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Dasha Sobornova joins from Akin Gump with experience across asset classes
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Demand for riskiest tranches and improved loan supply could support growth in issuance
Dana Point 'no longer the end' of the year as market retains momentum
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Jefferies has taken two more bankers from Citi’s EMEA CLO operation to join former syndicate head Laura Coady in setting up a primary CLO team and overhauling its European securitized products business. -
A growing number of CLO managers are re-entering the primary market, encouraged by demand from investors facing a dearth of new supply in the second half of 2020.
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BlueBay Asset Management issued its debut European CLO on Monday, printing the tightest triple-A rated notes since the market restarted after the coronavirus pandemic began, a clear sign of the improvement in credit conditions. The issuer also opted to place a full capital structure down to single-B rated notes, an approach which many managers have shied away from the since the virus struck.
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Fair Oaks Capital has hired structured finance professional Christos Danias to run marketing in its European CLO group.
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Some CLO managers in Europe are discussing new warehouse lines, paving the way for the CLO primary market to restart after pre-Covid deals are cleared. Counterparts in the US, meanwhile, are riding a wave of optimism that will likely take the market back to pre-pandemic pricing levels over the summer. Owen Sanderson and Paola Aurisicchio report.
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BlueMountain Capital Management is readying a "print and sprint" CLO, joining a handful of managers that have opted for a speedier deal execution in the Covid era.
