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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 months since the coronavirus outbreak have proven to be an extremely turbulent time for European and US CLOs, bringing a new crisis in corporate credit, rather than in the banking sector as in 2008. Managers in both geographies are working hard to steer their deals through uncharted waters, testing new structures and deal formats. By Tom Brown and Paola Aurisicchio.
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Deutsche gives Toomey position as head of new group — Gimpel leaves Citi, has fintech idea — Moelis hires Whelchel for private capital team
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Securitization is the most mathematical of debt markets, and synthetic securitization its most abstract department. But in a niche within that niche is a small investment firm, for which the market is all about ideas and people. Jon Hay reports.
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Deutsche Bank has hired Mark DeSplinter as managing director and head of US index and single-name credit default swaps (CDS), based in New York. -
MacKay Shields is offering the market minority equity in its new European CLO, in a sign that arbitrage could be improving to a level sufficient to tempt third parties to buy into a deal.
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The Covid-19 crisis continues to test the skills of CLO managers, said speakers at this week’s Leveraged Loan and CLO virtual conference hosted by IMN, with a wider dispersion being seen among managers able to quickly react to loan downgrades and surges in triple-C holdings and deal with failures of overcollateralisation (OC) tests.
