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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Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic. -
Eagle Point Credit Management has added Sam Yoon to its CLO investment team to assist in CLO debt trading and portfolio management. Yoon will report to Dan Ko, principal and portfolio manager at Eagle Point.
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York Capital's CLO business has struck a strategic deal with Kennedy Lewis, which will see the manager rebranding to become 'Generate Advisors', and Kennedy Lewis commit $200m of equity to the shelf.
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Sources in the CLO market have expressed doubt over the CLO trading platform known as Project Octopus launched last week by Citi and Bank of America, questioning whether the platform will succeed in expanding to a critical mass with enough other banks involved. However, some active in the nascent electronic trading market, such as KopenTech, welcome the venture as an endorsement of their vision.
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WhiteStar Asset Management, the Texas-based credit manager which sponsors the Trinitas CLO shelf, has opened a London office, appointing Gordon Neilly to run it as executive chairman of WhiteStar Asset Management Europe.
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The CLO market is expected to take a pause after the oversupply of the first months of the year, allowing investors to digest the unprecedented volume of new issue, refi and reset, and giving much needed breathing space to market participants. Managers, sources say, are in less of a rush to lock in tight spreads, as the market is considered healthy and more stable in the medium term.
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The CLO market is putting the pandemic behind it, with equity distributions at almost pre-Covid time and structures back to the standard of early 2020.
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BlueBay Asset Management has hired a portfolio manager to its structured credit and CLO management team, bringing in Tom Mowl from his previous position as senior portfolio manager at Challenger Investment Partners.
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Shenkman Capital has returned to the CLO market after skipping issuance during 2020, pricing a deal named Romark CLO IV through its affiliate Romark Credit Advisors.
