Exantas Capital issuing another (slightly less) static CRE CLO
The $687 million XAN 2019-RSO7 has 36 months to fund additional lending against properties in the collateral pool, six months longer than a 2018 transaction.
CLOs
Wriedt takes over CEO post at DFG Investment Advisers
The New York-based CLO management firm also plans to change its name to reflect its parent firm, Vibrant Capital Partners.
By
Glen Fest
Greywolf reissues a 2014 CLO, but pays up with higher spreads
The CLO manager has priced a reissued CLO at spreads signficantly higher than rates paid since a 2017 limited refinancing.
By
Glen Fest
PGIM trims reinvestment period in another CLO refi
Dryden 36 Senior Loan Fund, originally issued in 2014 and previously refinanced in December 2016, is also being upsized, to $712.9 million.
By
Glen Fest
In 1st deal as Eldridge affiliate, Maranon refis middle market CLO
The $410 million Maranon Loan Funding 2019-1 will be backed by assets initially included in a December 2016 transaction.
By
Glen Fest
Libor switch has tax consequences, too. SFIG is asking for relief
The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange.
Busy 1Q as Ares, Golub each issue a 3rd CLO of 2019
Ares' transaction priced at spreads similar to its prior deal in February but wide of its initial 2019 transaction in January; Golub beat the spread of its prior BSL CLO, in February.
By
Glen Fest
Look for more even CLOs with short reinvestment periods
These deals offer clear benefits for managers looking to lower funding costs; a survey from JPMorgan indicates investors have their own reasons for liking them.
By
Glen Fest
THL Credit affiliate readies its debut middle-market CLO
THL Credit is marketing its first middle-market CLO in a $410.5 million portfolio backed by receivables from its direct-lending originations.
By
Glen Fest
Oaktree repacks 2019-1 CLO in new kind of ‘combo’ notes
The $155.7 million secured combo note offering is backed by the full face value of three classes of mezzanine notes plus a majority portion of the residual notes from Oaktree's first CLO of 2019.
By
Glen Fest
CSAM’s 1st CLO of 2019 bests market average for AAA
The $503.3 million Madison Park XXXIV has a 133-basis-point spread for its $294.5 million Class A-1 loan tranche.
By
Glen Fest
JMP Group sells majority interest in CLO unit to Medalist Partners
The boutique investment bank will retain a 45% minority stake in its former credit advisors unit, which was renamed and infused with additional capital by its new parent.
By
Glen Fest
Garrison lowers costs on 4 of 5 tranches in refi of 2016 CLO
The refinancing also extends the reinvestment period of the $410 million Garrison BSL CLO 2016-1 by two years; the deal is non-callable for two years as well.
By
Glen Fest
CIFC founder Gleysteen returns to CLO field with PE vet Lee
Gleysteen's return builds on a recent trend of old-school issuers revving up new CLO platforms
By
Glen Fest
U.S. CLOs get a pass from Japanese risk retention, but at a price
The JFSA published a final rule outlining the hoops U.S. CLO managers will have to jump through if Japanese banks are to avoid a higher risk weighting on their holdings; it remains to be seen how much of a burden this will be.
By
Glen Fest
Crescent’s 1st CLO of 2019 features a la carte senior notes
There are six tranches of AAA rated notes, including fixed-rate, some variable rate, and even a rare tranche of AAA rated loans.
By
Glen Fest
CRE CLOs gain a fifth credit rating agency: Morningstar
DBRS and Kroll Bond Rating Agency also rate commercial real estate collateralized loan obligations, as does Moody’s Investors Service, though Moody’s rates only the senior tranche of deals
Allen & Overy adds another partner in U.S. CLO practice
Nick Robinson, a 15-year Milbank veteran in advising CLO arrangers, managers and investors, joins as a partner in the New York office of the London-based firm.
Bancorp’s next CRE CLO has even higher multifamily exposure
Bancorp 2019-CRE5 contains 46 loans on apartment buildings accounting for 82.4% of the collateral pool; that's up from 78.8% for the sponsor's prior deal.
PGIM shortens reinvestment window in $1B CLO refinancing
PGIM gains a 20 basis-point reduction in the AAA note coupon as it reduces the reinvestment period by six months
By
Glen Fest
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