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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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Refi and reset in the CLO space continue to fly, with another extra-large reset priced by Clearlake Capital Group, the investment firm that last year bought the Dallas-based credit-focused firm WhiteStar Asset Management. -
US insurer Kuvare Holdings has hired Jason Powers, former co-head of the US CLO business at Wells Fargo Securities, to run its credit investments team. Powers is the second CLO expert to join Kuvare in as many weeks, following the recent hire of Jason Merrill.
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Barclays CLO and loan strategist Geoffrey Horton will move to the New York office after spent two years at Barclays based in London, according to a CLO source.
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The first month of 2021 recorded the highest pace of euro CLO issuance since the pandemic, at €10bn, in a sign that market sentiment has recovered. Between March and December last year, issuance averaged between €3bn and €4bn per month.
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Extra-large deals are flooding the CLO market with MidCap Financial Services, a subsidiary of Apollo, resetting its $1.206bn mid-market CLO named Woodmont 2017-2, and sources expecting new issues in large size ahead.
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Debra Anderson, head of Tikehau Capital’s CLO business, is finishing her notice period before retirement. She joined the company in 2014, and will be concluding her financial career after 34 years in the sector.
