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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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A recent spike in three month Libor has prompted US loan borrowers to switch to the cheaper one month Libor rate, causing a mismatch between CLO assets and liabilities that is putting a new strain on the arbitrage in the structures. -
The bullish sentiment around the European CLO market was on full display this week at the IMN Investors’ Conference on European CLOs and Leveraged Loans in London, with expectations of higher issuance, more investors and US managers seeking more opportunities to issue on the continent.
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Life insurance providers maintained their holdings of securitized products at a steady level last year, but many have rejigged portfolios to target higher yielding, riskier asset classes, a report from Wells Fargo said on Wednesday.
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PGIM Fixed Income announced on Thursday that its co-head of US CLOs would become the firm’s new head of US bank loan portfolio management, upon the retirement of Joe Lemanowicz later this year.
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US fund manager Alexandria Capital is preparing to launch a fund that will invest in alternative assets including CLO equity on behalf of its private wealth and family office clients.
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European CLO spreads have widened following a five week tightening rally, leading to some backtracking of bullish sentiment from triple-A investors at the start of the second quarter, according to a JP Morgan investor survey.
