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The Last Tranche with Christine Ferris
1 month ago
In the latest edition of The Last Tranche podcast we talked to JP Morgan’s global head of CLO primary Christine Ferris about why she loves working with debut managers, despite the extra challenges they face coming to market. -
Deutsche Bank upgrades European new issue forecast
1 month ago
Deutsche Bank has upgraded its European new CLO issuance forecast for 2024 to a total of EUR 37bn -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
1 year ago
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it. -
Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
1 year ago
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles -
UK nerves rattle Europe/US relative value trades, as Hunt seeks to reassure investors
1 year ago
A palpable mood of trepidation on Thursday around the UK’s autumn budget has brought widening of credit spreads, with European indices giving back gains they have made in recent sessions versus their US counterparts -
Strong rally takes indices back below key levels
1 year ago
A big rally has greeted the start of the new week, in large part fuelled by easing recession concerns following Friday's encouraging US jobs number - but seeminly ignoring signs of further deterioration in the outlook for peripheral Europe -
Euro CLO league tables: Permira and Barclays Providus with sole new issue
1 year ago
Just one manager priced a European CLO priced in June, when Permira Credit and Barclays brought Providus VII to market -
Internet company triggers restructuring credit event at third time of asking
1 year ago
Yandex, the multinational internet and search engine company that predominantly serves Russian and Russian language users, has triggered a restructuring credit event -
Former Jefferies Emea structured credit co-head resurfaces at Canadian pension firm
1 year ago
The former co-head of Emea securitised markets at Jefferies has been hired as head of European structured credit at Alberta Investment Management Corporation -
European CLO triple As widen to 140bp with long-awaited Permira deal
1 year ago
European CLO triple As have widened out to 140 basis points over Euribor, as Permira Credit breaks the two-week CLO market silence by pricing its long-awaited new issue deal, Providus CLO VII -
European secondary volumes rise through ups and downs
1 year ago
Europe’s secondary CLO market has been boosted by elevated supply as primary issuance trickles amid market volatility. Sources indicate that around €370 million of paper appeared on b-wics across the capital stack in each of the first two weeks of May. -
Nuveen targets €500 million for inaugural pan-European real estate debt fund
1 year ago
Nuveen has made a first close on its fourth commercial real estate debt fund, expanding its geographical focus for the latest series from a UK-focused only to a pan-European strategy -
Alantra hires two senior officials to private debt team
2 years ago
Alantra has hired two senior officials to its private debt team from BeSpoke and Seaport -
Mezz and junior debt tighten sharply with BlackRock European CLO
2 years ago
BlackRock has issued its latest European CLO via Bank of America, with pricing on lower mezzanine tranches pointing to tightening in the market -
Nuclear power plant seizure amps up commodity chaos
2 years ago
The high volatility driven by Russia's invasion of Ukraine is taking financial markets to new extremes, with credit ending the week once again hitting new widest spreads since mid-2020 -
CLO pipeline: US manager base poised to hit 119 and Europe 57
2 years ago
The CLO market is open to newcomers as both the US and European are set to welcome first time CLO issuers – BlueBay Asset Management in the US and Acer Tree Investment Management in Europe -
Financials lead widening push amid oil and treasury surge
2 years ago
The widening pressure on credit spreads has resumed in response to rising treasury yields and oil prices, as Fed hawkish signals and supply chain concerns hold sway -
CLO 2022 Outlook: 2021 is hard act to follow, but CLO buyers have positives aplenty
2 years ago
New CLO issuance in 2022 will remain elevated but below 2021’s record numbers, banks agree. But there is no consensus among strategy desks on the volume of repricings to come, partly due to the unknown impact of the Sofr transition. -
"Some observers believe Europe’s opportunity in private debt lies at the lower end of the middle market"
2 years ago
European private debt has lagged its counterpart in the US. But a growth spurt may not be far off -
CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
2 years ago
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion -
CLO wormhole opens as deal pricing blurs
2 years ago
The CLO prints you see today might have happened a month ago. No, we’re not travelling back in time. Instead, a trend toward locking in senior notes a month early is skewing market pricing -
Tikehau retains 68% of investors for second €617 million special opps fund
2 years ago
Tikehau Capital has closed a second special opportunities fund at €617 million - and says 68% of commitments in Fund II were re-ups from investors in Tikehau’s inaugural special opportunities fund -
CLO demand drives loan outperformance versus bonds
2 years ago
Leveraged loans could be set for their strongest run of outperformance over high yield bonds since 2017, say investors and strategists — if the CLO engine and an influx of money to funds continues to drive flows -
CLO demand to drive loan outperformance over bonds: BNP Paribas
2 years ago
The buying power of CLOs and funds could mean leveraged loans rally further and outpace high yield bonds, says BNP Paribas' credit research team
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