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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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The US CLO primary market has shown little sign of relenting in August, with three new deals already wrapped up by Wednesday, following six new deals and five reset/refinancing transactions last week. -
Carador Income Fund, a CLO investment vehicle set up in 2006 and managed by GSO/Blackstone Debt Funds Management, is set to give shareholders a vote on whether to wind up the fund, with an option to roll over into another vehicle for those still interested in CLO investment opportunities.
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Neuberger Berman is preparing a CLO fund with a focus on mezzanine debt tranches. The private equity firm will pitch the UCITS fund to sophisticated investors and has already secured $77m of seed money.
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The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell.
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Tom Majewski, chief executive of US CLO equity investment firm Eagle Point, said on Tuesday that the firm was focused on resetting existing CLOs in which it held majority equity positions, in order to improve the arbitrage in the structures and also build “runway” for the company to benefit when the loan market eventually suffers a downturn.
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Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.
