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Incentives structure and fewer losses drive commercial real estate collateralized loan obligation issuance over conduit commercial mortgage-backed securities.
Designating the loans as credit risks gave Crescent broader authority to sell them as it shrank the CLO, allowing it to liquidate the remaining portfolio without approval from subordinated noteholders.
The collateral pool includes 26 collateral interests backed by 26 commercial multifamily, industrial, hospitality, self-storage, and student housing properties.
Liability management exercises are driving defaults and complicating recoveries in collateralized loan obligation pools.
The Wall Street heavyweight is in talks to buy Palmer Square Capital Management, the husband-and-wife-run firm that has grown to become one of the biggest issuers of collateralized loan obligations.
The Elliot-backed manager doubles down on research and expertise to confront market challenges, including tight arbitrage and a looming 2028 debt maturity wall.
Palmer Square engaged bankers who have been fielding offers and whittling down a list of potential bidders.
Jones will lead the firm's asset-backed securities (ABS) and collateralized loan obligation (CLO) capital markets efforts, while Rheault will be head of the business' syndicate business.
Suna is the second structured finance partner to join Hogan Lovells Cadwalader in the last month.
Shareholders of XAI Floating Rate & Alternative Income should not support Octagon's removal as the fund's sub-adviser, Egan-Jones said, citing limited benefits to shareholders.
Octagon Credit Investors is sending letters to shareholders urging them to resist efforts to have it removed as the day-to-day manager for the XAI Floating Rate & Alternative Income Trust, a CLO closed-end fund.
First-loss risk prompts Ellington's migration to the mezzanine level, although some secondary-market equity gets thumbs up.
Nearwater Capital alums join competitors to service the financing industry niche, which will include CLOs sold to European investors.
All the loans are interest-only during both their initial and extension terms, but third-party secured overnight financing rate (SOFR) cap agreements provide interest rate protection.
The construction and building sector raises the most concern, but issues should remain manageable.
Hansen will oversee all the firm's finance and operations.
New CLO entrants surge this year, especially in Europe where the arbitrage is attractive.
The market for so-called collateralized fund obligations could top $30 billion of new volume this year, up 50% from last year.
Also, spreads on broadly syndicated loan and middle-market CLOs widened for the second month.
Demands for new data centers account for the surge in financing, while offering portfolio diversity.
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