Latest news
Latest news
Borrowers take advantage of robust CLO demand to tighten leveraged loan pricing
New realm for ex-Natixis banker, as HSBC Innovation Bank hires
Manager reset the deal for the second time as the end of its reinvestment period approached
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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. -
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.
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The credit quality of CLOs has strongly improved since April 2020, with default rates and watchlist exposure falling rapidly, Fitch said this week.
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A flurry of deals is expected to hit the CLO market with managers, such as Sculptor, MJX, First Eagle and Carlyle, among others, set to issue new deals or reprice legacy deals.
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CLO managers once happily sold huge volumes of triple-A securities to NorinChukin, sucking up the Japanese bank’s terms in return for a reliable anchor order which locked in their senior notes ahead of public syndication. The bank has been slowly running down its portfolio since it was forced to stop buying by its regulator, but if it comes back, it might find managers keen to preserve their flexibility and place their bonds elsewhere.
