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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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A slowing economy is likely to weigh on US corporates, leading to rating downgrades that could induce CLO managers to sell loans on the basis of failed overcollateralization or weighted average ratings tests. A small but growing handful of new issue deals are already taking active bets on such downgrades and incorporating a bigger bucket for downgraded debt or accommodating a hybrid pool of bonds and loans.
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ICG’s St. Paul’s CLO X, arranged by Goldman Sachs, was priced on Monday evening with triple-As at 114bp while the Ares, Redding Ridge and Guggenheim CLOs are expected to price by Friday.
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Analysis of CLO trading by JP Morgan’s fixed income research team concluded that, through the selloff in the fourth quarter last year and the rally this year, loan trading by CLO managers beat the market, with the vehicles successfully buying low and selling high compared to broader movements — and compared to waiting out the volatility entirely. -
After the CLO market ground to a halt in December following a retail fund-driven loan market selloff, the primary market has at last sprung back to life, albeit with wider spreads than some issuers grew accustomed to for much of 2018 and with more varying deal structures to get investors in the door.
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The Federal Reserve grabbed market participants' attention on Wednesday as it released the minutes of its most recent Federal Open Market Committee meeting, held from January 29-30, in which members agreed to pause rate rises and the central bank's balance sheet reduction.
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Sandra O’Connor, chief regulatory officer at JPMorgan Chase, is retiring from the firm on April 1, according to an internal memo seen by GlobalCapital.
