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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 Loan Syndication & Trading Association’s win over federal regulators exempting CLO managers from risk retention could be just the beginning for the loosening of regulatory reform, said market pros speaking at the SFIG Vegas conference on Monday. -
The capital markets industry is only just beginning to assess its exposure to the phase-out of Libor, expected at the end of 2021, and there isn’t an ideal replacement benchmark. In fact, there might not be by the time banks stop being compelled to make Libor submissions by the UK’s Financial Conduct Authority.
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The District of Columbia Court of Appeals ruled on February 9 that CLO managers should be exempt from risk retention rules, a move that will make the business less capital intensive and could spur an increase in smaller managers. But with loans still trading tight, despite volatility spiking elsewhere in credit markets, finding collateral is still the biggest challenge in the market.
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Morgan Stanley analysts described the potential rollback of risk retention rules for US CLO managers as a “modest positive” for the market on Tuesday, adding $10bn to their 2018 issuance forecast, but they warned that credit quality could suffer in new deals because of the scarcity of leveraged loans.
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First time issuers are dominating activity in the growing market for commercial real estate CLOs, with Bridge Debt Strategies the latest debut real estate investment trust to tap the market.
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Shares in US CLO manager Marble Point’s listed loan fund were admitted to the London Stock Exchange on Tuesday, after the firm successfully closed a $42.5m initial public offering on Friday.
