Latest news
Latest news
Lower pricing across CLO capital structure does little to improve equity arbitrage
Manager tightens triple-A pricing by 27bp and avoids refinancing some junior mezzanine notes
Spread on triple-A rated notes 4bp wide of recent tights
More articles
More articles
-
Loans to fast growing but unprofitable software companies are finding their way into boundary-pushing securitizations. Investor appetite for yield could well bring this riskier product from niche to mainstream. -
Eldridge Industries has carved out part of its structured credit team to launch a new CLO investment firm, named Panagram Structured Asset Management.
-
On Monday, Bardin Hill Investment Partners refinanced the senior notes of a CLO issued in 2017, repricing the tranche at 108bps over three month Libor.
-
Apollo subsidiary Redding Ridge priced a $707m CLO on Friday. The deal is the largest new issue of the year and signals that large deals may be retruning returning to the CLO market after almost disappearing during the Covid-19 pandemic.
-
CLO investor Sancus Capital Management became a manager last week when it priced its debut deal. Pacific & Plains Capital, another newly formed CLO business, is also expected to join the list of CLO managers with a first deal on the horizon.
-
CLO issuers are flooding to market to refinance Covid-era deals. On Tuesday, American International Group (AIG) Asset Management joined this wave by resetting AIG CLO 2020-1, slashing senior notes by 89bp.
-
The former head of US CLO syndication at Deutsche Bank, David Ryan, has been hired by Barclays as director on the CLO syndicate desk in the New York office.
-
Market turmoil over the last year is encouraging more CLO managers to hone their technological tools to build better portfolios and to navigate future stress in markets. AllianceBernstein closed its second ever BSL CLO in May and says the success of its programme can be attributed to a series of technological instruments it uses to analyse its portfolio.
-
Some European CLO issuers have been sitting on the sidelines of the new issue market waiting for financing conditions at the top of the stack to tighten in order to make deals more economically attractive. However, the huge supply of refinanced and reset CLOs continues to push spreads even wider, meaning that managers may have to bite the bullet and issue deals at levels they may not entirely be comfortable with.
