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
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A change in Standard & Poor’s loan ratings methodology could benefit CLO managers by moving some of the assets in their CLO portfolios further away from recovery rating covenants, according to Wells Fargo analysts. -
KKR's Avoca Capital has built on a very minor recent tightening in primary euro CLO spreads this week by pricing the senior notes of its second European deal of the year at 134bp over Euribor, in line with Intermediate Capital Managers’ St Paul’s CLO V transaction last week.
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Even after large CLO buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.
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Even after large CLO-buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.
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CIFC, which priced its most recent CLO just last month, has hired Morgan Stanley as arranger for its next deal, which is currently being marketed.
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CIFC Asset Management and Black Diamond Capital Management are soon to hit the US market with new CLO deals, with new issuance showing no sign of abating after the most active quarter since the inception of the market, according to data from Fitch Ratings.
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Avoca Capital is looking to break through a recent 135bp over Euribor lower limit for senior European CLO notes its second euro denominated deal of the year, which some bankers see as the start of a predicted primary market tightening for the asset class.
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Chenavari opened books on its euro denominated and Volcker compliant Toro CLO this week, while two rivals may follow soon with their own euro deals after a quiet month so far for the asset class in Europe.
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Chenavari has opened books on its euro denominated and Volcker compliant Toro CLO, while two rivals may follow closely with their own euro deals after a quiet month so far for the asset class in Europe.
