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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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US middle market CLO volumes are running ahead of the levels achieved in what was a record year for the market in 2017, said Wells Fargo on Wednesday. -
A “significant” loosening of underwriting standards in US leveraged finance points to the market being in the late stages of the credit cycle, said Fitch Ratings on Tuesday, but market data show bids are still heating up in the sector.
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The US CLO market has posted its busiest start to the year since the financial crisis, and the torrent of paper is now weighing on spreads which could narrow the arbitrage for deal managers.
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Moody’s Investors Service downgraded Tesla on Tuesday, citing the company’s liquidity challenges as it struggles to ramp up production of its Model 3 electric car. The move caused the company’s shares — the most heavily shorted US stock — as well as its high yield debt to slump.
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Kroll Bond Rating Agency has hired staffers from S&P Global Ratings and Goldman Sachs to head a new foray into CLO ratings, as other agencies struggle to keep up with the record pace of issuance in the red hot asset class.
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The spending bill signed into law by President Trump on Friday contained a provision that allows business development companies to double their permitted leverage, a move that could heat up an increasingly aggressive lending environment in middle market corporate debt.
