on a new bill as early as March.
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With policymakers discussing the possible extension of “simple, transparent and standardised” securitization to synthetic transactions, a push is underway to promote the quality and importance of the asset class.
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As US CLO managers explore ways to boost returns on new deals, longer reinvestment periods could be introduced to appease equity buyers, though debt investors may not accept the trend quietly.
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Investor demand for exposure to global loan and CLO products has prompted GSO/Blackstone’s listed Loan Financing Fund, which invests in US and European senior secured loans both directly and through CLO debt, to plan a new share issue.
