Latest news
Latest news
Fund is designed to invest in the equity in Bain’s CLOs, but can also invest in liabilities
Manager trims spreads on CLO’s investment grade tranches in partial refinancing
New hire spent spent more than a decade at Arnold & Porter
More articles
More articles
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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. -
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.
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European CLO issuers are off the regulatory hook following a reworking of the language defining simple, transparent and standardised (STS) securitizations.
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KKR Financial hit a tough market with its €516.8m Avoca XV CLO — the first European CLO to be priced since mid-August.
