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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 percentage of triple-C rated loans held in CLOs has tripled to 12% in the past three months, leading 21% of outstanding deals to fail at least one overcollateralisation test, according to Bank of America.
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The US CLO arm of Swiss private equity firm Partners Group navigated the volatility in leveraged loans this week to price a $301m “print and sprint” CLO.
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MUFG announced on Friday that is has hired Marc Lavine and Diane Wright as directors in the Japanese bank's leveraged finance sales group in New York.
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May opened up with another round of negative ratings actions for CLOs, with junior tranches coming under pressure as the number of leveraged loan downgrades climbs.
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As Western societies begin to contemplate life returning to some semblance of normality, the financial industry is working out how best to balance the understandable desire to get back to how things were before the crisis with the very real threat of a new and more deadly wave of coronavirus brought on by a mass-return to offices. GlobalCapital’s Silas Brown spoke with Peter Openshaw, a specialist in immunology and virology and professor of experimental medicine at Imperial College, about the transmission of Covid-19 and how banks, investors and companies can reduce the risk of infection.
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Alecta, a Swedish pension fund manager, has announced it will be working alongside Dutch healthcare pension fund PGGM in the risk transfer market, taking 30% of deals PGGM invests in.