17 results found Showing page 1 of 1
Keep calm and buy corporate loans10 days ago
Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014
Retail fund pain is a CLO manager’s gain10 days ago
Retail funds dumped loans in record volumes late in 2018, creating ideal conditions for CLOs to capitalise with performing credits available in the mid-90s for the first time in years
Loan volumes fall in Europe but rise in US1 month ago
European CLO managers seem to be eating into the loan market with more appetite than their, US counterparts, who are perhaps spoiled for choice. But background risks lurk in both markets
After early crescendo CLOs end on flat note1 month ago
Huge issuance and the end of risk retention ensured the US CLO industry was buoyant in early 2018, but later in the year the term curve flattened, pricing levels became sporadic and volumes dwindled
Europe adapts to harsher CLO climate3 months ago
The European CLO market survived the financial crisis and ensuing risk retention obligations. Conditions remain tough, but we expect a 25% increase in the number of active managers
Buy and hold isn’t only option for CLO equity3 months ago
New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters
Widening whisks market back to 20173 months ago
Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous.
New issues keep managers busy in summer season4 months ago
New issue loans made up 74.1% of volumes in August, supporting US CLO managers looking to ramp up. Spreads tightened to 368bp, but managers can’t complain — it’s much better than in Q1
Wide CLO pricing need not be a drag5 months ago
Established managers can price CLO liabilities at attractive levels, but we find that CLOs saddled with higher financing costs have nevertheless been among the market’s outstanding performers
Loan market finds balance as spreads edge wider5 months ago
New issue volumes were robust in July with relatively few loan refinancings getting done. Loan portfolio managers say the loan market is finally balanced, having been in favour of borrowers
Tastes change in secondary trading10 months ago
Our analysis of the secondary market shows that, since 2013, appetite for CLOs run by tier one managers persists through market dips and rallies.
Consumer lending: questions pile up for debt collectors11 months ago
Cabot’s failed IPO has hit bonds across the debt collection sector – and made investors much more cautious. By Euan Hagger
Building new ways to evaluate CLOs11 months ago
For CLO investors, there is no longer a question of whether a particular CLO will be reworked; instead, they must judge when, and how dramatically, its terms will change. By Tom Davidson
Who predicted $145 billion of issuance?1 year ago
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson
Managers pick spots on CLO curve1 year ago
As refi volumes slowed through 2017, the term curve for CLOs steepened, leading managers to vary their deal tenors as they sought to hit the evolving sweet spot.
CLO managers return to new issues1 year ago
The frenetic pace of refis and resets slowed in the third quarter as CLO managers – new and old – turned their attention to building assets
Refinancing and reset options change the face of CLOs1 year ago
The CLO market is going into overdrive, with refis, resets and new issue deals combining to give investors an unprecedented choice of maturities.
17 results found Showing page 1 of 1
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