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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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Two debut CLO managers, and a repeat US issuer are lining up new European deals, underscoring the attractiveness of the market. With spreads at record tights still offering investors scarce yield, European CLOs are set to enter the last leg of 2016 on a high. -
The US CLO market has been on a tear this summer, with sources saying that the untangling of the Gordian knot of risk retention is giving the sector a boost and driving spreads to the tightest levels of 2016.
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US credit investment manager HPS Investment Partners, formerly Highbridge Principal Strategies, is looking to issue its first ever European CLO, according to sources speaking to GlobalCapital.
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Spread tightening is creeping down the capital stack in European CLOs, improving the arbitrage for CLO managers while still offering investors yield that is increasingly scarce in other credit markets.
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Cerberus Capital Management priced its first middle market CLO of the year last week, and the sixth middle market deal of 2016, in what is proving to be a tricky year for middle market managers compared to their peers in the broadly syndicated loan (BSL) sector.
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CLO managers in August are taking advantage of favourable market conditions to price deals at tight spreads after a slow start to August left yield starved investors scrounging for paper.
