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
More articles
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As the US CLO and CMBS markets debate the viability of horizontal versus vertical risk retention, the market is quietly discussing a third solution to this year’s favourite fixed-income conundrum. -
US CLO investors are questioning the staying power of the recent trend of CLO resets and refinancings, which have outstripped the pace of new issuance considerably in the past few weeks.
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Spreads on European triple-A CLO paper have hit a new post-crisis low, after KKR Credit Advisors and Tikehau Capital Europe closed deals at the end of last week.
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CLO refi and reset deals are cannibalising new market issuance, to the chagrin of some investors who want to see more true new issue paper.
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Loan funds are taking a growing share of new issuance in the leveraged loan market, putting the squeeze on CLO managers who are fighting for allocations to fuel new structures, according to a report from Fitch Ratings.
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US CLOs are grinding tighter as buyers reach for yield, but CLO investors say that the bonds are still cheap and provide solid relative value compared with other fixed income assets.
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Private equity firms have jumped on the recent rally in ABS spreads to dust off loan portfolios for public syndication. The structures are bespoke, and the deals are one-offs — a far cry from the market being just another funding tool for banks. But that's OK.
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US CLO triple-A paper is attracting strong demand from buyers across the globe. But there is disagreement among investors over the relative value of paper from first and second tier managers.
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Issuers priced three new European CLOs at the end of last week, as well as the repricing of Carlyle’s 2013-2 deal, as a swarm of new and returning investors pile into European structured credit.
