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US hedge funds use leverage to buy European CLOs
5 years ago
Boca Raton-based hedge fund manager III Capital Management is leading the charge as US hedge funds employ leverage to buy European triple A-rated CLOs. -
Euro CLO managers ditch Moody’s as negative views rise
5 years ago
European CLO managers have begun turning against Moody's as it has rapidly increased the number of loan issuers it has placed on negative outlook. -
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 pack6 years ago -
Market bemoans Europe’s lack of CLO manager tiering
6 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
6 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
6 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
6 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 -
Loan trading round-up: CLO managers fall out of love with First Data
6 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
6 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 -
Tail wags dog as European CLOs' 108bp benchmark drags loans
6 years ago
European CLOs usually price on the back of where underlying loans are printing, but this year the reverse looks to be true -
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
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