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There is no crock of equity gold at the end of the rainbow
Junior triple-A tranches become more prevalent as arrangers struggle to find senior triple-A demand
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In highly concentrated book, top 20 investors take 90% -
The relaunched IPO was cancelled after leads attempted to reduce the transaction to around €300m
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Relief that the first European IPO after summer has grown in the aftermarket, though not without large concessions
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BNP Paribas took Pirelli and Citi took Renk as shareholders exited and trimmed stakes on Tuesday night
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The market has become crowded ahead of the US election
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Morale is high as investors say CLO managers should be able to navigate away from trouble, especially amid falling interest rates
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