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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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Standard & Poor’s has downgraded the lowest-rated tranche of the amortising €425m Skellig Rock CLO. The move comes after the ratings agency warned earlier this week that it anticipated a “steady stream” of CLO loan defaults in Europe this year. -
Standard & Poor’s has downgraded the lowest-rated tranche of the amortising €425m Skellig Rock CLO. The move comes after the ratings agency warned earlier this week that it anticipated a “steady stream” of CLO loan defaults in Europe this year.
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Standard & Poor’s is anticipating a “steady stream” of CLO portfolio loan defaults through the remainder of this year as pre-crisis vintages exit their reinvestment periods, even as improving economies and investor appetite for corporate debt boosts credit quality.
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Ten billion dollars of new US collateralised loan obligations have torpedoed banks’ case for an exemption in the Volcker Rule to prevent them having to sell off their holdings of the structured product. The argument that uncertainty over the rule’s impact is strangling the credit market appears significantly weakened after the busiest four week period for CLO sales since before the financial crisis, write Matthew Scully and Will Caiger-Smith.
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Blackstone’s credit arm, GSO Capital Partners, will look to emulate the demand garnered by Babson Capital this week after releasing the structure for its first euro CLO of the year. Bankers feel the European market is in fine shape despite some investors seeing better relative value in the US market.
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Blackstone’s credit arm, GSO Capital Partners, is looking to continue its good recent form in European CLOs after releasing the structure for its first euro deal of the year. The trade is expected to garner strong interest despite some investors seeing better relative value in the US market.
