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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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Hayfin Emerald CLO 2, a €407.5m CLO arranged by Goldman Sachs and managed by Hayfin Capital Management, received initial price thoughts this week, with the deal due to be priced by Friday. -
News that UK plastic packaging producer RPC’s board had approved the bid of US rival Berry Global Group has been met with disappointment in Europe’s leveraged finance market, which had been gearing up to finance a £3.32bn leveraged buyout of RPC by US private equity firm Apollo.
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Three CLOs are moving through the euro pipeline with deals from Hayfin and Pinebridge marketing this week, and Goldman Sachs arranging a deal for CVC Credit Partners.
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Beth MacLean, executive vice president and bank loan portfolio manager at Pimco, argued in a recent commentary that growing public concerns about systemic risks linked to US leveraged loans ultimately miss the mark, even as regulators around the world continue to ramp up their scrutiny of leveraged lending.
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Some buy-siders are cheering the slump in CLO issuance relative to 2018, saying underwriting and investor protections are likely to improve on the back of slower deal flow.
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As the world has cottoned on to how its dominant role in the CLO market has exploded, Japan’s Norinchukin Bank is apparently under the regulatory spotlight too. There’s nothing wrong with it buying loan exposure by the bucketload, but where it marks that lot might merit close examination.
