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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
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Strong demand for CLO debt is pushing issuers to market new deals more quickly, but a barren leveraged loan market is keeping them at bay for now. -
Despite tough market conditions this year so far, there were some bright spots singled out at the leveraged finance panel at the Loan Market Association conference on Wednesday, with the growth of CLOs highlighted as a strong point for the market.
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Two US CLOs hit the market this week from managers Wellfleet Credit Partners and Symphony Asset Management as issuers gear up for the ABS East conference in Miami.
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Eagle-eyed issuers are taking advantage of a hungry US CLO investor base to issue reset deals in order to feed the demand for new paper and beat risk retention deadlines.
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Middle market CLO volume is down year on year compared to 2015, with sources saying that middle market managers are exploring alternatives to traditional CLO issuance.
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CLO managers are beginning to ramp up issuance activity ahead of an expected market escalation in September, with three issuers bringing new offerings this week.
