Latest news
Latest news
Spreads on CLO liabilities stay wide, making resets for deals from multiple vintages unattractive
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
More articles
More articles
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Very few CLO managers in the US have a coherent plan for how to deal with risk retention, but they are not going to let that stop them from printing deals, according to a new survey by Fitch Ratings. -
A crunch in US leveraged loan supply has not deterred Monroe Capital from bringing its first ever broadly-syndicated CLO, even as European regulators talk of closing a ‘loophole’ in risk retention.
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Chicago-based Monroe Capital expects its first ever broadly syndicated CLO to comply with risk retention in both Europe and the US, potentially helping it price tighter.
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Société Générale has bagged its first mandate to arrange a US-marketed CLO, as the French bank tries to assert itself in securitization stateside following a hiring spree.
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CIFC’s latest US CLO, priced by Barclays, is the latest in a string of deals to use a conciliatory make-whole structure to reduce refinance risk for senior investors.
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Ares Management and Deutsche Bank this week picked up GlobalCapital’s second US CLO of the Year award for Ares XXX, a short-duration CLO priced last May. The structure is a blueprint for meeting similar demand, they said.
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As risk retention looms, equity and triple-A US CLO investors at loggerheads over the value of refinancing options are forcing managers to make unwanted concessions.
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Improving lending conditions, an increase in loan supply and investor appetite are not enough to get the moribund market for small to medium enterprise CLOs off the ground, something European policymakers have held as a top goal in revving the continent’s economic recovery.
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Republican Congressman Andy Barr called for the support of the CLO market for new qualified CLO legislation, on Tuesday, to counter the “larger threat” of risk retention rules.
