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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A senior CLO structurer at Deutsche Bank in London has left the firm to join Jefferies, GlobalCapital has learned.
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A recent accounting change in the US could allow third-party capital to take an even larger risk retention piece of new CLOs, just as European regulators look to clamp down on originator structures. -
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The news that Lynn Tilton, founder and CEO of Patriarch partners, was charged with fraud by the US Securities and Exchange Commission on Monday has provided the market with plenty of tabloid-friendly fodder.
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As liability spreads grind tighter in the US CLO market, smaller arrangers looking to gain ground in the space could benefit from more refinancings, market participants say.
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Patriarch Partners founder and CEO, Lynn Tilton, who earlier this week was charged with fraud relating to CLOs, has fired back with a countersuit against the SEC.
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Supply of new issue CLOs was steady this week but is still threatened by low loan supply and tightening loan spreads. Refinancings offer arrangers some hope, though.
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While the recent SOTUS exemption on non-Volcker-compliant CLOs is driving liquidity in legacy CLOs as a triple-A alternative with high carry, some investors are looking at even older paper.
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Despite a glut of new CLO issues this week, a slowdown in US leveraged loan supply has led to a drop in the creation of new asset warehouses this year, according to market participants.
