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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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US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help redress that and push issuance towards €20bn in 2015.
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US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help solve that problem and help drive issuance towards €20bn in 2015.
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Deutsche Bank’s head of non-agency RMBS and consumer ABS trading has taken over CLO trading after the departure of Richard Rizzo last week. People familiar with the situation at the bank, which just priced its first US CLO of the year, say it is still fully committed to the business, but some investors are sceptical. -
The top 10 CLO managers in the US lost market share in 2014, amid a rash of transactions from first time managers looking to cash in on a bull market in the asset class. But as the implementation of risk retention rules looms, more consolidation — such as Man Group’s acquisition of Silvermine Capital — is on the way.
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Los Angeles asset management firm TCW Group has hired two new senior vice presidents, with extensive experience in US credit markets and collateralised loan obligations.
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The US CLO market was still yet to see its first deal pricing of 2015 on Thursday, with a confluence of regulatory and market-driven factors putting serious pressure on demand. But that isn’t stopping some banks from taking an aggressive stance on new issuance.
