S&P: CLO ‘CCC’ buckets fall to lowest post-COVID levels
The ratings agency reported that the average percentage share of triple-C rated loans in CLO portfolios fell below 10% for the first time since March.
By
Glen Fest
CLOs
Ratings shopping never died in CMBS market now facing crisis
Kroll's $2 million settlement with the SEC over failing to adhere to credit-rating standards for CMBS and CLO bonds are fueling concerns that rosy credit grades are masking deeper structural problems with the securities exposed by COVID-19 related stresses, say critics.
Wells: 3Q U.S. CLO issuance tops year-ago levels
The quarterly numbers were boosted by $11.3 billion in new deals last month, the most active month for CLOs since April 2019.
By
Glen Fest
JPMorgan reduces HY/loan default forecast for year-end 2020
Credit research analysts cite a "significant" drop in defaults since the 2Q and improving macroeconomic indicators.
By
Glen Fest
‘Negative’ forward calendar presents challenges for CLO issuers
Spreads and investor demand make conditions ripe for a surge in CLO deals before the election, but a strain on loan supply may complicate the picture.
By
John Hintze
CLOs fight back against hedge fund efforts to siphon value
Brigade Capital Management, Blackstone Group Inc., CIFC Asset Management and Bardin Hill Investment Partners are among the firms looking to change the terms of the CLOs they oversee to put them on better footing when companies they’ve lent to can’t meet their obligations. Collateral managers are often handcuffed in distressed situations due to strict checks on the risks they can take.
Truist sells legacy SunTrust CRE loan servicing platform
The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.
By
Glen Fest
Dan Fuss shuns CLOs in his funds as Fed can’t save everything
“The Fed has made it clear that they don’t want a liquidity problem in the Treasury market or the higher-grade corporate market,” Fuss said. “They cannot, unfortunately, underwrite lending in the private markets.”
Private equity using loans for payouts at fastest pace in years
Private equity firms are hitting the U.S. leveraged loan market at the fastest pace in years to fund shareholder payouts with about $8.6 billion of dividend recapitalization deals launched this month.
Weekly Wrap: Fewer college football crowds mean more hotel woes
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17
By
Glen Fest
Pandemic borrowing seen driving the next bankruptcy surge in 2021
After a boom in corporate distress when economies shut down to deal with the pandemic, 2020 had been expected to be the biggest bankruptcy year ever. The pace of bankruptcies was widely expected to pick up after last month, which was slower than May-July, but still the worst August on record.
Weekly Wrap: TALF funds largely absent from ABS dealmaking
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 4-10
By
Glen Fest
KKR Looks to boost private credit bets in asset-based financing
KKR & Co. is looking to grow its asset-based private lending business to capitalize on a retreat by banks and more traditional market participants in the wake of the coronavirus pandemic that has led to mis-priced risk.
Opinion: First ETF for CLOs is ultra-safe. No, seriously.
The debut fund chose an unmistakable ticker (AAA) to market the relative safety of the CLO that is often unfairly attributed with the risks of the pre-crisis CDO.
Lenders flowing back into CRE CLO market
A three-month drought in CRE CLO issuance came to an end this week with new deals from Exantas and A10 Capital.
By
Glen Fest
Weekly Wrap: Qualifying what ‘QM’ means
Deals, trends and research in structured finance and asset-backed securities for the week of Aug. 28-Sept.3
By
Glen Fest
Weakest junk companies struggle to sell debt, fueling defaults
This year has already seen a glut of corporate failures: there were 177 U.S. bankruptcy filings year-to-date by companies with over $50 million in liabilities, according to data compiled by Bloomberg
‘Fallen angels’ target of trending fixed-income strategy
There’s been a flurry of interest in so-called fallen angels recently as investors seek alternatives to the ultra-low yields on high-grade debt.
Apollo’s MidCap sponsors $292M ABS pool of life-science industry loans
The transaction is the first in two years for MidCap, which provides startup and expansion financing for biosciences/healthcare and technology firms backed by VC and private equity.
By
Glen Fest
Mass offshore oil-servicer failures imperil $30 billion of debt
The industry’s turmoil, including 'strategic options' being pursued by corporate debt obligors like Transocean and Seadrill, has sparked the biggest wave of restructurings since 2017, when the effects of the last oil price downturn reverberated through the industry.
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