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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CLO managers seeking to issue new deals have been sitting on the sidelines waiting for the return of large investors which had supported supply in the first quarter. But a substantial pipeline of new issues is being built. -
Triple-C loans remain a "conundrum", for many market participants — but improving economic conditions and high prices for the loans means that this collateral is less frightening than it may originally appear, said a panellist at the IMN Conference on CLOs and Leveraged Loans.
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The CLO market has entered a new expansionary period with more investors in deals and minimal leveraged loan defaults. A strong performance for the asset class in 2020 has changed the narrative outside of financial markets that CLOs are systemically risky, said panelists at IMN's conference on CLOs and Leveraged Loans.
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Palmer Square Capital Management has reset a 2015 CLO that was partially refinanced four times in six years and it added a single-B tranche to its CLO, the most junior debt liability usually issued to satisfy investor demand from hedge funds.
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A CLO structurer has left Morgan Stanley to join HPS Investment Partners as a vice-president.
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The International Organization of Securities Commissions (IOSCO) has launched a series of surveys ‘to understand the potential conflicts of interest and misaligned incentives among participants in the leveraged loan and CLO markets’, inviting bank lenders, CLO investors, loan sponsors, and CLO managers to give them feedback.
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Harbor Group International has closed its debut CLO backed by commercial real estate loans. A surge of CRE CLO deals are expected this year as issuers securitize a backlog of loans originated before the Covid-19 outbreak.
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Partners Group is marketing Penta CLO 9, a new CLO with a score related to environmental, sustainable and governance factors, following three similar transactions. But market participants question whether ESG scores are likely to turn the CLO market green.
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Alcentra, the alternative fixed income investor owned by BNY Mellon, has raised $484m in its fourth structured credit opportunities fund.
