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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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Banks have approached rating agencies with an eye on possibly securitizing portfolios of private equity fund investments, like the collateralized fund obligation that was priced last week, as credit investors search more widely and deeply for assets with yield. -
Issuance of leveraged loans hit $548bn in the first half of this year, setting a record for any first or second half, according to S&P Global Ratings.
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A slew of European CLOs were priced last week, giving investors the opportunity to get their hands on new issue, refinancing and reset paper as the market heads into summer.
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Dutch musical theatre group Stage Entertainment, producer of shows including The Lion King and Mamma Mia!, debuted in the leveraged finance market this week for a €355m term loan to pay a dividend recapitalisation to sponsor CVC, after the latter’s majority investment in the firm in 2015 was unusually an all equity deal.
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A number of new European CLOs are in the works, with European issuers taking advantage of positive momentum following the Global ABS conference in Barcelona last week to print new deals.
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Brigade Capital is lining up for its debut European CLO, as GSO Capital printed a deal at a post-crisis record tight of 83bp over Euribor. But the sector could go tighter still, according to panellists and audience members at the CLO managers’ roundtable at the Global ABS conference in Barcelona on Wednesday. That’s important though, with underlying assets looking more expensive than ever.
