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
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Eagle Point Credit Management, a specialist asset manager focused on investing in CLO securities, has hired Nate Morse as its new head corporate trader. -
Credit Suisse Asset Management (CSAM) and Ares Management re-priced 2017 vintage CLOs on Friday, slashing their cost of financing.
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The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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The Covid-19 pandemic has battered commercial real estate (CRE), leaving cash-squeezed properties scrambling for finance. The crisis, though, has rejuvenated the CRE CLO market in the US, with non-bank lenders providing properties with large amounts of leverage, leading to expectations that this year will make the sector a mainstream asset class.
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Together Money has taken a structural feature from the CLO market for its latest £267.7m RMBS, TABS 2021-1 - CRE2, adopting loan notes for the triple-A tranche, a first for the asset class. The issuer pre-placed four tranches – almost certainly with a single account, sources said.
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First Eagle Alternative Credit has hired Nishil Mehta as portfolio manager from Prospect Capital Management, where he was head of capital markets and a CLO portfolio manager.
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Sustainable securitization is moving into the mainstream, with a growing number of managers adopting ESG language in CLOs — usually through excluding specific industries from investment. What’s next in the green securitization revolution will depend on building a rigorous framework for assessing ESG factors and how to create standards. Paola Aurisicchio reports.
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Apex Credit Partners has returned to the US CLO market, pricing its first transaction of 2021, a $310m deal arranged by Jefferies.
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European ABS has experienced a historic rally in recent months as spreads have tightened in response to a wider economic recovery. But as pent-up supply begins to return to the market, syndicate desks see a widening out of spreads as new issuance increased throughout June and July.
