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Stock impact report

European new issue CLO market seeks to reopen [Reuters]

Prudential Financial, Inc. (PRU) 
Last prudential financial, inc. earnings: 2/4 04:18 pm Check Earnings Report
US:NYSE Investor Relations: investor.prudential.com
Company Research Source: Reuters
European new issue CLO market seeks to reopen LONDON/NEW YORK, April 27 (LPC) - The new issue European Collateralized Loan Obligation market, paralysed since early March amid the coronavirus pandemic, is looking to revive with new funds aiming to price as soon as this week, according to sources. The €129bn European CLO market has been under pressure as the Covid-19 healthcare crisis spread around the globe, interrupting supply chains, closing retail operations, and forcing companies to fire workers, which has led to massive downgrades of businesses whose loans CLOs purchase. The last new-issue European CLO priced the second week of March, according to LPC Collateral data. European CLO issuance of about €5.8bn in the first quarter was down more than 15% from the same three-month period in 2019, according to LPC Collateral data. US CLO issuance was down 48% during the same time frame. Participants in Europe are optimistic that the market could reopen after the larger US$680bn US CLO ass Show less Read more
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