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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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Permira Debt Managers is looking at a new, enhanced ESG approach for its next Providus CLO, going beyond the negative screening seen so far in the market and committing to a minimum ESG score across the portfolio.
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New Mountain Capital and Sixth Street Partners took advantage of stabilised market conditions to each price their inaugural CLOs this week. -
Pre-Covid CLO structures are making a gradual comeback as managers rush to market ahead of the election, with a deal from New York Life Investment Management arranged by Jefferies priced with a traditional five year reinvestment period.
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New York-based Churchill Asset Management, an investment specialist affiliate of Nuveen, has hired Kelli Marti as managing director and CLO portfolio manager to boost the firm’s middle-market CLO business.
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A rare environmental, social and governance (ESG) themed CLO was priced this month by Palmer Square Capital Management, setting the tone for the still-early days of ESG securitization in the US and hinting at bigger things to come for socially responsible CLOs.
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As CLO spreads have rallied towards pre-Covid levels, some CLO managers have come to market with their second new issues since the pandemic first hit, taking advantage of loan prices still largely under par to ramp new issues quickly. But the new landscape is missing some of the market’s most well-known managers, and there’s a stubborn tail of pre-Covid warehouses still to shift.
