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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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BP, the UK oil and gas company, has set up a new $10bn revolving credit facility, as oil companies look to shore up their cash positions in response to the twin maladies of Covid-19 and a drop in oil prices. -
Moody’s has taken negative action on over 200 leveraged loan issuers held in CLOs since the beginning of March, according to a report from the rating agency this week.
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CLOs are under acute stress as the coronavirus pandemic wreaks havoc on corporate credit, but the situation presents an opportunity for the market to prove itself to sceptics.
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CLO players have been resolute that deal structures will withstand the pressure on corporate credit, and that the product has been tested by worse. But even though the market expects to weather the coming storm, industry veterans are predicting a new landscape after the virus crisis subsides, writes Paola Aurisicchio.
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Garrison Investment Group has sold three broadly syndicated loan CLO management contracts to Anchorage Capital Group, according to sources familiar with the matter.
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S&P Global Ratings placed another 15 CLOs on rating watch with a negative outlook over the weekend, flagging deals with a growing exposure to loans facing downgrades as the coronavirus crisis drags on.
