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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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CLO equity investors expressed strong interest for the €509.25m Barings Euro CLO 2018-1, with the equity tranche four times subscribed according to a market source. -
Enjoying its busiest start to the calendar year since 2013, the US CLO market steamed ahead last week with triple-A new issue spreads touching the 100bp milestone. Bank of America Merrill Lynch cautioned last Friday on the risk of market volatility seeping into the underlying loan market, however.
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Slow settlements and burdensome admin in the European leveraged loan market have been delivering risk-free profits to some loan arrangers — leaving loan funds and CLO managers fuming, and prompting a move from the Loan Market Association to work on a fix. But in a hot market, voluntary guidance may not be enough.
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Dagmar Kent Kershaw, a veteran leveraged finance investor, has joined the advisory council at Strategic Value Partners
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A pair of CLOs that were priced in the last week have hit 101bp over Libor for the senior class, a post-crisis record for a market that observers say still has room to run.
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CVC Credit Partners has appointed Gretchen Bergstresser to a new role as global head of performing credit, while Jonathan Bowers is to step back from the European business to pursue other opportunities.
