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BNP Paribas places full capital stack, with broadly syndicated investment grade tranches
There is no crock of equity gold at the end of the rainbow
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Tight spreads have lured back many managers that had paused deal activity amid difficult markets since 2022
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Risk retention funds and other equity vehicles have proved their merit in keeping the market alive, even if they annoy some participants
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Manager is first to refinance a vintage before 2022 for more than 18 months
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Manager equals tightest prints of the year but 147bp appears to be line of resistance for triple-A tranches
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Young CLO manager has found unusually faithful following but tight print largely down to better markets
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Michael Klein’s attempted spin-off of Credit Suisse’s investment bank was complex and conflicted, but it could have reshaped the landscape in a way the UBS takeover does not
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