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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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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. -
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.
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A pledge by Opec to reduce oil production is likely to be a tailwind for the US CLO market in 2017.
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CLO managers Barings, Alcentra and PineBridge all priced refinancings of European CLOs last week, announcing plans to reissue notes and cut liability costs in the new year.
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The long wait for the US Federal Reserve to hike interest rates ended this week and implications for further tightening produced a mixed outlook for ABS markets.
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For all the noise in the US and EU markets this year over risk retention and the harm that it causes issuers and market participants, many in the market admit privately to quite liking the idea.
