| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for CQS Management, Ltd. > News item |
October to close out with more than $5 billion of issuance; CLO secondary trading active
By Cristal Cody
Tupelo, Miss., Oct. 30 - October is expected to close out with more than $5 billion of new issuance in the collateralized loan obligation market, according to informed sources on Wednesday.
"It's been pretty busy," one CLO manager said on Wednesday. "There are more deals trying to get done, and secondary's trading pretty well."
About $64 billion of middle-market and broadly syndicated CLOs have priced year to date, sources said.
Additional CLO deals are expected to price "in the next week or two, definitely," a market source said on Wednesday.
CQS Management, Ltd. is expected to bring the €362.2 million Grosvenor Place 2013-1 European CLO via Deutsche Bank AG, London Branch by the end of the week, according to one informed source.
Telos Asset Management LLC announced on Wednesday that it is underway with plans to bring a CLO deal.
The firm closed on the $365.3 million Telos CLO 2013-4, Ltd. transaction on Aug. 6 and the $361.4 million Telos CLO 2013-3, Ltd. deal on Feb. 26. Telos Asset Management serves as the collateral manager on four CLOs.
"In addition, Telos serves as collateral servicer of Telos CLO 2013-5, Ltd., which has entered into a $140 million credit facility in anticipation of the issuance of CLO notes," Telos said in the release.
Telos, a subsidiary of New York-based Tiptree Financial Inc., has about $1.53 billion of assets under management in four matched funded CLOs and a CLO warehouse.
Secondary CLOs better
In the secondary market, AAA-rated CLO note spreads continue to hold wider, while BBB spreads are going out "a little bit tighter" on the month, a source said on Wednesday.
"That's still the tough part of the capital structure," the source said of AAA tranches. "It's not tightening any."
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.