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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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The Bank of Japan appears to have softened its stance on the country’s banks buying foreign CLOs, reporting that credit risk in the asset class is “subdued on the whole” following a slowdown in investment in the asset class. -
Lloyds Bank has sold the first loss piece of a £3.2bn housing association loan portfolio to four specialist investors, in one of the longest maturity risk transfer deals of recent years.
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AllianceBernstein announced on Tuesday the launch of a broadly syndicated loan CLO management unit.
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Rates trading desks are seeking owners of triple-A European CLO tranches, because of the value of the embedded Euribor floors, which convert negative Euribor prints to 0%. These can be stripped out and sold to the market, monetising a feature of the bonds that has become sharply more valuable as euro interest rates have plunged this summer.
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Danish sub-investment grade boutique Capital Four has unveiled its long-rumoured CLO debut, a €359m deal with ESG investment criteria, an increasingly popular approach in European CLO structures.
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MUFG hires derivs head from HSBC — ex-Stan Chart chief to chair ICG — DCM banker goes to sustainable finance centre
