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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Spreads on new issue CLO senior bonds have rallied with the first deal of the year, but mezzanine spreads look likely to widen after a deluge of lower rated paper flooded the secondary market in the past week. -
Andrew Bellis, a former managing director at 3i Debt Management, has joined private markets investment firm Partners Group in London.
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US CLO trading volumes last week topped the average level seen in 2016, as low supply of new issuance drove investors to the secondary market.
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European CLO investors are targeting mezzanine and junior tranches of US and European deals, as wide spreads further down the capital stack lag the aggressive tightening seen in senior paper.
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Carlyle released price guidance for the refinancing of its Carlyle Global Market Strategies Euro CLO 2014-2 on Monday, as the primary CLO pipeline takes a back seat to a wave of refinancing deals.
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The pharmaceuticals industry is back under the microscope of US CLO players after comments on drug pricing from president-elect Donald Trump hinted at a tougher environment for drug makers under a Trump presidency.
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The US CLO market is off to a slow start and managers are expecting more of the same through the first quarter of the year, as tightening in the leveraged loans market puts pressure on the economics of issuing new deals.
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With pressure on banks to tighten their belts and deleverage balance sheets, in 2017 synthetic securitization could become a much bigger part of the bank treasurer’s toolkit.
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Barclays, Lloyds, RBS and Santander UK all priced synthetic CLOs for risk transfer purposes just before the year-end, honing their capital positions for full year 2016 reporting. Most of the deals focused on large corporates, an asset class that fuelled much of last year’s boom in risk transfer trades, as banks seek ways to get ahead of increased Basel risk weights.
