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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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The European Central Bank published its final guidelines on leveraged lending on Tuesday, clarifying issues that arose during the consultation period beginning in September. The guidelines are set to be implemented later this year. -
Carlyle is attempting to get an amendment on a 2015 CLO, Carlyle Global Market Strategies Euro 2015-3, to raise the covenant-lite limits in the deal to 90% from 80%.
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HPS Investment Partners has priced its first-ever European CLO, the first new issue deal to be priced in May and the 13th of 2017.
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Technical factors have driven US CLO spreads to record tight levels, and analysts have said there could be further room for the rally to run — though concerns around a falling oil price and reflation rate mean mezzanine tranches may have more limited potential for further tightening.
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Investor thirst for leverage has been intensifying in the US CLO market over the last six months. But while demand is hottest for levered bets on rated debt tranches, GlobalCapital understands that two banks have offered hedge funds leverage on equity tranches, one of the riskiest things an investor can do in structured finance. David Bell reports.
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Extending reinvestment periods for European CLOs will benefit managers and equity investors but could have negative implications for credit overall, said S&P Global Ratings in its first quarter CLO performance report.
