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
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The first in a wave US CLOs that have been marketing for several weeks priced on Thursday, with BlueMountain selling its first CLO of the year.
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Blackstone’s GSO Debt Funds Management is out with its latest European CLO, with the lead arranger putting guidance on the senior notes at the same level as that of CSAM’s latest deal, 5bp wider than levels seen in the new issue market only weeks ago.
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The €14bn European Union-backed fund designed to support Europe’s small and medium sized enterprises has taken a €2bn chunk of German SME and mid-cap exposures off of Commerzbank’s future balance sheet via a synthetic securitization. -
The senior triple-A rated class ‘A’ tranche of Credit Suisse Asset Management’s (CSAM) Cadogan Square CLO VII printed wider than a recently issued CLO from Carlyle, even though CSAM is considered the stronger of the two names.
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US CLO issuers, still dealing with a dearth of triple-A buyers, are having to adjust to further shifts in market dynamics that are causing primary issuance to come in waves in 2016.
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GlobalCapital held its annual European CLO awards on April 4 in London, presenting this year’s winners at the IMN Investors’ Conference on European CLOs and Leveraged Loans.
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Upbeat headlines and a subsequent jump in the stock price of Valeant Pharmaceuticals has lifted the mood of US CLO investors, who had believed that troubles at the Canadian drug company would drive defaults in exposed CLOs.
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The wide range in pricing of new issue CLO paper is being driven by differing views of the market between US and Japanese buyers, according to market participants.
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Next year’s deadline for Volcker Rule compliance for securities issued before 2013 is likely to further exacerbate the liquidity crunch in the CLO market, sources told GlobalCapital.
