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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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Positive momentum on liability spreads and attractive equity arbitrage are driving a boom in new CLO warehouse formation, with banks competing to offer better conditions. With perhaps 200 facilities active, the blistering pace of CLO formation is set to continue later in the year. -
Diameter Capital Partners has priced its debut CLO after $250m seed funding from alternative asset managers Apollo Global Management and Corbin Capital, and the pension fund of renewable energy company Babcock & Wilcox. Despite being active in the bond-loan deals, this is the first traditional CLO priced by Diameter, making the firm a new entrance in the regular broadly syndicated loan CLO market.
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After one of the busiest quarters for ABS since the financial crisis, many market participants are eyeing a short break in August in anticipation of a slower market. The combination of working-from-home culture, lack of travel opportunities and physical meetings has prevented many in the market from taking a break.
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Third-party equity investors have come back to the US CLO market supporting the heavy issuance that sources believe will continue over the summer.
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Jefferies appointed Crescent Capital's former CLO head Melissa Weiler and Ellis Kirk Group's CEO Matrice Ellis Kirk to its board of directors, starting from July 1.
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Palmer Square Capital Management priced a $1bn CLO on Friday, the largest deal of the year arranged by Citi and with no reinvestment period.
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ABS lawyers are asking issuers to resist taking advantage of a legal loophole left via a regulatory quirk, where a number of CLO and CMBS deals are technically exempt from switching data over to the securitization repositories approved by the European Securities and Markets Authority (ESMA) on Friday.
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Trimaran Advisors has refinanced a CLO originally issued in 2014 via an applicable margin reset (AMR) auction, joining a handful of managers to the innovative way of refinancing. More online repricings are expected to follow, as the issuers scramble to lower their funding costs.
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The spreads on triple-A rated CLO tranches in euros are levelling off once more, after a spell of widening. The senior parts of the capital stack have become more accessible to investors, leading to a stabilisation of spreads which syndicates warn may be temporary.
