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
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Z Capital Credit Partners, the credit arm of Z Capital Group, has promoted a CLO portfolio manager in its investment team to managing director. -
European CLO managers are growing their presence in the US, lured by tighter spreads and growing demand from investors and running contrary to the previous trend for US managers to plot European expansion.
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CarVal Investors has launched a new CLO platform that looks to advance the sophistication of investing along environmental, social and governance lines in US capital markets.
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Park Avenue Institutional Advisers, a subsidiary of the Guardian Life Insurance Company of America, has returned to the market with its first CLO of the year. It is the latest in what has been a record number of issuers in the market in a single year and there is no sign of any let-up in activity.
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Credit Suisse has promoted London-based Arun Cronin to be global co-head of CLOs, alongside New York-based co-head Brad Larson, according to people familiar with the matter.
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Non-bank lenders are taking advantage of cash-squeezed properties scrambling for finance with CarVal Investors and Gryphon Real Estate Capital Partners forming a $1bn joint venture to originate multifamily senior bridge loans.
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CLO issuers are flooding the market with repricings of old deals to lower their cost of financing. Sound Point Capital is the latest manager to have partially refinanced a 2019 CLO, slashing the spread on the senior notes by 29bp.
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Investors in triple-A rated European CLOs are using their pricing power to discern between trades, causing some deals to be priced more tightly than the recent trend of spreads widening towards 100bp, while other paper has had to offer spreads even cheaper than this.
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Apollo subsidiary Redding Ridge has hired Tom Frangione from Alcentra as it grows its assets under management and the number of CLOs it runs.
