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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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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. -
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.
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Looser documentation is emerging in the hot US CLO market, with debt investors in some instances now allowing managers to include terms that permit trading gains to be funnelled straight through to the pockets of equity investors, which is sometimes the CLO manager themselves.
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A burst of new CLOs has emerged in the primary market, with six new deals being marketed this week. Managers have been rushing to close refinancing and reset deals in the first weeks of the year, as JP Morgan analysts warn of a resurgence of loan repricing activity ahead.
