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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
Demand for riskiest tranches and improved loan supply could support growth in issuance
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Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings — but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital. -
Ahead of its Securitization Milestones Dinner in New York on May 28, GlobalCapital presented Prudential Investment Management and Morgan Stanley with awards at IMN’s New York CLO conference on Tuesday, after market participants voted their Dryden XXVI deal the best US CLO of 2013.
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Mizuho Securities USA has hired Jim Stehli as a managing director to run its collateralized loan obligations team in New York. The hire surprised some market participants who recalled Stehli's time at UBS, where his department recorded a huge loss on CDOs during the financial crisis.
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Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings, but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital.
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Restrictions on covenant-lite loan buckets have become commonplace in European CLOs this year amid a trend of increasing deal sizes, with issuance expected to surpass half of last year’s total within weeks.
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CLO industry participants are losing hope for a regulatory or legislative fix to ease the Volcker Rule’s impact on banks investors, especially after the Federal Reserve confirmed that its two year extension for banks to make their deals compliant would not apply if those securities change hands.
