Real estate data firm CoreLogic to sell $4 billion buyout loan
CoreLogic, known in the real estate industry for its home-price indexes, plans to sell a $4 billion offering to help finance its buyout by Stone Point Capital and Insight Capital.
Commercial lending
Biggest CLO buyers plot return, joining BofA and Pimco in market
Many of the biggest whales in collateralized loan obligations are returning to the $900 billion market after spending much of last year on the sidelines, a shift that could make one of Wall Street’s biggest credit machines run even hotter.
Weekly Wrap: Toyota returns to auto-lease securitization after ‘long hiatus’
Deals, trends and research in structured finance and asset-backed securities for the week of April 2-8
By
Glen Fest
Solar financier Loanpal plans IPO as soon as this year
Loanpal, a provider of residential-solar loans in the U.S., is planning an initial public offering this year that could value the company at more than $10 billion, according to people with knowledge of the matter.
U.S. bankruptcy tracker: First quarter was busier than average
Bankruptcy courts saw a greater-than-average number of filings in the first quarter, though a year-on-year decline highlights the impact of cheap cash flowing to troubled borrowers.
With $1 trillion of distress gone, debt pickers find scraps
For investment firms that profit by buying the debt of troubled companies, it looked like the opportunity of a lifetime: a $1 trillion pile of distressed bonds and loans in the Americas alone as the pandemic sent markets into meltdown last March. But after a massive federal bailout and rock-bottom interest rates kept even some […]
Buyout barons push M&A loans to $70 billion as demand surges
The leveraged loan market has long been the favored financing source for private equity firms looking to juice returns on corporate takeovers and to reward themselves with payouts before selling their acquisitions.
Onex Credit co-CEO Kovensky steps down at firm he co-founded
Kovensky, whose departure from the posts is effective April 1, will stay on as a board member at the $17 billion credit management division of Onex Corp. Co-CEO Jason New will become head of credit as part of the transition, while Peter Zaltz will become chief investment officer.
Yellen’s priorities at FSOC: Climate risk, hedge funds, bond market
Yellen announced she has revived a hedge fund working group so agencies can “share data, identify risks and work to strengthen our financial system."
Santander eyes expansion in leveraged finance, ESG-linked debt
The Spanish bank is broadening its lending to speculative-rated borrowers from its traditional focus on high-grade debt, Noya said in an interview. It’s been building a team to get more high-yield mandates in Europe and the U.S.
Mortgage debt trumps corporates this year, Pretium CEO says
Don Mullen, founder and chief executive officer of Pretium Partners, says that corporate debt could underperform mortgages this year, with fewer defaults likely for real estate loans and higher recoveries for mortgage-backed instruments.
U.S. firms pay penalties to refinance as inflation fears loom
U.S. companies including Hilton and Avis are so anxious to lock in low borrowing costs now, before inflation fears push yields even higher or close the market altogether, that they’re paying millions of dollars in penalties to refinance debt early.
SOFR benchmark making inroads with private-label MBS
A PIMCO-sponsored HELOC securitzation, as well as a mortgage-insurance linked transaction, are the latest examples of issuers getting a head start on switching to an expected replacement benchmark for Libor.
By
Glen Fest
Tesla launches largest-ever lease ABS on heels of first profitable year
The $1.18 billion deal is also the first to include Tesla’s mid-range Model Y vehicle (with an MSRP of $54, 119) that makes up 36% of the securitized value of the TALT 2021-A pool, according to a presale report from Moody’s Investors Service.
By
Glen Fest
How aviation lending took this Midwestern bank to Ireland
UMB Financial’s success in aviation financing has boosted fee income, and the Missouri company has opened an office in Dublin — a hub for airplane sales and leases that could get busier as the airline industry restructures.
Weekly Wrap: Will ABS factor into a merged AerCap-GECAS?
Deals, trends and research in structured finance and asset-backed securities for the week of March 12-18
By
Glen Fest
CLO rally flirts with post-crisis high as risk premiums tighten
The strong showing has prompted managers to bring new deals at favorable terms and refinance and reset existing bonds at cheaper costs, leading market observers to predict a record year for refinancings.
Loans post 9th consecutive week of inflows
CLO new-issue month-to-date volume is at $8.9 billion, keeping pace with a record $15.8 billion total from February
Citi’s punishment of Revlon lenders extends to CLOs, trading
Firms targeted include Brigade Capital Management, HPS Investment Partners, Symphony Asset Management and Bardin Hill Investment Partners, which all have a CLO business that repackages leveraged loans into bonds of differing risks, sources said.
Strong ABS issuance levels bolster projections of MPL’s 2021 comeback
Worried initially that marketplace lenders might falter at the first stage of a crisis, the sector has weathered the COVID-19 storm and now projects to match 2019's record securitization deal volume.
By
John Hintze
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