Blackstone/GSO Debt Funds is marketing a €403.55 million collateralized loan obligation, the region's third since the financial crisis.
Cantor Fitzgerald has added four structured credit professionals and is planning expand the business to underwrite new collateralized loan obligations in the U.S. and Europe.
Palmer Square named Jeffrey Fox as executive director. His primary responsibilities will be to manage the analytics, trading and modeling in the firm’s structured credit and CLO platform.
The new service initially covers more than 5,000 investment grade tranches of U.S. and European collateralized loan obligations representing approximately 75% of the secondary market.
Just $8 billion of euro denominated corporate loans were issued in April via 13 deals, according to Dealogic
Five European collateralized loan obligations have priced so far this year, while existing CLOs have €2.4 billion ($3.1 billion) in cash balances, according to Thomson Reuters.
Issuance of new U.S. collateralized loan obligations is likely to level off after ‘skyrocketing’ in the first quarter, according to Fitch Ratings.
Many smaller managers of consolidated loan obligations are finding they don’t need the deep pockets and wide reputations of bigger players to bring new deals to market.
The biggest impediment to the recovery of the European CLO market is the lack of loan issuance in the region, according to panelists at IMN's industry conference.
The Carlyle Global Market Strategies CLO 2013-2 will invest in corporate leveraged loans and high yield bonds. Morgan Stanley arranged the transaction.
