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Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
Demand for riskiest tranches and improved loan supply could support growth in issuance
Dana Point 'no longer the end' of the year as market retains momentum
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Hayfin Capital Management returned to the US CLO market with a new issue after its first American transaction in June 2019. CLO supply is expected to be strong into year-end, with another 13 deals at least to be priced before Christmas. -
The Fire and Police Pension Association of Colorado (FPPA) had never made a proper allocation to the CLO market before this year. In November, the board of directors of the pension fund approved a $70m commitment to a CLO debt strategy, despite the turmoil which had engulfed the asset class through the Covid-19 crisis earlier this year. Ben Bronson, director of liquid strategies at the fund, talked to GlobalCapital, about the new allocation.
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BlackRock priced the tightest three year reinvestment period CLO since the pandemic hit, selling senior notes at 120bp over three month Libor and tightening the double-B spread from recent prints.
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Euro securitization secondary markets leapt into action as traders see a window of spread tightening in December, crossing their fingers and hoping macro worries have abated for the remainder of the year.
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Changes to the Volcker rule allowing US CLOs to hold bonds as well as loans ought to survive the shift to a new administration, but market participants will be counting the days and hoping the changes, enacted at the beginning of October, aren’t caught up in a Congressional review.
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If 2020 was a year when sectors and broad virus news drove the market, 2021 will be the year of the credit picker, according to panellists at IMN's ABS East Virtual 2020 event, with individual loan selection more crucial than ever.
