Oaktree planning new distressed fund to catch bad debt surge
Oaktree Capital Management LLC is planning a new distressed debt fund as recent credit market turmoil throws up investment opportunities.
CDOs
Leveraged loan prices suffer worst setback on record
While collapsing market prices do not present immediate worries for CLO managers, the prospect of future downgrades and defaults becomes more problematic.
By
Glen Fest
PGIM to avoid buyout finance in big bet on direct lending market
Asset manager PGIM Inc. is looking to at least triple its investments in the growing direct lending market where it wants to compete with banks to fund mid-size companies outside of the buyout space.
Lippmann’s LibreMax takes ESG mission to skeptical CLO market
LibreMax Capital is launching its first ESG-compliant deal through its CLO firm Trimaran Advisors LLC.
Volcker proposal adds legal safe harbor for CLOs
A proposed change could resurrect bond buckets, but loan industry observers also point to "covered fund" changes shielding loans from a potentially disruptive court decision.
Seix sponsors first 2020 CLO with $406.4M loan portfolio
The BSL CLO will have two-year noncall and five-year reinvestment periods, and brings Seix' total CLO AUM to $3.8 billion.
By
Glen Fest
Simmering skepticism for 2020 CLO market issuance, spread environment
Rising leverage levels and prevalence of cov-lite loans raise concerns despite ongoing macroeconomic growth signs.
By
John Hintze
Opinion: Wary of CLOs? Global regulator makes it worse
The Financial Stability Board's report, released on Thursday, falls short of any lofty expectations to clarify risks within leveraged loans and CLOs. If anything, it may only amplify the paranoia around the asset class.
HalseyPoint launches debut $458.9M CLO deal
The $458.87 million HalseyPoint CLO1, via JPMorgan, is the first deal by the firm that was launched in May 2018 by two former Columbia Asset Management portfolio managers.
EJF marketing 10th CDO offering of pre-crisis TruPS
EJF will market $328.9 million in bonds backed by a pool of TruPS, senior notes and surplus notes that have been issued by both rated and unrated community bank institutions and insurance companies.
By
Glen Fest
Fitch projects rising junk-debt downgrades for 2020
Fitch’s list of loans with growing risks of downgrades reached $110 billion in December, up 53% year-to-date.
By
Glen Fest
First Eagle to acquire THL Credit Advisors
First Eagle, with $99 billion AUM, will expand its presence in structured finance-based direct lending to middle-market firms through the acquisition by uniting the two firms’ credit-business platforms, according to a release.
By
Glen Fest
CLO ‘BB’ volatility reflects concerns – and opportunity
While undeterred from the market, CLO investors may be skittish enough over price volatility and quality in loans to be more discerning of which managers' BB notes they'll take on.
By
John Hintze
‘Fake EBITDA’ to worsen next slump, $33 billion debt maven warns
TPG Sixth Street Partners' Alan Waxman warns investors are turning a blind eye to an epidemic of fake corporate earnings projections.
Another yield-starved Japanese bank steps in to buy CLOs
Shizuoka Bank Ltd. plans to step up its search for yield by buying more U.S. collateralized loan obligations, according to its top executive.
Tetragon, a CLO equity buyer, makes a play for debt tranches as well
Tetragon's announcement reveals the firm will complement its equity strategy by also focusing on the debt-note structure of deals, in hopes of gaining returns on the performance lowest-rated mezzanine and subordinate tranches.
By
Glen Fest
Golub Capital adds ‘late-stage’ unicorn lending to ABS platform
According to Kroll, this is the middle-market lender's first securitization of growth-opportunity loans made to venture-capitalized software firms that have yet to develop earnings or substantial assets.
By
Glen Fest
WeWork prefers JPMorgan financing lifeline to rescue by SoftBank
The $5 billion financing package may also include around $1 billion of secured debt that would be sold to investors, as well as about $1.7 billion in letters of credit that would be split among participating banks
MidOcean recruits business development veteran for private equity, credit units
Natalya Michaels, recently of Artisan Partners, will be a managing director with a focus on marketing, investor relations as well as expanding the firm's investor and product base.
By
Glen Fest
Europe’s CLO printing machine enters a negative feedback loop
Collateralized loan obligations in Europe are running low on fuel, prompting some investors to seek greater protection that may slow the market even further.
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