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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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Deutsche Bank arranged the first new issue European CLO of the year, St Pauls VII, for ICG on Tuesday. -
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.
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Chenavari’s Toro Limited fund, which targets European ABS and invests in the private equity firm’s European CLO business, is accelerating its rotation away from public ABS in favour of higher yielding private transactions.
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New issue CLO volume dropped 32% year over year in 2016, according to Fitch, despite a year end flurry of issuance as the market raced to get deals done ahead of new risk retention rules.
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Third party risk retention funds are looking increasingly attractive to global CLO managers, after the onset of US risk retention rules and potential stiffening of European rules make the CLO business more capital intensive.
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Spreads on triple-A paper from new issue US CLOs are expected to touch the 130bp over Libor area for a deal from Octagon Credit Investors later this month, though observers say the market could tighten further.
