October Busiest Month for CLO Issuance Since June 2015
Issuance of U.S. collateralized loan obligations climbed to $8.4 billion (via 17 deals) in October, the highest monthly figure since June 2015, according to Thomson Reuters LPC.
CDOs
The Battle Begins: Banks Take On Online Lending Rivals
This year, industry heavyweights Goldman Sachs, Wells Fargo and Quicken all burst onto the digital lending scene. These big firms may have been latecomers, but their timing was still good, since they came to market amid rising doubts about many of the online lending sector's early entrants.
CLO Spreads Continue to Tighten Amid Refinance Activity
The risk premium that investors demand for holding CLOs continues to decline as refinancing activity continues to dominate the new issuance, and the trend looks set to continue heading into the final two months of the year.
Investcorp Buys 3i CLO/Asset Business for £222M
Investcorp is buying the debt management business of 3i Group for £222 million (US$270.6 million, giving the Bahrain-based private equity firm with one of the larger cross-border CLO management operations.
CLO Refis Coming “Fast and Furious” as Deadline Approaches
Managers are refinancing at least 13 collateralized loan obligations totaling $9 billion as the deadline to comply with risk retention approaches.
Amherst Pierpont Taps Jefferies Exec To Forge CLO Business
Amherst Pierpont Securities has named former Jefferies executive Erez Biala to form and direct a new collateralized loan obligation trading and origination platform at the fixed-income broker-dealer.
CLO Volume Reaches 15-Month High in September
September was the busiest month for CLO issuance since mid-2015, accoriding to Thomson Reuters L
Banks Test Blockchain for Syndicated Loans with Symbiont, R3
Nine global banks are testing blockchain and smart contract technologies to see if they can improve the syndicated loan market.
Rush To Extend Maturity of CLOs Ahead of Risk Retention
In October, roughly $40 billion collateralized loan obligations will become callable, giving managers with a required payment date only a month in which to refinance before the risk retention requirement kicks in.
August CLO Volume Third Highest of 2016
The monthly total of $5.9 billion in new collateralized loan obligation issuance in August made slight gains over Julys output, but year-to-date issuance remains sharply off 2015s pace.
CLO Spreads Tighten Despite Rising Issuance
High investor demand for collateralized loan obligation paper is squeezing spreads to their tightest levels in more than a year, even as improving monthly CLO issuance has reached its highest level of 2016.
Securitization Head Retiring from NewStar
Mid-market commercial direct lender Newstar Financial is losing one of its founding members and a key figure in establishing its multi-faceted securitization platform with the announced retirement of treasurer and asset management head John Frishkopf.
Rising Libor a “Double-Sided” Issue for CLO Investors
The recent and ongoing upheaval in Libor rates is producing divergent outlooks on debt and equity positions in CLOs, says the Loan Syndications and Trading Association.
“Skin in Game” Rule a Boon for New Breed of CLO Manager
Rules requiring CLO managers to keep skin in the game of their deals has taken a toll on smaller firms. But the resulting thinning of the ranks has created room for some new players that are better capitalized, including insurance companies.
LSTA Finalizes Rule to Speed Loan Trade Settlement
The Loan Syndications and Trading Association has finalized a rule designed to speed up settlement of leveraged loans.
Energy Lenders’ Woes Are Far from Over
Despite the recent recovery in oil prices, troubles facing energy lenders are far from over. And that could impact all kinds of lending in energy production areas — not just loans to highly leveraged oil companies.
S&P: CLO Upgrade Ratio Still Healthy, but Pressure Mounts
The rating agency in the second quarter upgraded 149 tranches of senior, mezzanine or subordinate notes across 49 CLOs. By comparison, it downgraded just 13 tranches of six CLOs.
Allen & Overy Adds 5 Partners to Leveraged Finance Practice
Allen & Overy has added a team of five partners specialized in leveraged financings to its New York office.
Energy Sector Trips Up Shared National Credits
Despite efforts by regulators and banks to improve underwriting of commercial leveraged loans, the number of troubled large syndicated credits jumped again this year, according to a report released Friday by federal regulators.
Here’s a Rare Sight: A $333M TruPs Securitization
EJF Capital is marketing $333.75 million of notes backed by trust preferred securities issued by banks and insurance companies.
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