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
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The CLO market is likely to play less of a role in refinancing corporate debt than it has in the past, given lower new issuance, even as the demand for refinancing of speculative debt is set to soar in the next four years.
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NewStar Financial has priced the third CLO of the year, a $348m middle market deal backed by a portfolio of SME loans. -
The dearth of primary market CLO issuance so far in 2016 is being driven partly by a wave of activity in the secondary market, said investors this week.
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BlackRock has sold its debut European CLO, after starting marketing for the transaction late last year, but holding off launching it because of tough market conditions.
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More insurance companies may soon turn their attention to the CLO market, according to one of the world’s largest insurance company asset managers.
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Mezzanine spreads have widened in European CLOs by 100bp-200bp in a matter of weeks, with further volatility expected, but one investor said on Tuesday there was no need to panic.
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A struggling global economy and a sluggish US recovery has raised the spectre of negative US interest rates, giving CLO investors another item to add to a growing list of concerns in 2016.
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European CLO managers have expressed concern about the state of the European market, despite suggestions the market offers relative value compared to its US counterpart.
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Credit Suisse reported a loss of Sfr6.44bn for the fourth quarter of 2015, as the bank’s restructuring ramped up and it crammed exceptional items into last year’s numbers. Like Deutsche Bank in the third quarter, a chunky goodwill writedown was the main culprit. But the bank also suffered from its exposure to leveraged loans.
