Hotel bankruptcy filings rise amid virus spike
More may be on the horizon as lenders lose patience with defaulting property owners.
CLOs
Credit funds from Apollo to Diameter tally big gains in 2020
Distressed debt funds on average gained 11.4%, according to Hedge Fund Research Inc., compared to the riskiest corporate bonds rising 2.3%.
2021 Outlook: CLO resiliency buoys post-2020 market optimism
Although returns may be lower than in recent years, CLO securities (particularly the senior-rated tranches) remain very attractive compared to alternative investments.
By
John Hintze
Pandemic spurs most bankruptcy filings since 2009
Energy, retail and consumer services companies led a total of 244 filings, according to data compiled by Bloomberg.
Bausch Health, a top CLO obligor, accelerates senior loan paydowns
Bausch, formerly Valeant Pharmaceuticals, has paid down more than $24 billion of the $32 billion in leverage it owed five years ago from a debt-driven acquisition spree — which ended after a drug-pricing scandal.
By
Glen Fest
Private equity turns to $3 trillion in untapped value for loans
The buyout industry has about $3 trillion of unrealized value on its books, according to Preqin. And it’s tapping that to land loans for bolt-on deals, to refinance debt or bail out struggling companies in their portfolios.
Weekly Wrap: GAO sees no systemic risk with CLOs
Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 18-23
2021 Outlook: What lies ahead for Libor transition
The likely extension of support of Libor until June 30, 2023 is a major plus for the securitization market, fending off potential market disruption the buying and trading of $1.8 trillion in outstanding asset-backed securities because of the planned cessation of the benchmark rate by the end of 2021.
By
John Hintze
Weekly Wrap: Pessimism mounts in subprime auto outlook
Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 11-17
Fast-tracked bankruptcies leave some creditors in the dark
Investment firms and hedge funds are increasingly engineering bankruptcy loans and side deals to take control of Chapter 11 reorganizations from the outset, locking in rich rewards for themselves while potentially locking out rivals and lower-ranking creditors with little transparency. The trend is sure to speed up cases, but it also forces judges to make quick decisions that may shortchange some valid claims.
Distressed investing’s ‘wall of money’ eyes 2021 opportunities
Promising vaccines may not reach the general public fast enough to save a number of struggling companies next year, and workout professionals and distressed investors are expecting smaller private companies will search for cash in 2021. They’re also anticipating that businesses of all sizes may struggle to adjust to changing consumer habits in a post-pandemic world.
CLOs rally as market dodges the worst of virus wrath
Risk premiums for new transactions, which package and sell leveraged loans into tranches of varying risk and potential return, have tightened to pre-pandemic levels and Wall Street predicts a rise in sales in 2021.
By
Glen Fest
Weekly Wrap: SF volume down 24% from 2019 pace after slow November
Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 28-Dec. 3
By
Glen Fest
Blackstone buys $7.5 billion credit manager for quant prowess
DCI, which oversees about $7.5 billion in assets, will become a part of Blackstone’s $135 billion GSO operation, which was recently rechristened Blackstone Credit.
Dinan’s York exits hedge funds for private debt, CLOs
York Capital Management told its investors this week that it was all but getting out of the hedge-fund business to focus on its $8.5 billion in longer-term products.
U.S. bankruptcy tracker: March of the zombies is coming soon
U.S. bankruptcy filings have slowed nearly to a halt, but they’re expected to pick up next year, led by companies that piled on debt to survive this year’s pandemic and election-related volatility.
Brigade Capital refinances notes to boost tranche ratings
CLO manager Brigade Capital Management has refinanced several tranches of notes to improve the spreads and boost the tranches' ratings.
By
John Hintze
Owl Rock beefs up on capital to pursue middle-market tech deals
Owl Rock Technology Advisors, the same team supporting other Owl Rock CLOs, has launched an inaugural middle market CLO that is continuing the CLO manager's tradition of spreading underwriting responsibilities among a variety of banks.
By
John Hintze
Virus shatters retail holiday hopes, could lead to more bankruptcies
A spike in coronavirus infections through the U.S. holiday shopping season could trigger more bankruptcies from retailers, even after the biggest surge in Chapter 11 filings on record this year.
Fed warns assets face big declines if virus goes unchecked
Signs of weakness are showing in commercial real estate where property values have begun falling. The report also said that hedge fund leverage has remained elevated and that life insurers are reaching debt levels not seen since the 2008 financial crisis
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