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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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Market turmoil over the last year is encouraging more CLO managers to hone their technological tools to build better portfolios and to navigate future stress in markets. AllianceBernstein closed its second ever BSL CLO in May and says the success of its programme can be attributed to a series of technological instruments it uses to analyse its portfolio. -
Some European CLO issuers have been sitting on the sidelines of the new issue market waiting for financing conditions at the top of the stack to tighten in order to make deals more economically attractive. However, the huge supply of refinanced and reset CLOs continues to push spreads even wider, meaning that managers may have to bite the bullet and issue deals at levels they may not entirely be comfortable with.
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Eagle Point Credit Management, a specialist asset manager focused on investing in CLO securities, has hired Nate Morse as its new head corporate trader.
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Credit Suisse Asset Management (CSAM) and Ares Management re-priced 2017 vintage CLOs on Friday, slashing their cost of financing.
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The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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The Covid-19 pandemic has battered commercial real estate (CRE), leaving cash-squeezed properties scrambling for finance. The crisis, though, has rejuvenated the CRE CLO market in the US, with non-bank lenders providing properties with large amounts of leverage, leading to expectations that this year will make the sector a mainstream asset class.
