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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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A switch in regulator from the Bank of Spain to Europe’s Single Supervisory Mechanism and more regulatory certainty has reopened a route to capital raising for Spain’s banks — synthetic securitization. -
Experts and legislators sparred over the impact of impending risk retention regulation on securitization in a US congressional hearing on Wednesday, as market advocates looked to relax the rules seen as hobbling the ABS sector.
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Caixabank has structured a synthetic CLO transferring the risk on a €2bn portfolio of loan and lease obligations to Spanish small and medium enterprises (SMEs).
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US non-agency RMBS, CLOs and CMBS saw an uptick in secondary market activity last week as widening spreads have made for an attractive entry point in many securitized asset classes.
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Credit quality of companies backing US CLOs is sliding, with energy exposure the primary driver of the increase in default risk, but European CLOs remain comparatively unaffected by the trend.
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The CLO market is likely to play less of a role in refinancing corporate debt than it has in the past, given lower new issuance, even as the demand for refinancing of speculative debt is set to soar in the next four years.
