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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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Apex Credit Partners has returned to the US CLO market, pricing its first transaction of 2021, a $310m deal arranged by Jefferies. -
European ABS has experienced a historic rally in recent months as spreads have tightened in response to a wider economic recovery. But as pent-up supply begins to return to the market, syndicate desks see a widening out of spreads as new issuance increased throughout June and July.
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CLO managers seeking to issue new deals have been sitting on the sidelines waiting for the return of large investors which had supported supply in the first quarter. But a substantial pipeline of new issues is being built.
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Triple-C loans remain a "conundrum", for many market participants — but improving economic conditions and high prices for the loans means that this collateral is less frightening than it may originally appear, said a panellist at the IMN Conference on CLOs and Leveraged Loans.
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The CLO market has entered a new expansionary period with more investors in deals and minimal leveraged loan defaults. A strong performance for the asset class in 2020 has changed the narrative outside of financial markets that CLOs are systemically risky, said panelists at IMN's conference on CLOs and Leveraged Loans.
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Palmer Square Capital Management has reset a 2015 CLO that was partially refinanced four times in six years and it added a single-B tranche to its CLO, the most junior debt liability usually issued to satisfy investor demand from hedge funds.
