Invesco replants flag in European CLO market
The global asset manager is sponsoring its first post-crisis CLO in a €409.8 million transaction that priced through Barclays on Monday.
By
Glen Fest
CLOs
Another $1.4B flees leveraged loan funds in final 3 days of 2018
Since Nov. 21, investors have withdrawn a net $14.88B from the loan fund market amid concerns the Fed will limit rate hikes in 2019; the exodus makes loans even more of a buyer's market for CLOs.
By
Glen Fest
Sidley Austin taps Steven Kolyer to boost CRE CLO practice
Steven Kolyer, a 27-year veteran of law firm Clifford Chance, was recruited to build out the burgeoning practice advising lenders and arrangers in bridge-loan CRE financing.
By
Glen Fest
The top stories of 2018
This year saw elation over the rollback of risk retention for CLOs give way to concerns about leveraged lending, the 1st post-crisis downgrade of a subprime auto deal, the 1st AAA for commercial PACE, and much, much more.
SFIG has its own recommended best practices for Libor transition
They differ slightly from those released earlier by the Fed-convened ARRC, including language making it easier to ditch a SOFR-derived benchmark in favor of a new benchmark that has yet to be developed.
By
Glen Fest
Alliant Capital readies a new kind of affordable housing bonds
AFAH Funding is not your typical CRE CLO: It is backed by entirely by long-dated mezzanine interests in multifamily properties that are eligible for low-income housing tax credits.
Spreads on CLO AAAs widen further in December
A Wells Fargo report this week shows that market spreads for the triple-A notes backed by collateralized loan obligation assets are at 128, a level not seen since May 2017.
By
Glen Fest
Ten years gone: AIG brings first post-crisis U.S. CLO to market
The $500 million AIG CLO 2018-1, AIG's first deal since selling off its asset management business in 2010, is priced at 132 basis points over three-month Libor.
By
Glen Fest
UK-based Permira sponsors second green-friendly Euro CLO
The €350 million Providus CLO II is backed exclusively by loans to mid-market firms that meet the private equity firm's sustainability criteria; at closing, 90% of the collateral has been identified.
By
Glen Fest
With just 2 weeks go to, Oaktree refinancing its 1st CLO of 2018
The LA-based manager is pricing the replacement AAA notes of Oaktree EIF III Series 1 inside recent market averages through a limited, brief noncall extension.
By
Glen Fest
Hogan Lovells adds partner in international debt capital markets practice
Stuart Morrissy, a leveraged finance specialist, joins the law firm from the New York office of Milbank, Tweed, Hadley & McCloy.
Deerpath Capital latest middle market lender to issue its first CLO
The $308 million Deepath CLO 2018-1 has an unusually large allowance for riskier triple-C loans of up to 17.5% of the portfolio.
By
Glen Fest
ArrowMark’s next open-market CLO includes middle-market loans
The $153.7 million Peaks CLO 3 also features a high ceiling for triple-C-rated loans and for "current-pay" loans that meet one or more criteria for default.
By
Glen Fest
Fortress relaunches $600M CRE CLO after redeeming its 2016 transaction
FORT CRE 2018-1 will include four loans recycled from the prior deal, including one that Kroll has identified as a loan of concern due to weak operating performance.
Bridge Management readies its 1st CRE CLO with a prefunding period
The sponsor appears to be paying for the privilege; the deal is structured with a super senior tranche of notes that benefits from considerably more subordination than the senior tranche of its prior deal.
Zais, Bain pricing their next new-issue CLOs at wider spreads
Both managers are pricing their 3rd CLOs of 2018; the 135 basis point spread on Zais' is among the widest this year for a deal backed by broadly syndicated loans.
By
Glen Fest
Orix USA turns to CRE CLO platform in $350M commercial mortgage ABS
The pool includes loans for 23 new construction, converted or acquired assets, each in a pre-stabilization phase awaiting refinancing through a permanent agency takeout loan.
By
Glen Fest
Guggenheim marketing first-ever middle-market CLO
Guggenheim joins GSO/Blackstone and Bain Capital as longtime CLO managers expanding into the SME space this year.
By
Glen Fest
Opinion Fitch Ratings is keeping a closer eye on late-cycle behavior
We are one year deeper into an already extended credit cycle, so it’s even more important to focus on market complacency.
Rui Pereira
Fitch Ratings
Dearth of short-dated loans constrains CLO trading activity, says Moody’s
More collateralized loan obligations are failing weighted-average lift tests due to the dearth of available loans whose near-term maturities could provide some relief to portfolios.
By
Glen Fest
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