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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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Some CLO sources expect increased fears about inflation to enhance demand for CLO liabilities, as investors seek floating rate instruments. But other sources see the market taking a pause as investors assess the broader impact of inflation on fixed income and on relative value with corporate bonds. Sustained inflation could also hurt corporate profitability, and therefore the credit quality of CLO obligors. -
RBC Capital Markets has tapped a CLO director at Citi to lead its CLO structuring desk.
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CLO refi and reset activity has departed from its usual forms, with some managers resetting a single deal in a limited time frame, while others take the opportunity to switch tranches from fixed to floating, or focus refi efforts on a limited number of tranches. Managers don't want to lose the opportunity presented by current market conditions to save costs, and are seeking different solutions to optimise their structures.
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TCW Asset Management has reset a CLO issued in the early phase of Covid for the second time, extending the life of the deal to five years.
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Kayne Anderson Capital has refinanced the mezzanine tranches of a deal originally priced in 2019 in an unusual repricing that left the senior notes intact.
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Credit insurers are said to be dipping into CLO equity risk — not as cash investors allocating to alternative managers, but through directly insuring retention notes. This comes against a backdrop of more interest from insurers in junior corporate risk through the SRT market.
