Latest news
Latest news
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal is one of the tightest prints this year and is the second European CLO solely arranged by Mizuho
Debut manager is launching a CLO platform building on leveraged loan market experience
More articles
More articles
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Palmer Square Capital Management is looking to 2016 to expand its reach into CMBS, as widening spreads over the past six months make the space more attractive compared to other securitized products.
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Research from Moody’s Investors Service published on Thursday states that defaults in European CLO collateral are ‘non-existent’, and the share of publicly rated collateral in CLO portfolios is increasing, strengthening the credit quality of the asset class overall. -
Insurance company asset manager Conning said that it would acquire Octagon Credit Investors last week, a move that will potentially give the CLO manager a leg up as risk retention approaches.
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Two CLOs have hit the market in the last week, with Oak Hill’s €415.8m deal on Tuesday following last Friday’s €412.8m CLO from Alcentra. Pricing in the top tranches is sticky, but mezzanine spreads are widening. Analysts say build-up in the pipeline is giving investors the upper hand when it comes to pricing.
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Sticky triple-A spreads and widening mezzanine spreads are not keeping Oak Hill from tapping the European CLO market, as it prepares to sell its fourth deal from the Oak Hill European Credit Partners shelf, and its second European CLO since 2007.
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JP Morgan priced a €412.8m CLO for Alcentra on Friday. While the top tranche was in line with recent deals, spreads in the mezzanine tranches have widened, comparatively. Analysts say spread widening in comparable asset classes and a heavy pipeline have created a buyers’ market in the sector.
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The former head of bespoke correlation trading at a European bank has resurfaced at Orchard Asset Management in London.
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ABS investors have little to worry about from the impact of long-term oil prices flattening out at just above $40 a barrel, said JP Morgan this week.
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"Too much, too fast," said the Loan Market Association (LMA) regarding the barrage of regulation facing the loan market, in its latest guide to regulation.
