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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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European leveraged finance loan investors are undersupplied. But this is unlikely to last for too long, as several buyouts are making their way towards the market. Banks are lining up financings to support auctions for Nestlé Skin Health, VFS Global and Elior Concessions, while the takeovers of Scout24 and RPC are nearing.
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Barclays on Monday priced a reset for a 2012 CLO managed by Carlyle Group, extending the deal with a new five year reinvestment period and stated maturity of 2032. -
US asset manager LibreMax is teaming up with investment management firm TowerBrook to form a fund that will invest in equity tranches of deals issued by LibreMax’s CLO platform Trimaran, a firm it acquired in December 2018.
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New leveraged lending dropped in every category from figures in the same period of last year, according to data published through the Loan Syndication and Trading Association (LSTA) at the end of last week.
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Axa Investment Management’s Volta Finance fund cut its euro CLO debt exposure to zero over the six months to the end of January, while boosting its buying of CLO equity tranches, hoping to benefit from reinvesting during a period of loan market dislocation.
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Oliver Wriedt, former co-CEO of CIFC Asset Management, is joining DFG Investment Advisers as CEO while the firm rebrands with the intent of growing its existing CLO and structured product businesses.
