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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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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. -
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.
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Third party CLO equity investors could struggle to compete in a market in which managers have highly capitalised retention vehicles they can utilise to invest in both their own and other managers' equity, said industry sources this week.
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CLO managers in the US and Europe are struggling to source loans, often pricing new deals with levels of collateral that are well below normal and thereby increasing uncertainty in the asset class. But views in each market diverge on the implications of the trend, as US CLO investors continue to show insatiable appetite, while their European counterparts cool their heels in the hope that spreads come off their historical lows. David Bell and Sam Kerr report.
