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Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
Demand for riskiest tranches and improved loan supply could support growth in issuance
Dana Point 'no longer the end' of the year as market retains momentum
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Sidley Austin has hired Joshua Thompson, the former head of global leveraged finance at Shearman Sterling, as a partner in its global finance team in New York. -
Moody’s, S&P Global Ratings and Fitch Ratings have placed more than 1,000 US and European CLO tranches on negative watch or outlook, as new data arrived from trustees..
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Credit Suisse Asset Management’s Credit Investments Group raised a $200m fund that will invest mostly in the equity tranches of CLOs, according to people familiar with the matter.
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The UK government has been consulting on ways to use CLO and other securitization structures to direct funding to large companies that fell between the cracks of its existing emergency supports for SMEs and the Bank of England’s investment grade commercial paper scheme.
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Analysts are revising forecasts for new CLO issuance, predicting a steep drop from $90bn projected at the beginning of the year to about $55bn for full year 2020, according to Deutsche Bank.
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The CLO market is still struggling to find equilibrium as the coronavirus pandemic spreads. The Federal Reserve’s expansion of its Term Asset-Backed Securities Lending Facility (TALF) to include CLO paper as eligible collateral was cheered upon announcement last week. But some puzzling limitations to the Fed’s terms will do little to help the market reboot.
