Bayview Opportunity Master Fund offers $143.3 million in motor vehicle CDOs
The underlying transactions pay on a pro-rata basis, but that can switch to sequential pay if performance triggers, which can be addressed, are breached.
CDOs
SEC re-proposes rule to prohibit conflicts of interests in ABS
The regulator's proposal adds to measures already in place—net short positions—but critics worry that overzealous application could dampen the market.
By
John Hintze
Does this CDO come in green? with ESG everywhere, buyers beware
Over the next three decades it will cost about $100 trillion to meet net-zero emissions goals, not to mention the funds needed to address other environmental and social problems.
Bausch Health, a top CLO obligor, accelerates senior loan paydowns
Bausch, formerly Valeant Pharmaceuticals, has paid down more than $24 billion of the $32 billion in leverage it owed five years ago from a debt-driven acquisition spree — which ended after a drug-pricing scandal.
By
Glen Fest
EJF Capital returns with second TruPS CDO for 2020
The $175.9 million securitization of legacy trust-preferred securities issued by community banks prior to 2007 carries a double-A rating from Moody's.
By
Glen Fest
The sustainable debt market has become unsustainable
The European Union's first social bond sale, totaling 17 billion euros, was 14 times oversubscribed, meaning the EU could have sold 200 billion euros worth of bonds. That indicates a market that’s structurally underserved.
Opinion: Junk bonds won’t save everybody from going bust
investors need to remember that speculative-grade companies aren’t immune from going bust, no matter how wide open the debt markets might be.
Blackstone sponsoring first CRE CLO since January
Blackstone Group is sponsoring a $1 billion commercial real estate CLO transaction, backed by a portfolio of pari passu participations in commercial mortgages for primarily lower-grade office, mixed-use and hotel properties.
By
Glen Fest
Libor law is adrift in Albany and Wall Street is getting nervous
A New York-state proposal to shift trillions of dollars in securities contracts from Libor- to SOFR-based benchmarks is gathering dust. That worries bankers and investors on on how to proceed with the next steps toward a replacement rate as Libor's post-2021 expiration grows nearer.
Oaktree deal crushed a leveraged loan and exposed market’s woes
Money managers bargained away legal rights in exchange for higher returns in an ultra-low interest rate environment. Now they find themselves with precious little protection for their investments just as the pandemic is causing a wave of corporate bankruptcies across the country.
S&P: CLO ‘CCC’ buckets fall to lowest post-COVID levels
The ratings agency reported that the average percentage share of triple-C rated loans in CLO portfolios fell below 10% for the first time since March.
By
Glen Fest
Wells: 3Q U.S. CLO issuance tops year-ago levels
The quarterly numbers were boosted by $11.3 billion in new deals last month, the most active month for CLOs since April 2019.
By
Glen Fest
JPMorgan reduces HY/loan default forecast for year-end 2020
Credit research analysts cite a "significant" drop in defaults since the 2Q and improving macroeconomic indicators.
By
Glen Fest
‘Negative’ forward calendar presents challenges for CLO issuers
Spreads and investor demand make conditions ripe for a surge in CLO deals before the election, but a strain on loan supply may complicate the picture.
By
John Hintze
CLOs fight back against hedge fund efforts to siphon value
Brigade Capital Management, Blackstone Group Inc., CIFC Asset Management and Bardin Hill Investment Partners are among the firms looking to change the terms of the CLOs they oversee to put them on better footing when companies they’ve lent to can’t meet their obligations. Collateral managers are often handcuffed in distressed situations due to strict checks on the risks they can take.
Truist sells legacy SunTrust CRE loan servicing platform
The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.
By
Glen Fest
Dan Fuss shuns CLOs in his funds as Fed can’t save everything
“The Fed has made it clear that they don’t want a liquidity problem in the Treasury market or the higher-grade corporate market,” Fuss said. “They cannot, unfortunately, underwrite lending in the private markets.”
Private equity using loans for payouts at fastest pace in years
Private equity firms are hitting the U.S. leveraged loan market at the fastest pace in years to fund shareholder payouts with about $8.6 billion of dividend recapitalization deals launched this month.
Weekly Wrap: Fewer college football crowds mean more hotel woes
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17
By
Glen Fest
Pandemic borrowing seen driving the next bankruptcy surge in 2021
After a boom in corporate distress when economies shut down to deal with the pandemic, 2020 had been expected to be the biggest bankruptcy year ever. The pace of bankruptcies was widely expected to pick up after last month, which was slower than May-July, but still the worst August on record.
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