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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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. -
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.
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One of the US CLO market’s biggest investors is leading a stampede of hefty international buyers to the European market for the first time for years. It could spark a rejuvenation of a market that has struggled for years, write David Bell and Graham Bippart.
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CLO equity investors have been getting squeezed in recent weeks, as managers look to retain more of their own equity in order to comply with risk retention rules and to speed up pricing.
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The second quarter has seen CLO arrangers pushing through a burst of new issuance on the back of improving sentiment in the market, but a shortage of assets might prove a limiting factor for the market.
