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Podcast: Secondary loans rebound, CLOs widen and covenants deteriorate
6 years ago
Creditflux, Debtwire and Xtract discuss the current state of the market -
Q4 2018, which had loan price volatility without defaults, was close to nirvana for CLO investors
6 years ago
The current vintage of CLOs could be the best ever if the volatility in Q4, when retail funds dumped loans, repeats itself, says our columnist Thomas Majewski -
Retail fund pain is a CLO manager’s gain
6 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 -
CLO issuance will temper as market remains in 'exploratory mode', notes BAML research
6 years ago
Following a bout of volatility in the loan market, CLO issuance will be tempered as debt and equity investors rediscover correct pricing levels, according to a new research paper published this week by Bank of America Merrill Lynch -
Loan volumes fall in Europe but rise in US
6 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 -
Loans have changed. Leverage and docs are different. So what does this mean for recoveries?
6 years ago
With Fed chiefs past and present signalling rising financial risk, managers need to check their metrics, writes our columnist and Churchill Asset Management's head of capital markets and origination -
Spanish bank prices €972 million SRT with triple As paying 31bp
6 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
6 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
6 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
6 years ago
Banco Santander has completed a £1.12 billion significant risk transfer through a transaction dubbed Fitzroy 2018-1 CLO -
African Development Bank prices landmark $1 billion SRT
6 years ago
The market for significant risk transfer (SRT) deals has taken another step forward with a first-of-its-kind deal, which has been originated by the African Development Bank -
Libor rise gives timely boost to US loan yields
7 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
7 years ago
Growth-starved US phone companies are seeing consolidation as the best way to improve performance
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