Latest news
Latest news
Pricing on triple-A notes lands 10bp wider than previous deal in the wake of Iran war
Manager has already used its fourth captive equity fund to invest in five CLOs
◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
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Distinct features of post-crisis European collateralized loan obligations are beginning to emerge following this week’s pricing of Pramerica Investment Management’s Dryden XXVII CLO—including increased levels of credit enhancement and shorter non-call periods, among other things.
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Pramerica Investment Management has successfully priced Europe’s second leveraged loan CLO of the year, the 300m Dryden CLO XXVII. The transaction was well received by the market — particularly for the measured approach to the timing. But it also highlighted one of the chief obstacles to a full revival of the European CLO market — the shortage of leveraged loans available in the market, writes Hugh Leask.
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Pramerica Investment Management has successfully priced the European CLO market’s second leveraged loan CLO of the year, Dryden CLO XXVII. The transaction was well received by the market — particularly for the measured approach to the timing. But it also highlighted one of the chief obstacles to a full revival of the European CLO market — the shortage of leveraged loans available in the market.
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Pramerica Investment Management’s European collateralized loan obligation Dryden CLO XXVII, which priced Tuesday, was well-received by the market, with investors hailing the longer lead-in time that allowed them to get comfortable with the transaction.
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Look for some new names—perhaps ones never yet seen at any structured finance conference—to attend Information Management Network’s second annual collateralized loan obligation and leveraged loan conference in New York this week.
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A slew of managers and arrangers are looking to break onto the collateralized loan obligation scene, after a near-record breaking quarter for the sector.
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Anthony Pawlowski, UBS’s head of collateralized loan obligation origination and syndication, is heading to Ares Management to take a role on the buyside, according to several sources.
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U.S. collateralized loan obligation issuance in the first quarter nearly broke the all-time record, with $26.3 billion in middle-market and broadly syndicated loan CLOs priced, according to SI data.
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UBS is losing its head of collateralized loan obligation origination and syndication Anthony Pawlowski to the buyside, continuing a week of high-level people moves for the bank’s remaining securitization platforms.