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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 new euro CLO from Ares is in the pipeline, with Citi acting as manager and the triple-A notes preplaced, while spreads in the ABS secondary market continue to grind tighter.
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Eleven CLOs were priced last week, marking the busiest week so far this year, but with wider spreads across the board and tranches in some deals split into fixed and floating components to appease some investors, sources said that the CLO market has yet to find its footing in 2019. -
The anchoring of European CLOs by Japanese investors, one of which has been claiming the senior notes on most euro CLOs issued in 2019, is likely to continue until at least mid-April, despite the year end for Japanese banks at the end of March, which often slows the market. ICG is the latest manager to launch an issue, with Goldman leading the deal.
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Goldman Sachs economist Marty Young recommended in a note on Tuesday that investors go overweight on triple-A CLO debt as spreads have not fully retraced versus comparable investment grade credit products.
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Representatives from the Loan Syndication and Trading Association (LSTA) and the CLO manager community returned from Japan this week following meetings with the Japanese Financial Services Agency, where they made a case for exempting broadly syndicated loan (BSL) CLOs from proposed risk retention rules.
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The CLO market in Europe is off to a solid start for the year, despite the complaints of managers and arrangers alike that conditions are tougher than they have been for years. But look closer, and it seems worryingly narrow, with one investor dominating the top of the capital structure. That might be helping deals get done, but it is far from healthy.
