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Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
Demand for riskiest tranches and improved loan supply could support growth in issuance
Dana Point 'no longer the end' of the year as market retains momentum
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A flood of investor cash into US middle market lending is pushing more aggressive underwriting, as lenders compete for investment opportunities and debt investors chase yield in CLO structures. -
CLO manager Neuberger Berman said on Thursday that it had closed its CLO risk retention vehicle with around $450m of committed capital to invest in risk retention financing.
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PGIM and Octagon were active in the US CLO market on Monday and Tuesday this week, as new CLO formation is said to be building momentum despite the difficulty of attracting equity investors given the squeeze on returns at the bottom of the structure.
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CLO market sources say direct lending to European SMEs is growing quickly, with some lenders now approaching investors to gauge their interest in investing in private SME CLOs.
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The European CLO primary market is going strong as the market heads into late summer, with a slew of deals sold over the last week and buyers eyeing more to come.
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Long term investors such as insurance companies and pension funds are buying more mezzanine and junior CLO debt as spreads compress. Meanwhile, asset managers and hedge funds appear to be taking more defensive positions in what they say has become a rich market.
