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Investment Management Corp. of Ontario is investing $400 million to a customized portfolio, with the goal of capitalizing on Are’s all-weather approach, taking advantage of opportunistic dislocations and market inefficiencies. The remaining $100 million will be allocated to the flagship Ares Pathfinder fund.
Deals, trends and research in structured finance and asset-backed securities for the week of May 14-20
It’s become nearly impossible to find yield amid the ongoing spread compression across credit markets. One of the last harbors for value, securitized debt, still offers upside in some specific areas, though returns are quickly diminishing. Some investment-grade slices of commercial and residential mortgage-backed securities, as well as collateralized loan obligations, are still cheap to […]
A lack of consensus regarding the eventual replacement for the London interbank offered rate could cause turbulence for CLOs in the fourth quarter, according Bank of America Corp. The benchmark is widely used across the sector and set to go away by June 2023 at the latest.
Deals, trends and research in structured finance and asset-backed securities for the week of May 7-13
Flatt said the combination of strong markets and asset sales means there’s enough capital on hand for its planned $6.5 billion privatization of Brookfield Property Partners LP, and the repurchase of its own shares, to soak up some of the new equity being issued in the transaction.
More opportunistic borrowers may come as investors continue to pour money into U.S. leveraged loan funds, which have seen the longest positive streak since 19 weeks between February and June 2018.
Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6
The existential challenge distressed debt investors face may not be new after a decade of easy-money policies that encouraged companies to refinance debt at reduced costs. But the swift rebound from the depths of the pandemic has taken many by surprise.
The difference between yields on investment-grade debt and junk bonds doesn’t bode well. It’s a sign that leverage in the system is rising.
Outstanding middle-market U.S. collateralized loan obligations in the first quarter had a significantly reduced concentration of near-default loans being held in portfolios compared to year-end 2020
In his annual letter to CEOs in January, he stressed the need for companies to respond to racial injustice, economic inequality and environmental degradation — all issues traditionally left to government.
Both agencies cited the increasingly sunny economic outlook driven by the reach of COVID-19 vaccination efforts.
Demand is booming this year for securitized debt, as sales have not only recovered following last year’s Covid-induced dip, but are even eclipsing the pace of previous strong years. Sales of new CLOs, for example, are up an astounding 152% compared to the same time last year, and that’s not even including what some are […]
Strong growth, continued low-cost borrowing and an oil rally are all contributing to a friendly backdrop for high-yield issuance.
Managers expect to be holding portfolios of loans priced to potentially different benchmarks, which could present a major challenge in trading assets and re-calculating note coupons currently tied to the outgoing reference rate.
STWD 2021-FL2 is pricing a $1.27 billion managed commercial real estate commercial loan obligation that allows the issuer to reinvest principal proceeds.
Deals, trends and research in structured finance and asset-backed securities for the week of April 9-16
Fewer obligors with troubled loans improved default exposure for managers of broadly syndicated CLOs, and provided deeper cushions for overcollateralization tests.
United follows in the footsteps of recent deals by Michaels Cos. and Triton Water Holdings Inc. that favored loans over bonds.
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