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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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The US CLO market is off to a slow start and managers are expecting more of the same through the first quarter of the year, as tightening in the leveraged loans market puts pressure on the economics of issuing new deals. -
Barclays, Lloyds, RBS and Santander UK all priced synthetic CLOs for risk transfer purposes just before the year-end, honing their capital positions for full year 2016 reporting. Most of the deals focused on large corporates, an asset class that fuelled much of last year’s boom in risk transfer trades, as banks seek ways to get ahead of increased Basel risk weights.
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Activity in the European ABS market is being driven by issuer appetite for CLO refinancing that has gathered momentum over the otherwise quiet festive period, while a debut European CLO from US issuer HPS Investment Partners could soon surface.
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Connecticut-based CLO manager Marble Point Credit Management has acquired American Capital CLO Management for an undisclosed sum, the latest in a spate of industry mergers.
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Leveraged loans are likely to be a prized commodity in 2017 as demand will continue to outstrip supply, leaving CLO managers scrounging around for whatever they can find to ramp up their portfolios. Sam Kerr reports.
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Symphony Asset Management is the first CLO manager to try and refinance a deal while adhering to guidelines laid out by the Securities and Exchange Commission last year, allowing it to avoid risk retention even if it closes after the December 24 implementation date.
