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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CIFC made headlines last week when it announced that it had engaged JP Morgan to explore “a range of strategic alternatives” to its business model, but rumours of a definitive sale or merger with another manager are premature. -
The US CLO market is looking to Japan and other Asian markets in order to find triple-A buyers as the pool of investors interested in the debt continues to shrink.
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CLO managers and investors may want to look beyond the struggling commodities sector for signs of default risk, as idiosyncratic and one-off defaults in industries such as healthcare and retail will also pressure the CLO market in 2016.
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Mezzanine CLO spreads have widened in the secondary trading as credit markets remain under pressure from the widespread volatility that has characterized the year so far.
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The first US CLO deals of 2016 were priced on Monday, after being held up last week by investor concerns over widespread volatility that wreaked havoc across financial markets.
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The weakening credit quality of exploration and production and oilfield services companies is threatening to take its toll on the US CLO market.
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The median default holdings among US CLO 1.0 defaults grew by 19bp from September to October 2015 to 1.75%, according to CLO research from Moody's Investors Service.
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Volatility has slowed the pricing of the first US CLO deals of the year as debt investors seek wider spreads amid deepening uncertainty in the broader markets.
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The US CLO market will likely see issuance fall this year, despite a flurry of deals in the last quarter of 2015, as concerns over risk retention continue to keep the market awake at night.
