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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 global CLO investor base is becoming increasingly fluid, with US, European and Japanese investors moving between markets based on relative value and credit quality with greater ease, attendees at the IMN Investors’ Conference on European CLOs and Leveraged Loans heard on Wednesday. -
Issuance of US CLOs reached record levels in the first quarter of the year, but the number of new deals paled in comparison to refinancing and resets of legacy transactions.
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CLO managers have been forced to endure a wave of term loan B repricings from energy sector obligors in the first quarter of the year, as demand for leveraged loans allows borrowers to refinance at more attractive levels.
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Boutique CLO shop Spire Partners is looking to refinance its first CLO, shortly after closing its third deal earlier in March.
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The primary US CLO market is moving in fits and starts in 2017, with managers again pumping the brakes in the last week. But according to JP Morgan research, over 200 legacy CLOs could still be refinanced, giving managers plenty to do in the coming months.
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Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.
