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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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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. -
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.
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UK buy-to-let deal Oat Hill No.1 and a pair of European CLOs were priced on Friday, as market participants prepared to descend on Barcelona for Global ABS, which kicks off Tuesday.
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A strong run in the US CLO new issue market has seen $10bn of paper priced in each of the last two months, despite new issuance of leveraged loans.
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US CLO equity holders are shifting their focus away from the low hanging fruit of refinancing transactions towards CLO resets, which give equity investors the benefit of longer reinvestment periods as well as cheaper liability costs.
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CLO managers are preparing for a quiet summer as a barren leveraged loan market continues to dampen warehouse formation, while sources report equity investors are increasingly asking for a cut of managers’ fees as equity returns dwindle.
