European CLOs asking investors for more time
A wave of corporate loan refinancings is putting collateralized loan obligations afoul of a covenant designed to safeguard their own investors.
By
Glen Fest
CDOs
HPS stretches shelf life, and parameters, in $525M CLO refi
HPS Investment Partners is adding a new name to one of its legacy Highbridge CLOs, as well as piling on extensive changes to note structure, deal terms and restrictions on some higher-risk assets.
By
Glen Fest
CLO refi/reset activity falls again in September
Just $7.6 billion of deals were refinanced or reset in September, bringing the total for the third quarter to $27.2 billion, far short of the pace of the first half, when approximately $138 billion was reworked.
By
Glen Fest
EJF Capital readies another $353M TruPs CDO
Unlike the sponsor's previous transaction, which recycled collateral issued pre-crisis, this one includes newly issued securities intended to help small banks and insurance companies raise capital.
Deutsche marketing $431.3M CDO of project-finance funding
RREEF America, the real estate investment unit of Deutsche Asset Management, is securitizing an unusual mix of speculative-grade project finance and corporate in a debut $431.3 million collateralized debt obligation.
By
Glen Fest
Pressure building on Eurozone banks to offload NPLs: Fitch
The liquidation of Veneto Banca and Banca Popolare puts increasing pressure on other banks in the Eurozone to reduce their holdings of bad loans, according to Fitch Ratings; it remains to be seen whether securitization will play a significant role.
Boom in leveraged loan refis hitting CLOs hard
CLO managers who accept lower interest payments on loans risk running afoul of deal covenants; but if they take their money back, there are few attractive options for putting it back to work
By
Glen Fest
Bucking trend, KKR CLO 9 refi puts deal in compliance with risk retention
KKR is undertaking a rare refinancing of a 2014-vintage collateralized loan obligation that does take advantage of a one-time exemption from risk retention requirements.
Deal Scan: Mass Issuing $162M Student Loan Bonds
The Massachussetts Educational Financing Authority is issuing $162.23 million of private student loan revenue bonds; Fannie Mae obtains more front-end credit risk transfer; Canadian Tire Bank taps credit card market.
Regulatory Vacancies Hindering Relief from Agency Rules
At an industry conference Thursday, three former banking and capital markets regulators including former U.S. comptroller Eugene Ludwig joined in the chorus of industry voices doubting that any near-term relief from Dodd-Frank rules is on the table.
Debating “shot across bow” to leveraged lending guidance
A recent challenge to the legality of leverage lending guidance could have broad implications for issuers, underwriters and investors in corporate loans. But the end result could be added complexity, rather than a wholesale easing of restrictions
There’s a Downside to Deregulation for CLOs
Much of the discussion at an industry conference in New York Wednesday was devoted to the potential complications that could result from rolling back rules enacted by the previous administration under Dodd-Frank.
Investor Panel Sees No End to Retailers’ Struggles
A panel of retail industry analysts explored how several department store and specialty retailers face hard times in an environment in which sales declines, high leverage and competition from online retailers are pressuring many brick-and-mortar chains' ability to service their speculative-grade debt obligations.
S&P Takes Dim View of Long Reinvestment Periods for CLOs
CLOs are increasingly negotiating with investors for longer reinvestment periods. S&P Global takes a less favorable view of the practice than the other two major rating agencies, Fitch Ratings and Moodys Investors Service.
Dodd-Frank Left a Lot to Regulators’ Discretion. Why that Matters Now
The ability of federal agencies to interpret the Volcker Rule and other provisions of the Dodd-Frank Act could be a positive for advocates of deregulation.
Deal Scan: MidCap’s 2nd CLO of 2017 Tops $1B
Apollo's MidCap Financial Services Capital Management is marketing its second mid-market CLO of the year in the $1.05 billion Woodmont 2017-2 Trust transaction. Also, 3i is refinancing a 2014 Jamestown CLO deal, and the Vermont Student Assistance Corp. issues is latest series of notes backed by private student loan originations.
What Relief from Volcker Rule Could Mean for CLOs
Acting Comptroller of the Currency Keith Noreika is floating the possibility of reinterpreting the Volcker Rule, which compelled collateralized loan obligations to divest high yield bonds, or risk losing their biggest customers – U.S. banks.
Deal Scan: Palmer Square CLO Refi Puts AAA at Double-Digit Spread
Palmer Square refinances 2013 CLO, cutting spread on AAA-rated tranche to below 100 basis points; Dryden refinances 2014 European CLO: Five Guys cooking up $440M Whole Business securitization.
Narrow Spreads, More Plentiful Loans Drive CLO Issuance in April
A combination of attractive financing and more plentiful supply of collateral CLO issuance to $10.2 billion in April. the highest level in nearly two years.
How Risk Retention is Bringing New Capital into CLO Market
Risk retention rules created some big hurdles to creating new collateralized loan obligations. Yet they also opened up new avenues for investing in the market, as many managers serving as fee-for-service agents were compelled to raise the capital necessary to keep skin in the game.
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