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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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TwentyFour Asset Management said this week that it favours a defensive position in European securitization, given tight spread levels. The firm sees value in CLOs, but cautions that manager behaviour could be a growing risk next year as the credit cycle matures. -
The final version of the government’s tax reform bill that the US congress will vote on this week is tough on highly levered US companies, said Fitch on Monday, but most analysts believe the changes won’t significantly dent appetite for corporate borrowing.
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LCM Capital Management and Carlyle have priced triple-A paper at new lows in recent days. The tightening trend in CLO debt appears relentless. Bank of America Merrill Lynch said on Friday that triple-A notes could drop to around 90bp next year.
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A report from Bank of America Merrill Lynch on Friday said that high yield bonds from US healthcare companies should be trading wider to the rest of the market, given the potential for secular industry changes on the back of regulatory and tax reform risks.
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US leveraged finance sources have blamed a rampant CLO market for allowing borrowers to run riot in the leveraged loan market with loose covenants and declining underwriting standards, trends that look likely to escalate if leveraged lending guidelines are rolled back, writes David Bell.
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London-based credit platform Hayfin Capital Management has signed an agreement to acquire US CLO manager Kingsland Capital Management, giving it exposure to US leveraged loans and high yield credit.
