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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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The European Investment Bank has taken down a €2.2bn synthetic balance sheet CLO originated by Santander CIB, executing a significant risk transfer to free up exposure to a Spanish SME portfolio. -
A CLO managed by Seix Investment Advisors that was to be repriced through an online auction this week did not hit the desired levels to reset the spreads on the bonds.
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Leveraged loan liquidity in the European market has improved this year, with two-way flows resuming rapidly after the spring nadir of the Covid-19 crisis, and sufficient market depth to shift large portfolios. CLO managers are taking advantage, speeding up their time to market and time to ramp deals.
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Spreads on triple-A CLO bonds have tightened to a new Covid-era low, with Oak Hill Advisors pricing a $458m deal at 125bp over three month Libor.
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A gap in tranche performance has opened up between the secondary and primary market for triple-A rated CLO notes in euros, after rapid selling of double-B and triple-B rated notes forced spread compression off the back of worsening macro conditions and end-of-quarter capital requirements.
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Market stress and a jump in loan defaults as a result of the pandemic is causing a resurgence of a deal feature meant to protect CLO vehicles from shouldering an additional tax burden during the workout process of a soured loan.
