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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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Valeant Pharmaceuticals, the biggest obligor in US CLOs, is understood to be selling off assets in an attempt to pay down debt. But it may not be the shot in the arm the sector is after, writes Sam Kerr. -
With aggressive leveraged loan repricing hitting the returns to CLO structures, managers are taking a variety of steps to protect their portfolios.
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With Europe’s leveraged loan market undergoing a “repricing frenzy”, CLO managers are looking to refinance deals coming out of non-call periods over the next few months in order to protect equity returns in those deals.
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The US new issue CLO market finished last week with a flurry of deals.
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The US new issue CLO market sprang to life this week, cheered by investors who have complained about the high volume of refinancing and reset activity that has dominated the market in October.
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US CLO investors, managers and analysts say that a dip in credit quality is the biggest issue facing the market next year, against the backdrop of soaring leveraged loan prices and rising rates hindering the ability of companies to pay off debt.
