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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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Mount Logan Capital has acquired management rights to two middle-market CLO contracts from Garrison Investment Management. The asset manager disclosed the acquisition in an announcement and said that it paid $3m to take over the two CLOs together with “certain side letter agreements”. -
Indiana Public Retirement System has committed $80m to Oak Hill Advisors Structured Products Fund II to invest across CLO debt and equity tranches in the US and Europe in the secondary market, according to a board meeting document.
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The first quarter of 2021 is set to be a cautious opening for the European CLO market, with many banks still unwilling to open new warehouses, given the volatility of this year. Sources anticipate just five to six deals landing in the first quarter.
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Jefferies and Kennedy Lewis Investment Management will invest $160m with asset manager TCW to boost the firm's CLO issuance program over the next two years.
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CLO equity is still a scarce commodity, despite better than expected performances from the asset class this year in the face of the pandemic. Some investment firms are said to be raising CLO equity funds, but others suggest it remains hard going, and managers with captive funds will remain in charge.
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The fractious final phase of the presidential election has suspended CLO issuance since October 30. New issuance is expected to resume at steady pace through to the end of the year, but CLO managers say they are concerned about a new wave of defaults as the economy limps into 2021.
