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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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After an impressive 2016, the best year for European CLO formation since the financial crisis, the market is taking a breather, as managers struggle to source loan collateral and investor appetite for the debt at tight spreads cools off. -
Barclays has announced several senior appointments in its credit trading business, including the rehire of Shrut Kalra from Goldman Sachs to co-head European high grade on the derivatives side.
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Third party CLO equity investors are a driving force behind the wave of CLO refinancings at the expense of new issuance, as pricey leveraged loans make returns on new deal equity less attractive.
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A flurry of US CLOs were priced at the end of last week, jump starting the primary market after a long period of deal refinancings and resets.
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Deutsche Bank arranged the first new issue European CLO of the year, St Pauls VII, for ICG on Tuesday.
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US CLO managers are refinancing a glut of vintage deals as they take advantage of growing demand to shave liability costs off older transactions at the expense of the primary market.
