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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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Investors from Japan’s Norinchukin Bank were in London earlier this month meeting with CLO players to reassure them that the Japanese fiscal year end on March 31 will have no effect on the bank's demand for European CLO paper, according to sources. -
Mounting expectations that the US Federal Reserve could slash interest rates in 2019 is a prompting a new wave of redemptions among leveraged loan funds, similar to the selloff in the fourth quarter of last year that pushed CLO warehouses underwater and resulted in significant volatility through year end.
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Oaktree Capital Management is using a combination note carve-out structure to execute its first deal of 2019, Oaktree CLO 2019-1, which will give the noteholder equity control of the deal while holding a piece of debt rated as investment grade.
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With liability costs rising and more CLO managers dealing with 'underwater' warehouses, some arranging banks have found it hard to do as many deals as they did last year.
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Among the myriad dilemmas tied to managing Libor exposures and the development of Sofr markets, one potential remedy has steadily gained more attention: leave it to the government to fix the problem.
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Peter Gleysteen, founder of CLO manager CIFC, announced on Monday the launch of AGL Credit Management in partnership with Thomas H. Lee, one of the pioneers of the US leveraged buyout market in the 1980s.
