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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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AGL Credit Management and Palmer Square Capital, among the most active managers in 2020, have returned to the market with new issue deal with five year-reinvestment periods, as tightening pricing lets managers term out their structures. But shorter deals continue to be attractive, especially for mezz buyers.
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Eagle Point Credit Management, a specialist asset manager focused on investing in CLO securities and portfolio debt securities, has hired Seth Weinstein as director of business development, a newly created position.
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Neuberger Berman has re-entered the European CLO market for the first time since the financial crisis, with a deal including a new feature which measures how well its portfolio matches UN sustainable development goals.
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CLO managers bringing new deals need lower rated, higher yielding loans to come to the primary market, after the European market saw a surfeit of better quality supply in the first months of the year.
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Tough market conditions last year meant many CLO managers in the US issued fewer deals than usual, and some didn’t print at all. But a strong opening to this year has encouraged some, if not all, to return. Meanwhile, a new type of structure may give others the incentive to make a comeback, writes Paola Aurisicchio.
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Chuka Umunna joins JP Morgan — Deloitte hires another FIG banker — JP Morgan AM appoints transition bond expert