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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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Credit Suisse Asset Management (CSAM) and Ares Management re-priced 2017 vintage CLOs on Friday, slashing their cost of financing. -
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.
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Together Money has taken a structural feature from the CLO market for its latest £267.7m RMBS, TABS 2021-1 - CRE2, adopting loan notes for the triple-A tranche, a first for the asset class. The issuer pre-placed four tranches – almost certainly with a single account, sources said.
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First Eagle Alternative Credit has hired Nishil Mehta as portfolio manager from Prospect Capital Management, where he was head of capital markets and a CLO portfolio manager.
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Sustainable securitization is moving into the mainstream, with a growing number of managers adopting ESG language in CLOs — usually through excluding specific industries from investment. What’s next in the green securitization revolution will depend on building a rigorous framework for assessing ESG factors and how to create standards. Paola Aurisicchio reports.
