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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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Tightening spreads on triple-A rated CLO tranches has prompted a wave of refinancings and resets of fixed rate tranches over the last two weeks. Market sources expect the trend to continue as CLO managers look to save on costs. -
Z Capital Group has expanded its credit team with the addition of Egidio Carlino as director and Jordan Shrem as senior associate.
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Spreads on primary triple-A rated CLO paper moved tighter with the latest deal from CVC Credit Partners, priced on Friday, as managers look to get deals done in the narrow window before the US presidential election on November 3.
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CLO managers took different approaches to deal with a primary market last week in which prices softened all the way down the capital structure from the tights of late September. One manager, PGIM, even opted not to issue single-B rated notes, using a delayed draw structure instead.
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The Securities and Exchange Commission in a report published this week said the agency recognized that the CLO market has fared reasonably well through the crisis, but warned that “disruption brought on by the COVID-19 economic shock is still ongoing" and that their outlook could change.
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Trans-Canada Capital, which manages the assets of Air Canada’s pension plans, is investing $110m with Pretium Partners in search of structured and corporate credit opportunities that may emerge as a result of the market volatility in 2020.
