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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 in European leveraged debt seem to be giving up for the year. Funds and financial vehicles that buy high yield bonds and leveraged loans have seen large volumes of cash outflows, leaving borrowers with no other option but to step back this week. -
Senior credit analysts at Moody’s are warning that the private equity-led proliferation of weak creditor protections in the leveraged loan market may mean a more protracted and challenging default cycle in coming years.
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Nomura has hired Florian Bita as the head of CLO origination and syndication for the Americas.
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Moody's expects the supply of euro CLOs in 2019 to match 2018 levels, constrained by leveraged loan issuance, with no near term performance worries. However, the rating agency expects that collateral quality and transaction structures will weaken and notes that the European Central Bank’s guidelines to limit excessive leverage have had little impact.
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The €400m CLO deal, managed by Barings (UK) Limited, is set to price on Friday with spread talk on lower rated tranches indicative of a widening in CLO liability costs potentially pinching equity returns. Meanwhile, Magnetar Capital’s First Citizen Finance is marketing its second auto ABS deal backed by Irish loans.
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Wells Fargo analysts said that the biggest risk for CLOs next year is loan rating downgrades straining the structures, although the bank does not expect an increase in loan defaults despite the rise of late cycle lending behaviour.
