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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
Other direct lenders in Europe are keen to follow in the manager’s footsteps
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The spreads on triple-A rated CLO tranches in euros are levelling off once more, after a spell of widening. The senior parts of the capital stack have become more accessible to investors, leading to a stabilisation of spreads which syndicates warn may be temporary. -
Too much supply in the US CLO market has caused the spreads on triple-A tranches to widen to 110bp-120bp, according to market sources. Issuance is expected to reach record levels this year.
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Deutsche Bank has hired Alex Danehy as head of US CLO syndication, according to a person with knowledge of the matter. Danehy joins from JP Morgan, where he was an executive director responsible for CLO origination.
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TCW Asset Management has issued its second CLO via Jefferies, since forming a partnership with Kennedy Lewis Investment Management and Jefferies to boost the firm's CLO issuance program.
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Rhode Island Employees' Retirement System has allocated $250m to Sycamore Tree and Neuberger Berman to invest in CLO equity and mezzanine tranches, following a new strategy that targets CLOs rather than real estate investment trusts (Reits) and master limited partnership (MLPs).
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Loans to fast growing but unprofitable software companies are finding their way into boundary-pushing securitizations. Investor appetite for yield could well bring this riskier product from niche to mainstream.
