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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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Clearlake Capital Group has acquired a majority stake in WhiteStar Asset Management, a Dallas-based investment firm specialising in CLOs. -
BlueMountain Capital Management, Benefit Street Partners and Western Asset Management are the latest managers to tap the CLO primary market, bringing new issuance to $14bn since the market reopened in early April.
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Irish insurer Ardonagh has refinanced its whole capital structure and funded the acquisitions of insurance brokers Arachas and Bravo with the largest ever unitranche loan from a group of direct lending funds, plus a $500m syndicated dollar PIK toggle note.
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CLO managers are in talks with banks in hopes of opening new warehouses in the next few weeks, paving the way for post-Covid CLO issuance.
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GoldenTree achieved the lowest senior coupon and the largest post-Covid size for its new CLO on Friday, issuing a €374m deal at 155bp through lead arranger Morgan Stanley. The deal comes as leveraged loan primary supply hots up again, pushing managers to term out their warehouses and get ready to buy in size.
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In the GlobalCapital poll for our 2019 US Securitization Awards, Golub Capital with Morgan Stanley as arranger of the Golub CLO 45(M) deal nabbed 28% of the votes, taking first place among the four deals nominated. Golub Capital has a 15-year track record of managing CLOs and has been the leading middle market CLO issuer by volume for each of the last seven years, according to Creditflux data. This is Golub Capital’s seventh award in the past seven years for recognition in the CLO space.
