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
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Investors who feel primary prices on senior European CLO tranches offer good value will have no shortage of opportunities to test their theory in the next month or two, with managers adding three new transactions to the pipeline this week alone.
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Tikehau Group is looking to expand its credit business across Europe with the hire of the former head of Blackstone GSO’s CLO business.
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The CLO market is ready for more supply and ripe for innovation, but that optimism is tempered by threats of a liquidity crunch in non-Volcker-compliant triple-A paper. The market is hoping for a deal on legacy CLOs to stop a trading freeze, but if that doesn't happen, it needs to wake up to two uncomfortable truths.
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As corporate treasuries and money managers show more interest in refinanced deals, CLO managers are looking to take advantage by selling new deals with short reinvestment and non-call periods. Increased short-end interest could be positive for bank investors hoping to be refinanced out of non-Volcker compliant deals, but as a liquidity crunch looms, all investors in those deals are at risk, say analysts. -
With the primary European CLO market showing few signs of slowing down in the second quarter, some investors have told GlobalCapital that primary prices on senior tranches have not mirrored secondary movements and offer value.
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Ahead of its Securitization Milestones Dinner in New York on May 28, GlobalCapital presented Prudential Investment Management and Morgan Stanley with awards at IMN’s New York CLO conference on Tuesday, after market participants voted their Dryden XXVI deal the best US CLO of 2013.
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Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings — but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital.
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Ahead of its Securitization Milestones Dinner in New York on May 28, GlobalCapital presented Prudential Investment Management and Morgan Stanley with awards at IMN’s New York CLO conference on Tuesday, after market participants voted their Dryden XXVI deal the best US CLO of 2013.
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Mizuho Securities USA has hired Jim Stehli as a managing director to run its collateralized loan obligations team in New York. The hire surprised some market participants who recalled Stehli's time at UBS, where his department recorded a huge loss on CDOs during the financial crisis.
