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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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Record levels of resets in the CLO market on both sides of the Atlantic are helping NorinChukin Bank, once the anchor investor for many triple-A tranches, slim down its investment portfolio in the asset class. Fortunately, new big buyers are stepping up at the top of the capital structure, and on less onerous terms than NoChu demanded.
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CLOs have 'by nature' a limited exposure to the industries commonly excluded under ESG criteria, meaning their investment flexibility will be preserved, despite the exclusions appearing in more and more deal documents. This bodes well for the growth of ESG screening in the US CLO market, which has lagged behind other markets, with only 10 deals so far featuring the language, according to Deutsche Bank. -
The State of Michigan Retirement System has recently disclosed a new commitment to a CLO fund, signaling that more pension funds are turning their attention to the CLO market, attracted by its fast recovery.
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When hot new debt products are on the march, someone will always push the boundaries beyond what is tolerable. In the case of recurring revenue loans, that would be a mistake.
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Three recent CLO issues have underlined the size of the US bank buyer base in triple-A rated tranches, structuring loan note tranches of more than €150m — a format favoured in particular by Bank of America and State Street for their investments, but which could further constrain liquidity at the top of the capital stack.
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New issue CLO supply declined slightly in March, though reset and refinancing activity continues to boom, with managers taking advantage of tight spreads.
