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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 European CLO market is showing no sign of cooling down going into year end, with investor demand stronger than ever and heightened Japanese interest driving spreads tighter. -
Investor thirst for yield has pushed the price of the riskiest pieces of CLO debt well above par, but market participants say that many investors are underestimating call risk as they hunt for value.
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Last week was the second busiest week of issuance in the global CLO market in the post-crisis era, but refinance and reset activity is set to dominate the sector for the remainder of the year, a move which is likely to facilitate further price tightening in the leveraged loan market.
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Changes put forward under Republican tax plans could dent the attractiveness of high yield debt and leveraged loans, according to analysts, but a cut to the corporate tax rate and a potential holiday for repatriated cash would be positives for US corporates.
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PGIM has priced its latest CLO, increasing the deal size to meet demand and pricing the offering at tight spreads.
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Spreads keep tracking tighter in senior triple-A CLO paper, narrowing investor returns in a busy market and driving talk of leveraging bonds throughout the debt capital structure.
