Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
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Bank of America Merrill Lynch has appointed two new co-heads for its global structured products and credit financing team in New York, which includes its CLO business. -
Finnish bathroom tiles maker Sanitec has prepaid and cancelled a €275m loan as part of its acquisition by rival Geberit.
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The confidence gleaned from a record year of US collateralized loan obligation (CLO) issuance in 2014 has clearly been carried into 2015. Some market participants at ABS Vegas predict the asset class will shrug off concerns over energy sector exposures and attract more equity buyers.
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Goldman Sachs is marketing senior notes in Pramerica’s Dryden 35 Euro CLO at 130bp, tighter than the 135bp level pegged for Deutsche for price thoughts on Spire Partner’s Aurium CLO I, but in line with Carlyle’s market-opening trade last week.
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Books are open on Spire Partners’ debut European CLO, with initial price thoughts 5bp wider than where Carlyle priced its market-opening Carlyle Global Markets Strategies Europe 2015-1 deal last week.
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Carlyle has won the race to print the first European collateralised loan obligation (CLO) transaction of the year, pricing its latest deal on Tuesday. Both primary and secondary CLO markets in Europe are busy, according to bankers, who are seeing investor resources being redirected to the higher yielding asset class.
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Carlyle has won the race to print the first European collateralised loan obligation (CLO) transaction of the year, pricing its latest deal on Tuesday. Both primary and secondary CLO markets in Europe are busy, according to bankers, who are seeing investor resources being redirected to the higher yielding asset class.
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Apollo Global Management, Carlyle Group and Credit Suisse Asset Management are among CLO managers that have structured new deals with ‘ghost’ tranches that could be used to refinance the transaction after risk retention rules come into effect, without having to take down the 5% equity stake those rules require — if regulators deem it acceptable.
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US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help redress that and push issuance towards €20bn in 2015.
