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Ratings agencies have argued recently that the population of loans whose ratings fall below the lowest single-B rating – the lowest rung above the highly speculative triple-C ratings layers – will grow significantly in an economic downturn.
Modifiable and splittable/combinable tranches are part of a new feature emerging in the CLO market which is intended to partially set off the negative impact to holders of CLO debt associated with the call feature.
CBAM Partners announced the hiring away from AXA Investment Managers an executive with significant experience in the CLO and European debt markets to assist in the launch of its European credit strategies business.
Managers appear to be increasingly safeguarding portfolios from a potential downturn by dumping distressed assets.
EJF Capital is launching its seventh securitization of subordinated bank debt, via a CDO vehicle that allows smaller banks to raise capital more cheaply and efficiently for regulatory purposes.
The manager will have four years to actively buy and trade loan assets in THL Credit Lake Shore MM CLO II, compared to two in THL's debut deal from March.
The $435.5 million Crown Point CLO 8 is a broadly syndicated collateralized loan obligation that has a “significantly below average” WARF of 2678, indicating a portfolio with a greater share of safer leveraged loans than other CLOs.
Nassau Financial Group is following the lead of a Singapore sovereign wealth fund into the fledgling asset-backed securities class of private-equity bonds.
Assured Guaranty will pay $160 million to buy out majority shareholder Affiliated Managers Group Inc. and the founders. The insurer will also invest an additional $590 million in the firm and its funds.
Newly promoted partner Timothy Milton is co-portfolio manager for the Vibrant CLO platform, while veteran portfolio manager Eduardo Cabral joins as managing director.
Moody’s said the Fed’s cuts – the first in a decade by the central bank – will boost real estate and consumer ABS collateral by helping lenders uphold underwriting standards and provide affordable debt options to borrowers.
The 14 deals priced the week of July 22 included 10-year deals that have bought 2019 volume to $73 billion, or just shy of the comparable $75 billion mark in 2018, which had record total volume of $129 billion.
CLO manager ZAIS Group acted as adviser on the transaction as part of its recent push into ESG and impact investing via the securitization markets.
The initial public offering of 1.2 million shares of Eagle Point Income Co. raised $23.1 million.
Peter Antoszyk and David Hillman, co-heads of Proskauer Rose LLP’s private credit restructuring group, think the dry powder that investors have access to will help ease restructurings.
The U.S collateralized loan obligation market largely bid farewell to its biggest buyer earlier this year. Now Japan’s Norinchukin Bank is back.
The global structured credit investment firm is pricing its first European deal since opening a London branch last year. It announced the hiring of its first UK-based analyst team Tuesday.
The concentration of loans and CLOs in a small number of banks "may result in pockets of vulnerability," the report stated.
The $354.9 million Battery Park CLO Ltd. is a broadly syndicated loan portfolio that is the first “CLO 2.0” deal sponsored by Goldman Sachs Asset Management (GSAM).
Revisions to S&P's CLO ratings methadology and Kroll's launch into rating European CLOs could challenge Moody's as the first choice for managers across the pond.
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