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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Alcentra may be next to tackle the primary European CLO market after releasing the structure of its third euro denominated deal of the year, but the manager will be facing tougher conditions than it did for its two previous efforts following a material and sustained widening in issuance spreads on junior tranches. -
Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after moving to Moody’s. What a coincidence…
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Chenavari Investment Managers’ downsized European CLO 2.0 debut was the latest in a clutch of ABS transactions that have had a hard time placing riskier paper in recent weeks, as a broad sell-off across markets has hit the primary market for securitizations in Europe.
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Fair Oaks Income Fund, the first CLO fund to float on the London Stock Exchange since the financial crisis, has said developments in the European market have opened the door to it becoming an originator.
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Hedge fund giant Och-Ziff Capital Management Group priced the eighth CLO off its Och-Ziff Loan Management platform on Thursday, helping push new US CLO issuance this year to date to around $67.5bn, according to GlobalCapital data.
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Chenavari Investment Managers will look to price its debut European CLO 2.0 on Friday, defying weaker trading in a more illiquid summer market that has sent junior euro CLO tranches materially wider.
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Recent tweaks to Standard & Poor’s loan recovery rating methodology could give CLO managers an incentive to choose the ratings agency over market leader Moody’s, which seized market share after a backlash last year over S&P’s treatment of covenant-lite collateral, say market participants.
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Chenavari Investment Managers will look to price its debut European CLO 2.0 on Friday, defying weaker trading in a more illiquid summer market that has sent junior euro CLO tranches materially wider.
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Cantor Fitzgerald is looking to acquire residential mortgage origination firms as it moves to “aggressively” expand its capabilities in that market, its CEO, Shawn Matthews, told GlobalCapital. The firm is also looking to move into the CLO market.
