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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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US CLO managers have flooded the market with new paper in August, as the wave of refinancing subsides and a lack of opportunities in the secondary market unleashes investor demand for new deals. -
Issuance of higher quality European ABS is fuelling strong technicals, which are underpinning the market in 2017, TwentyFour Asset Management said this week.
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Bain Capital and Cinven's €5.3bn buyout of German pharmaceuticals maker Stada went through this week, the firm announced on Friday, after a tense build up to Wednesday's midnight deadline, with the 63% shareholder acceptance threshold only just being reached.
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Fresh supply of European leveraged loans has led to softening prices, creating opportunities for CLO managers to form new deals and bringing new investors, including Japanese buyers, into the market.
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The number of highly leveraged retailers including clauses in loans that allow them to strip out valuable collateral into separate subsidiaries, out of reach of secured lenders, has reached “extreme” levels, according to loan market sources.
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The New York office of Allen & Overy has hired a CLO-focused partner as well as four associates from Ashurst, building on recent hires in the high yield and leveraged finance practices.
