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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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KKR closed fundraising for a $2.24bn global private credit fund on Monday that will target private junior and mezzanine corporate debt as well as asset-backed financing, while on Tuesday Barings said it had closed a $1.85bn fund that will invest in private senior secured middle market loans. -
HSBC has hired managing directors in its US healthcare and consumer and retail coverage teams, as well as a new head for its US financial institutions group.
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The former head of loans and CLOs at BlackRock has joined Alcentra, the alternative fixed income specialist for BNY Mellon Investment Management, as head of US loans and high yield.
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In a quiet start to the US CLO market in 2018, only reset and refinancing deals have emerged so far, but Wells Fargo is predicting a record year of issuance for the asset class. Some investors are pulling back, however, as loan market fundamentals show signs of deterioration.
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The Carlyle Group has raised over $800m for its Carlyle Structured Credit Fund, which will invest in the CLO debt of third-party managers in the US and Europe.
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Fitch Ratings’ 2018 leveraged finance outlook forecasted benign credit conditions for next year on Wednesday, but constricted supply and strong CLO demand is expected to lead to further erosions in documentation, analysts said.
