CLO/CDO

ABS Daily

  • NXT CEO Radway set to retire

    NXT CEO Radway set to retire

    Chairman and CEO of NXT Capital, Robert Radway, will retire next year after 11 years spent at the middle market finance firm. Radway will step down as CEO on January 1, 2021, but will continue as chairman and member of the NXT Capital investment committees until his retirement at the end of next year.

  • New Jefferies CLO team said to ready first warehouse

    New Jefferies CLO team said to ready first warehouse

    Jefferies smashed its way into the European CLO primary market this year, hiring a team from the market’s top ranked arranger, Citi, and igniting a hiring merry-go-round. But the boutique bank doesn’t have the balance sheet muscle of its commercial rivals, and observers questioned how it planned to compete in the commoditised world of warehouse lending. Now however, GlobalCapital understands it has sourced external funding and has at least one warehouse already in the works.

  • CLOs ditch riskiest tranche as markets widen

    CLOs ditch riskiest tranche as markets widen

    The ‘normalisation’ of the CLO market has stalled, with spreads for single-B tranches now at levels where issuing makes little sense, pushing many managers to retain these notes or print lower levered deals.

  • Managers prep flurry of new CLOs in run up to election

    Managers prep flurry of new CLOs in run up to election

    Crestline Denali Capital, LCM Asset Management, Anchorage Capital Group and HPS Investment Partners are the managers expected to price CLOs in the coming week, as the primary pipeline sees one last burst of activity before election headlines dominate.

  • Golub prices first TALF CLO but Fed program still lacks appeal, sources say

    Golub prices first TALF CLO but Fed program still lacks appeal, sources say

    Golub Capital priced the first CLO to take advantage of the Term Asset Backed Securities Loan Facility last week, selling a $678m static transaction arranged by Société Générale backed by a pool of mostly middle market loans. The deal, expected to close on October 30, may pave the way for more middle market managers to tap TALF funds, but sources remain skeptical that the program will have much impact on the wider CLO space.

  • Tightening spreads revive middle market CLO issuance

    Tightening spreads revive middle market CLO issuance

    The middle market CLO segment is slowly regaining momentum, with more managers coming back to the market to take advantage of tighter spreads and a clearer picture of the financial impact of coronavirus on middle market companies.

  • Loss mitigation loans make their way into euro CLOs

    Loss mitigation loans make their way into euro CLOs

    A common feature of the US CLO market known as the loss mitigation loan has begun to make its way into European deals for the first time, continuing the trend of European managers borrowing features from US peers to deal with the effects of the Covid-19 crisis.

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