Global credit funds & CLO's
September 2020 | Issue 227
Published in London & New York.
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Data CLOs
CLOs at a glance:
September 2020 | Issue 227
CLO managers are quite partial to a refi
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The partial refi craze has not greatly slowed the pace of new issues, with 13 new deals in August as Creditflux goes to print.
There was a wave of CLO partial refinancing in August as equity investors capitalised on lower interest rates to cut the coupon on fixed rate tranches. A sharp fall in Libor rates has left fixed rate tranches paying much more than the floating rate for CLO debt and has resulted in 14 deals in August taking advantage. Fortress partially refinanced four of its deals across mid-market CLOs and those backed by large-cap loans.
US CLO primary issuance ($bn)
European CLO primary issuance (€bn)
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