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Tuesday, 17 January 2017

CLO market sizzles as buyers target mezz

IFR 2166 14 January to 20 January 2017

A slew of new euro CLO trades and refinancings are heading to market in the coming weeks, as fresh demand for sub-investment grade notes squeezes spreads across the capital stack.

LSTA to appeal risk-retention court ruling

IFR 2165 7 January to 13 January 2017

The Loan Syndications and Trading Association (LSTA) on Thursday filed a notice of appeal on its CLO risk-retention case, two weeks after the US District Court of the District of Columbia ruled against the trade group.

Cairn rounds off the year with euro CLO

IFR 2164 17 December to 6 January 2017

Cairn Loan Investments priced its latest euro CLO last week, with some resistance in the senior levels signalling the primary market remains open but markedly less bullish.

Tourists check city maps while sitting on a bench in the gardens at the Place des Vosges

CLO resets arrive in Europe

IFR 2163 10 December to 16 December 2016

Managers looking to capitalise on rapidly narrowing spreads are bringing CLO resets to Europe for the first time, but only a select few will be able to use this method to boost the economics of older trades.

Majority of US CLO managers have risk-retention plan

IFR 2163 10 December to 16 December 2016

According to a survey released this month, 75% of US CLO managers interviewed by law firm Maples and Calder say they have a risk-retention structure in place, an increase from 47% in February.

Banks’ 2017 US CLO forecasts flat

IFR 2163 10 December to 16 December 2016

Banks predict CLO issuance of US$50bn to US$70bn next year, in line with 2016 volume, as the market adjusts to rules that force managers to be on the hook for a portion of their fund’s risk.