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European loan trading: CLO managers snack on Ifco loans
4 years ago
35 CLO managers were holding €364.2 million €364.2 million of IFCO’s loans in April – all at par -
PE hold periods have shrunk but fast acquisitions can lead to botched integrations
4 years ago
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money -
Budge up, more new managers are coming
Room for 10 more? The average loan overlap among recent European CLOs is 48.7% – so the expected influx of new managers will have to work hard to distinguish themselves from the pack4 years ago -
Market bemoans Europe’s lack of CLO manager tiering
4 years ago
Manager tiering became a hot topic in Europe again last month following Credit Suisse Asset Management’s decision to break with tradition by syndicating its triple A notes in Madison Park Euro Funding XIV, rather than place the notes with an anchor investor. -
Cayman Island hopping: EU laws provoke switch in CLO listings
4 years ago
The Cayman Islands Stock Exchange (CSX) is set to become the listing place of choice in 2019 for CLOs put together by US managers — at least, according to a bold prediction by law firm Harneys. -
Being fully invested can have a greater impact on IRRs than avoiding 2% defaults annually
4 years ago
The IRR differential can be as much as 3.3% for a fully invested CLO versus one that maintains a 5% cash balance -
Doing CLOs is hard work as recovery lags
4 years ago
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more -
High yield bonds regain lost ground
The US high yield bond market experienced its biggest quarter since Q4 2017, with volumes and returns rising as borrowers plumped for secured bonds and the Fed turned dovish on rates5 years ago -
Loan trading round-up: CLO managers fall out of love with First Data
5 years ago
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans -
Moving on from the late 2018 hangover
5 years ago
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues -
Regulation stifles SRTs, but banks and investors revel in quarter-four outperformance
5 years ago
Over the course of 2018 there was roughly €6.5 billion of issuance in the market for significant risk transfer (SRT) deals, sources say, with the last three months understood to be the busiest quarter on record -
Loans recover slightly after late-2018 havoc
5 years ago
Secondary loan prices have ticked higher this year, although they are still some way off the levels reached before the fourth quarter slump. However, M&As are starting to fill the new issue pipeline
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Tail wags dog as European CLOs' 108bp benchmark drags loans
5 years ago
European CLOs usually price on the back of where underlying loans are printing, but this year the reverse looks to be true -
Retail fund pain is a CLO manager’s gain
5 years 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 US
5 years 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 -
Spanish bank prices €972 million SRT with triple As paying 31bp
5 years ago
Cajamar Caja Rural, based in southern Spain, has priced a €972.1 million significant risk transfer (SRT), according to market sources -
European CLO volumes to drop in 2019, but mezz could benefit, says BNP Paribas
5 years ago
Demand for European leveraged loans will be lower in 2019 due to lower CLO issuance, predicts BNP Paribas -
European loan issuance set to decline in 2019, says Moody's
5 years ago
The outlook for European leveraged loan issuance remains strong for next year, according to report by Moody’s, although levels will depend on M&A activity -
Santander issues £1.1 billion SRT featuring UK project finance loans
5 years ago
Banco Santander has completed a £1.12 billion significant risk transfer through a transaction dubbed Fitzroy 2018-1 CLO -
Libor rise gives timely boost to US loan yields
6 years ago
Competition for US loans among CLOs, ETFs and mutual funds is keeping margins in check. However, the 60bp increase in Libor in Q1 means there’s still reason to pile into the loan market -
Spotlight: Local exchange carriers - calling for rescue on the M&A hotline
6 years ago
Growth-starved US phone companies are seeing consolidation as the best way to improve performance
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