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Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
Demand for riskiest tranches and improved loan supply could support growth in issuance
Dana Point 'no longer the end' of the year as market retains momentum
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New details in the saga of Canadian healthcare giant Valeant Pharmeuticals have once again plunged the CLO market into a debate over credit quality. -
Historically wide CLO spreads, particularly in the triple-A tranches, are making managers reluctant to price new deals, depressing total issuance in 2016, according to sources speaking to GlobalCapital.
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The US CLO market extended a rally in primary issuance on the back of a solid end to April, with three deals crossing the finish line this week.
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Deutsche Bank priced a €558m CLO from Blackstone’s GSO Debt Funds Management on Wednesday — the biggest issued in the European market so far this year.
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The failure of a 2014 CLO to pass its overcollateralisation (OC) test last week has put the spotlight back on underlying credit quality in US CLOs, even as the market retraces much of the widening in spreads that has taken place in 2016.
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Spreads in the US CLO market have tightened in recent weeks, but market participants are questioning the strength of the rally because fundamentals have yet to see widespread improvement.
