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
More articles
More articles
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Bankers and investors at IMN's Global ABS conference, which returned to what bankers call its spiritual home in Barcelona on Tuesday, are hopeful that collateralised loan obligations (CLOs) — one letter removed from the infamous CDO — will overcome its "fear factor" this year and inspire unprecedented levels of demand.
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Bankers and investors at IMN's Global ABS conference, which returned to its "spiritual home" in Barcelona on Tuesday, are hopeful that the collateralised loan obligation product — one letter removed from the infamous CDO — will overcome its 'fear factor' this year and inspire unprecedented levels of demand.
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Blackstone/GSO, Pramerica and Apollo have been vying to take European CLO 2.0 supply over €5bn this year as the asset class continues to exhibit strong performance, with risk appetite pushing up the proportion of cov-lite loans in portfolios.
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CLO managers in the US are finding demand from an ever-broader range of investors, and the recent glut of issuance looks set to continue into July, with Neuberger Berman the latest addition to the pipeline. But strong triple-A demand cannot continue forever without large bank investors, so the market is watching Volckerisation efforts closely. -
US banks that hold non-Volcker-compliant CLO paper have finalised a set of standardised supplementary documentation and proposed the changes to CLO market participants, in a concerted effort to bring the deals into line with the incoming regulation. But not everyone is convinced that managers will bite.
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CLO managers in the US are finding demand from an ever-broader range of investors. The recent glut of issuance looks set to continue into July, with Neuberger Berman the latest addition to the pipeline. But strong triple-A demand cannot continue forever without large bank investors, so the market is watching Volckerisation efforts closely.
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Blackstone/GSO and Pramerica are vying to take European CLO 2.0 supply over €5bn this year as the asset class continues to exhibit strong performance, with risk appetite pushing up the proportion of cov-lite loans in portfolios.
-
US banks that hold non-Volcker-complaint CLO paper have finalised a set of standardised supplementary documentation and proposed the changes to CLO market participants, in a concerted effort to bring the deals into line with the incoming regulation. But not everyone is convinced that managers will bite.
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Citi has combined its structuring groups for credit and residential real estate products, expanding the responsibilities of its head of European CLOs and several directors to reflect the reorganisation.
