Latest news
Latest news
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
More articles
More articles
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Cairn landed a €362m CLO last Thursday, as debut issuer Accunia lines up its first deal. -
Hopes for a more favourable regulatory framework for the European ABS market suffered a setback on Monday as MEP Paul Tang put forward proposals to ratchet up the risk retention requirement for all securitizations to 20%.
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Heavy demand at the top end of the CLO capital structure has driven pricing below 130bp for the first time since October 2014, but pricing further down the stack remains more stubborn.
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Triple-A spreads on US CLOs are back out near the widest levels seen in 2016 after a brief rally in the sector, with senior tranches from 'second tier' managers being forced into the 170bp range.
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Scandinavian asset management firm Accunia is prepping a debut European CLO, which is being arranged by Deutsche Bank.
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The European and US CLO markets are aligning into what is set to become a global arena. But the crushing cost of finding loans is stunting deal sizes in both markets. David Bell and Sam Kerr report.
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Octagon Credit Investors has priced its second deal of the year, as large US CLO managers begin to show more willingness to hit the primary market in the second quarter.
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Demand for US CLOs has picked up significantly in recent weeks, but the recent run-up in the price of leveraged loans has resulted in unfavourable arbitrage conditions and is preventing managers from putting out larger deals.
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European triple-A CLO spreads are expected to tighten on the back of strong demand and limited supply, but sourcing assets remains a bottleneck for CLO managers’ ability to ramp deals.
