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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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Investor demand has been strong for Uber’s self-arranged second leveraged loan, allowing the ride hailing company to increase the size of the deal from $1.25bn to $1.5bn. -
Despite a string of credit issues at troubled US retailers, the sector has provided leveraged loan investors with the strongest gains in the year so far, said JP Morgan on Tuesday, while the CMBX index targeted by mall bears as the next Big Short has barely budged.
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Claire’s Stores was the latest retailer to file for Chapter 11 bankruptcy protection on Monday, joining a handful of other private equity owned companies that became credit casualties last week. While CLO managers have generally traded out of the names, some older deals might be stuck with the loans, wrote Wells Fargo analysts on Monday.
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UK CLO manager Spire is planning to launch a new open ended fund of around €200m-€300m that will invest in European CLO equity, debt and warehouse first loss positions.
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Uber’s self-syndicated leveraged loan is not just another example of big tech’s ambitious approach to the capital markets but a tribute to the hot credit markets that make these efforts fruitful.
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More than $26bn of new issue CLOs have been priced in the year so far in the US, on top of $22.1bn of refinancing and reset deals as managers look to wring more returns from existing deals. The combined volumes in the first two months of the year are the highest in the CLO market’s 20-year history, said JP Morgan on Tuesday.
