Moody’s Puts U.S. CLO Pipeline at $3.8B
In the week ended March 22, Moody’s Investors Service assigned new provisional or definitive ratings to seven collateralized loan obligations totalling $3.8 billion.
CDOs
Fitch: Downgrades Still Outpaced Upgrades in ‘12
The catalysts were changes in the models used by Fitch, adverse selection in older mortgage pools, and the sovereign crisis in Europe.
Barclays: FDIC Rule Change Spurring CLO Issuance
A deposit-insurance rule change that takes effect April 1 has been spurring issuance of collateralized loan obligations, according to Barclays.
FDIC Might Push Banks into Riskier CLO Tranches
Banks are expected to start buying riskier portions of collateralized loan obligations in response to a deposit-insurance rule change that takes effect next month.
Pinebridge Investments Closes on Upsized CLO
Pinebridge Investments said today it closed its first collateralized loan obligation of 2013 after upsizing the deal to $598 million.
Moody’s: Country Crisis Risk Ups Need for Deal Cushions
Moody’s Investors Service has changed how it incorporates sovereign risk into structured finance transactions. The tweaked approach will inevitably result in some ratings downgrades. “The biggest impact will be in Europe, where the local currency ceilings have moved,” said Neal Shah, managing director at Moody’s. “And if we see material developments across the globe we’ll have to consider […]
RBS Arranging $400M CLO for Denali Capital
RBS Securities is arranging a $400 million collateralized loan obligation for Denali Capital LLC, according to a presale report from Moody’s Investors Service.
CLO Senior Noteholders Pushing Back
Senior CLO noteholders awake to the strong possibility that recent vintage deals could be called, and are taking steps to mitigate the risk, according to analysts at the Royal Bank of Scotland.
Ares’ Latest CLO Has Unusual Risk: Loan Participation
Ares Capital is preparing a collaterlize loan obligation that will acquire 70% of its intitial portfolio through a participation agreement with one of the firm's other funds.
JPMorgan Marketing $399M CLO for Greywolf
JP Morgan Securities is marketing a $399 million collateralized loan obligation for Greywolf Capital Management, the firm's first deal since the financial crisis.
BofA Merrill: New Basel Rules Would Hurt ABS
Analysts at Bank of America Merrill Lynch have a beef with new rules from the Basel Committee on Banking Supervision (BCBS) that spell out how much regulatory capital needs to be set aside for securitizations.
Multiple Board Members Resign From ASF
As many as 20 board members have resigned from the American Securitization Forum in a dispute over control of the trade group.
Moody’s: Cairn CLO Limits Credit Risk
Europe's first collateralized loan obligation after the financial crisis, called Cairn CLO III B.V., has features that are common in U.S. CLOs issued over the past two years that limit credit risk, according to a Moody's Investors Service.
Calling All (Eligible) CLOs
Spreads in the primary market have tightened so much that equity holders are calling collateralized loan obligations issued as recently as 2011 in order to fund new deals more cheaply.
Calling All (Eligible) CLOs
Spreads in the primary market have tightened so much that equity holders are calling collateralized loan obligations issued as recently as 2011 in order to fund new deals more cheaply.
3i Closes on $500M Jamestown CLO II
3i Group plc has closed on a $500 million deal dubbed Jamestown CLO II; it is a refinancing of the $400 million Fraser Sullivan CLO V.
Wells Marketing $516M CLO for Octagon
Wells Fargo Securities is marketing a $516 million collateralized loan obligation for Octagon Credit Investors, according to a presale report published by Standard & Poor’s.
Europe to See First CLO Since Financial Crisis
It’s been a long time coming, but Europe is about to see its first collateralized loan obligation since the financial crisis, a €300 million deal from Cairn Capital.
Columbia, Carlyle Price CLOs in Line with Guidance
Columbia Management and the Carlyle Group both priced collateralized loan obligations this week in line with initial guidance; the senior tranches of both deals had spreads of Libor plus 130 basis points.
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