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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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Issuers are cramming the US CLO pipeline with new deals, rushing to close transactions before the US presidential election on November 8 and racing to to the finish line for risk retention implementation on December 24. -
US CLO debt is drawing heightened interest from investors in other corners of the fixed income market, as the bonds remain cheap to other assets and offer attractive spreads for buyers looking for a pickup in yield.
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CLO spreads offer excess returns compared to the underlying assets and other credit markets because of the “perceived” rather than actual complexity and illiquidity of the market, heard LevInvest attendees in Barcelona on Wednesday.
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The European Central Bank has announced that it plans to start consultations on introducing official guidelines for the leveraged loan market, similar to those implemented in the US in 2013.
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Liquidity in the CLO market has improved “materially” in the second half of this year, but in the wake of enormous volatility in the first quarter that put the sector in a deep freeze, the trading landscape has been altered.
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The senior tranches of new issue CLOs are becoming an exclusive club consisting of US bank treasury departments, according to sources speaking with GlobalCapital.
