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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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Credit and real estate investment firm Angelo, Gordon has hired a European leveraged finance portfolio manager from PGIM, as the firm joins a growing list of US debt managers setting up European CLO businesses. -
The riskiest end of the US leveraged loan market has outperformed the wider loan market in the year to date, although investors are starting to push back on pricing in some instances.
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Some global CLO managers are proving to be less actively engaged in managing their European portfolios compared with their US businesses, according to research from JP Morgan, bucking a belief that “a US manager tends to be more active in Europe”.
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US CLO managers brought a deluge of deals in April, but after some triple-A buyers stepped back, primary market activity has slowed down, helping firm up spreads at the riskiest end of the capital structure.
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MeDirect, the former Mediterranean Bank, has hired Michael Curtis as chief investment officer, ahead of a planned push into the credit markets that will see the firm boost corporate lending and related activities. Curtis was most recently at ICG.
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More than $1tr of leveraged loans are now outstanding in the US market, according to the Loan Syndications and Trading Association. The market has doubled in size in just eight years, with lower rated loans swelling volumes as CLOs and retail funds chase yield in corporate credit.
