Biggest buyer of CLOs in Europe wants to get paid more
One of the most active investors in Europe’s CLO market may be about to test the loyalty of the managers that provide it with triple-A paper by asking for a higher spread.
CLOs
Hybrid CDOs are ‘cheapest thing in the entire globe,’ CSAM says
A reincarnated version of collateralized debt obligations, backed by both high-yield bonds and leveraged loans, offers investors some of the best relative-value plays in fixed-income, says a Credit Suisse panelist at IMN's CLO and leveraged loan investors' conference in New York.
Crescent Capital adopts combo note strategy for next CLO
The $403.1 million Atlas Senior Loan Fund XIV will have seven classes of notes, as well as a combination securities tranche that will make up all or portions of three subordinate classes.
By
Glen Fest
System can withstand threat posed by leveraged lending: Powell
Although higher corporate debt could hurt the economy, Federal Reserve Chair Jerome Powell argued changes made since the last crisis will guard against a meltdown.
CLO market faces strain from Japan investor scrutiny, UBS Says
Japanese lawmakers have also begun grilling government ministers on risks tied to CLOs investments by the biggest buyer, Norinchukin Bank, which has been ramping up purchases of the highest-rated securities.
Ostrum taps former Bardin Hill exec to lead U.S. market expansion
Brian T. Yorke's duties will include oversight of a newly launched CLO platform for Ostrum's U.S. advisor affiliate.
CLOs split Wall Street over whether it’s time to buy or bail
The growing debate over CLOs is a key part of fund managers’ efforts to reposition as the Federal Reserve signals its intent to keep interest rates on hold for the foreseeable future.
Investors suing JPMorgan may redefine the leveraged loan, CLO markets
A court victory in favor of plaintiffs could bring chaos to to capital flow for corporates, LSTA argues
From the bottom up: hybrid CLO combination securities trending
CLO managers are again turning to an old tool, the combo note, to attract more investors for deals’ higher-risk equity stakes.
By
Glen Fest
Guardian Life marks 2019 CLO debut in $398M deal
The carrier, through CLO management affiliate Park Avenue Institutional Investors, is bringing total AUM in senior loans to $1.65 billion.
By
Glen Fest
More than Trups: Hildene’s expansion into CLO investments paying off
After a decade of investing in distressed trust-preferred securities CDOs of small and regional banks, Hildene now sees non-distressed CLO equity as an inviting target.
By
Glen Fest
Banks, managers cut fees in dysfunctional Europe CLO market
A strong supply of nearly 10 billion euros ($11.2 billion) masks a market that is requiring arrangers and managers to work for less in order to price deals.
Brisk April CLO activity pushes issuance ahead of record 2018 pace
Five new-issue deals pricing Thursday pushed monthly primary CLO volume to $13.8 billion, with $43 billion year-to-date now 7% ahead of the new-deal output in the first four months of 2018.
Octagon’s fourth CLO of 2019 to be sourced entirely by asset transfers
The $505 million Octagon Investment Partners 20-R will close before the assignment of any underlying loans, according to Moody's.
By
Glen Fest
Can New York state ease benchmark switch for legacy Libor contracts?
An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another.
Sound Point debuts in European CLO issuance with €507.5M deal
The manager's Sound Point Euro CLO 1 Funding DAC is the only deal so far in 2019 to be issued for a first-time issuer in the EU region.
By
Glen Fest
Credit Suisse preps 2nd CLO in 2 months as issuance picks up
The initial portfolio for the $601.7 million deal features high exposure to lower-rated single-B loans, though that will likely drop when it is fully ramped.
By
Glen Fest
Hayfin printing its first U.S. CLO of 2019 in $500M transaction
The transaction is the fourth by the New York-based affiliate of Hayfin Capital Management since its merger with the U.K. asset manager.
By
Glen Fest
Prime Finance Partners returns with 1st CRE CLO since 2017
The $746.2 million PFP 2019-1's biggest exposure by property type is to multifamily, but the single largest asset is a $71 million portion of a mortgage on a Dallas office building.
My way or the highway: BlackRock CLO contains force-sell provision
Investors who do not consent to proposed changes in the terms of the $655.9 million Magnetite XXII must sell their bonds (at full par) to the money manager.
By
Glen Fest
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