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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 first Republican attempts to scale back the Dodd-Frank Act following Donald Trump’s November presidential election victory are on the horizon, with The House Financial Services Committee gearing up to vote on a new bill as early as March. -
As US CLO managers explore ways to boost returns on new deals, longer reinvestment periods could be introduced to appease equity buyers, though debt investors may not accept the trend quietly.
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Investor demand for exposure to global loan and CLO products has prompted GSO/Blackstone’s listed Loan Financing Fund, which invests in US and European senior secured loans both directly and through CLO debt, to plan a new share issue.
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Demand for US CLO triple-A paper is at its peak, with sources saying that competition for the bonds is squeezing out the Japanese buyer base that has long been a driver of the market.
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Despite many UK-based CLO managers switching to the manager originator model for European risk retention in the immediate aftermath of the Brexit vote, many are returning to the sponsor route, with investors comfortable with either approach.
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With primary European CLO spreads hitting some of their tightest levels since the financial crisis, better value could be found in more seasoned deals coming up for refinancing, said TwentyFour Asset Management on Monday.
