Latest news
Latest news
Pricing on junior mezzanine notes is diverging as managers have to cope with difficult conditions
Manager extends non-call by a year, tapping into market for shorter-dated deals
Unparalleled European CLO market activity in 2025 compressed spreads and raised the possibility of a bigger standard for benchmark size. But, as Thomas Hopkins reports, leveraged loan market volatility will increasingly lead to tiering in the pricing different managers can achieve
More articles
More articles
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Primary spreads have so far withstood geopolitical risk and borrower concerns, but the balance is shaking -
Unclear if manager can take market along for the ride
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The manager’s first new issue since 2022 was priced tight across the stack
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Investment grade tranches priced tightly but mezzanine notes came wide
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Even a small tightening could unlock huge dealflows, but investors appear to push back amidst a wave of issuance
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Secondary market has been strong throughout 2024, according to KopenTech data
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◆ UK RMBS tightening ◆ Troublesome triple-C buckets ◆ George's marvellous microphone
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Approach to credit monitoring matters more than triple-C bucket size as market vulnerability is expected to drive manager tiering
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Total of six transactions priced on Tuesday but further tightening unlikely
