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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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The US CLO market is on track to match and possibly exceed last year’s record volumes for new issue deals, according to JP Morgan on Monday, but the bank has raised its forecast for refinancing and reset transactions as more managers look to boost equity returns in a tight loan market. -
Banks leading the financing package for Blackstone’s leveraged buyout of Thomson Reuters’ Financial & Risk business — soon to be renamed Refinitiv —have shifted some of the funding away from the bonds and into the loans, increasing leverage in the deal and mirroring the issuance trends seen in leveraged finance this year.
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Billions of dollars are flowing into direct lending funds targeting US corporate loans to small and medium sized companies, despite signs of weakening underwriting. Unshackling leverage constraints on business development companies and reopening the CLO market to them after a two year absence may further overheat the market, say critics.
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The Blackstone-led consortium of investors buying out Thomson Reuters’ Financial & Risk business is understood to be looking to decrease the amount of financing it needs from the euro market for the deal’s $13.5bn debt funding package, with demand appearing better for dollar bonds, according to investors.
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The SEC has issued a no-action letter that will allow Golub Capital and other middle market lenders to issue CLOs through a business development company (BDC) without falling foul of conflicting regulations covering risk retention and investment companies, a move that could be a further boost to US middle market corporate lending.
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Arranging banks have released price talk on the $8bn of loans financing the leveraged buyout of Thomson Reuters’ Financial & Risk business.
