Citi blocks firms with errant Revlon payout from debt deals
Firms targeted include Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, according to sources.
CLOs
Apollo’s Rowan makes imprint felt with $11 billion Athene deal
The Athene acquisition completes a process that Rowan – who succeeds Black as CEO no later than July – started in 2009, when he created the annuity business so that it would send vast sums of cash to Apollo for investments
Weekly Wrap: Subprime card issuer breaks ice on 2021 credit-card ABS
Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 26-March 4
By
Glen Fest
Citi’s $900 million mistake prompts banks to seek new safeguards
At least four leveraged loan issuers came to market with deals that included “Revlon clawback language” in credit documents in recent weeks.
Managers ramp up structured-credit vehicles in project finance frenzy
Ares Management is among five issuers to have sponsored CRE CLO transactions so far in 2021; Starwood REIT's collateral advisor has also launched a CDO for project finance and corporate infrastructure loans.
By
Glen Fest
Weekly Wrap: Delinquency markers don’t capture full SASB hotel-loan risk
Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25
By
Glen Fest
Troubled leveraged loans spike due to Covid-19, Fed says
Companies most impacted by the economic crisis have seen their borrowings, including leveraged loans, considered “non-pass,” rise to 29.5% in last year’s third quarter from 13.5% in the same period a year earlier.
CLO activity hits record in Europe on deluge of refi deals
Just over 12 billion euros ($14.6 billion) of new issue, refi and reset paper has priced so far this year, surpassing a previous high of 7.3 billion euros in the first two months of 2018.
Private debt veteran Larsen launches placement agent Briarcliffe
New York-based Briarcliffe will provide fundraising services to existing asset managers looking to raise as much as $1.5 billion
Wall Street is inflation-proofing its debt-market portfolios
Firms are moving money into loans and notes that offer floating interest rates. Unlike the fixed payments on most conventional bonds, those on floating-rate debt go up as benchmark rates do, helping preserve their value.
Weekly Wrap: SoCal Edison revives recovery bonds for wildfire mitigation
Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 12-18
By
Glen Fest
Pioneering CLO targeting UN development goals launches in Europe
Neuberger Berman’s new CLO will map credits to UN targets that aim to drive international progress toward action on climate, equality and poverty by 2030.
Weekly Wrap: A tough year ahead for leisure, entertainment borrowers
Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 5-11
By
Glen Fest
CLO resurgence extends into February as a dozen deals line up
The rise in sales comes as risk premiums for new transactions have tightened to pre-pandemic levels, marking a stark turnaround in a sector with heavy exposure to company bankruptcies caused by the lockdowns.
Weekly Wrap: CMBS special-servicing rates fall again
Deals, trends and research in structured finance and asset-backed securities for the week of Jan.29-Feb. 4
By
Glen Fest
Pre-packaged bankruptcy trend may accelerate in 2021
A consensual deal cuts legal costs and hastens a Chapter 11 exit, but plans block possible restructuring proposals that can curb cash payouts to lower-ranking creditors.
The Reddit army bailout: desperate companies get new lifelines
AMC and American Airlines took advantage of surprise stock-price surges to cash out shares and raise liquidity for possible debt reduction — a massive stroke of good fortune for the companies as well as their creditors.
Weekly Wrap: What’s driving higher auto ABS recovery rates?
Deals, trends and research in structured finance and asset-backed securities for the week of Jan.22-28
By
Glen Fest
Real estate faces ‘existential crisis’ in retail, hospitality, office
Cheap funding costs have extended a lifeline to many troubled companies, slowing the pace of U.S. bankruptcy filings, but shops, offices and hotels have been particularly vulnerable to the pandemic this month.
Blazing start for CLO market issuance already spurs talk of record-pace volume
About $16 billion across 43 deals in both new-issue and refinancing has prompted analysts into making early revisions to raise their initial volume forecasts.
By
Glen Fest
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