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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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Non-bank lenders are taking advantage of cash-squeezed properties scrambling for finance with CarVal Investors and Gryphon Real Estate Capital Partners forming a $1bn joint venture to originate multifamily senior bridge loans. -
CLO issuers are flooding the market with repricings of old deals to lower their cost of financing. Sound Point Capital is the latest manager to have partially refinanced a 2019 CLO, slashing the spread on the senior notes by 29bp.
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Investors in triple-A rated European CLOs are using their pricing power to discern between trades, causing some deals to be priced more tightly than the recent trend of spreads widening towards 100bp, while other paper has had to offer spreads even cheaper than this.
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Apollo subsidiary Redding Ridge has hired Tom Frangione from Alcentra as it grows its assets under management and the number of CLOs it runs.
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A flood of capital into certain corporate borrowers and a greater number of investors hunting for yield is fuelling a rise in middle-market CLO issuance, with the sector set to expand this year and take up a bigger portion of overall US CLO volume. Investors and managers more used to broadly syndicated loan deals are turning to the sector but a lack of transparency and the private nature of the underlying borrowers remain hurdles to its growth.
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Danish credit investor Capital Four has made three additions to its CLO and high yield business in the US.
