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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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Returns on US CLO debt have handily beaten those of high yield corporate debt over the past year, say JP Morgan analysts, though the rally may be running out of steam in the latter part of 2017. -
New issuance of euro CLOs could hit €18bn by the end of the year, according to Bank of America Merrill Lynch, and more new issuers from across the Atlantic are looking to issue European deals.
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Credit quality in new issue CLOs is sliding, according to Moody’s Investors Service, as managers continue to churn out deals despite difficulties sourcing loan collateral.
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Tikehau Capital Management is preparing to hit the post-August pipeline with a new CLO, its third European offering.
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Credit Suisse has hired a BNP Paribas CLO structurer for its London-based European origination team.
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A lack of supply in the European CLO market this summer has left investors desperate to source bonds, with the few deals moving through the pipeline seeing heavy oversubscription and tight spreads.
