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
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The Capital Requirements Directive’s 122a risk retention rule — referred to by market participants as the "skin in the game" clause — loomed large over two days of panel sessions at the Euromoney LevInvest European CLO Congress in London this week. Speakers on Tuesday said that managers were likely to remain restricted in how they approach the requirement.
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The Capital Requirements Directive’s 122a risk retention rule—the so-called ‘skin in the game’ clause—loomed large over two days’ worth of panel sessions at the Euromoney LevInvest European CLO Congress in London this week, and speakers on Tuesday say managers are likely to remain restricted in how they may approach the requirement.
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German healthcare group Aenova is seeking consent from existing lenders to take over pharmaceutical firm Haupt Pharma. The acquisition forms part of plans to expand Aenova’s market share, as laid out by the company's private equity owner, BC Partners.
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The case for investing in the equity tranches of European or US CLOs is not compelling at the moment because returns do not sufficiently reward the risks involved, two veteran CLO equity investors told delegates at the Euromoney LevInvest European CLO Congress in London on Tuesday. In addition, those equity investors that are participating in new deals are finding themselves in a tussle with triple-A debt investors over the inclusion of protective features, delegates heard at an earlier panel.
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The European collateralized loan obligation market is set for another wave of consolidation, according to Jeremy Ghose at 3i Debt Management, speaking on Monday at the Euromoney LevInvest European CLO Congress in London.
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Continental's €750m issue yesterday has reopened Europe's high yield bond market, and other issuers, particularly fallen angels, are likely to sell bonds in the coming weeks. -
Structurers of European collateralized loan obligations are seeing a “push and pull” dynamic between investors at the triple-A level and those in the equity tranche, according to panellists at the Euromoney LevInvest European CLO Congress in London on Monday.
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New model European collateralized loan obligations may need to get more complex if the recent market resurgence is to continue, according to speakers at the Euromoney LevInvest European CLO Congress in London on Monday.
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The European CLO market is set for another wave of consolidation, according to Jeremy Ghose at 3i Debt Management, speaking on Monday at the Euromoney LevInvest European CLO Congress in London. Smaller, independent CLO managers may look to exit the market as risk retention costs begin to bite, he told delegates.
