Sound Point has set a new standard for the European CLO market by bringing a deal to market with a five year reinvestment period, a structure common in the US but largely absent in euros, even pre-pandemic. The deal also saw a healthy spread of equity demand, GlobalCapital understands, underlining the potential for strong supply even from those managers without captive vehicles to hold their subordinated notes.
Companies unveiled three dividend recap deals this week in a sign that the leveraged loan market remains well bid, thanks to strong CLO formation and a technical shortage of paper so far this year.
By Owen Sanderson
10 Mar 2021
Barclays has appointed a former C-suite executive to run private side activities in its asset-backed finance group, following the departure of Cecile Hillary to become deputy treasurer at Lloyds Banking Group. Steven Penketh, who was chief operating officer of Barclays International, will become head of securitized products solutions for Europe and the Middle East, reporting to Scott Eichel, global head of securitized products. Although Penketh has worked in treasury and the C-suite for more than a decade, he came
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