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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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Loosening language around what types of assets collateralised loan obligations can hold could lead to more middle market loans making their way into broadly syndicated loan CLOs, market participants told GlobalCapital this week. -
Invesco has agreed to Volckerise one of its 2013 collateralised loan obligations, as well as modifying it to include changes to Standard & Poor’s recovery ratings that could benefit equity investors. The S&P changes could provide a crucial window for Volckerisations as refinancing activity winds down, say market participants.
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Leverage levels of the single-B rated issuers that dominate European CLO portfolios are back to 2007 levels, according to Moody’s. But despite Europe’s continued deterioration of loan covenant quality and weak economic growth, the ratings agency still expects the asset class to perform strongly in 2015.
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CLO managers could escape burdensome risk retention requirements following a law suit to block the rule on grounds it was an arbitrary and capricious overstep by financial regulators. That argument has proved successful in the past, but CLO managers are not yet changing course as a result of the news.
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With 17 years under his belt at Credit Suisse Asset Management, John Popp, global head and chief investment officer of the firm’s credit investments group, has seen his fair share of ups and downs in the CLO market. GlobalCapital caught up with him to ask how CSAM is preparing for risk retention, and what the CLO market landscape could look like a few months from now.
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As one of the larger CLO managers in the US market, Prudential is less exposed to from risk retention rules than smaller names. But that doesn’t mean they’re happy about the new regulations. GlobalCapital caught up with Brian Juliano, vice president and portfolio manager for Prudential Fixed Income's US bank loan sector team, to find out why risk retention could shift risk to the high yield market, how managers may work around the rules, and why smaller shops might lose analysts.
