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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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Kansas-based Palmer Square Capital Management has been one of the most active managers of the year, particularly in the pandemic era, with six CLOs priced in 2020. The firm, which manages $12.3bn in assets as of July 31, has specialized in static CLO issuance, and during the crisis was able to price three static deals in the US, as well as one in Europe. Chairman and CEO Chris Long spoke with GlobalCapital about the future of CLO market, the advantages of static deals in times of crisis and opportunities in Europe. -
Deutsche Bank increased the size of a Blackstone/GSO European CLO from €294.81m to €343.922m. The bank also added preliminary ratings from Kroll Bond Rating Agency to the deal hours before pricing.
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As the CLO market enters the end of the summer, managers are getting ready to restart activity after Labor Day. But they are concerned about a potential wave of negative actions from rating agencies.
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Palmer Square Capital Management has announced its debut CLO in Europe, mandating JP Morgan for a rare static CLO, a deal structure not commonly seen in Europe.
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US CLO managers are working through a backlog of warehouses opened before the Covid-19 pandemic by splitting the facilities in half to buy back some equity and issue new deals. While in Europe, managers are tweaking deal documentation in preparation for new transactions.
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European CLO secondary trading activity has surpassed 2019’s full-year volumes, following a spurt of CLO tranche trading when spreads widened out in March.
