November CLO volume brings YTD issuance in record range
The $12.9 billion in collateralized loan obligations issued last month brings the 11-month total to $108 billion, just shy of the 2014 record of $124 billion.
By
Glen Fest
CLOs
December CLO spreads carry on tightening trend
Three broadly syndicated deals printed in December have senior, AAA-rated tranches that pay just 107 basis points over Libor – the lowest coupon of the year.
By
Glen Fest
Blackstone’s 1st CRE-CLO is largest since financial crisis
The deal, BXMT 2017-FL1 weighs in at $1 billion, making it more than twice as large as most CRE-CLOs issued this year; its size isn't the only unusual feature, however.
In Senate bill, interest deduction cap could slow corporate loan market
Junk-rated firms pay little tax, and so won't benefit much from a lower corporate rate. And this benefit could be offset by a limit on the interest deduction.
By
Glen Fest
How Bain Capital navigated the leveraged loan refi wave
The dramatic tightening in loan spreads this year made it difficult for the CLO manager to manage to various performance metrics of its deals, and this required building flexibility into deals being refinanced.
By
Glen Fest
Carlyle advances third Euro CLO amid tight spreads
Carlyle Euro CLO 2017-3 is the latest under its new shelf managed by affiliate CELF Advisors, with a AAA coupon of just 75 basis points over three-month Euribor.
By
Glen Fest
Marathon overhauls 2013 CLO in third refinancing of the year
The deal will relaunch with a weighted average spread (4.22%) and excess spread (2.86%) well above the three-month industry average for issued U.S. CLOs.
By
Glen Fest
CLO Roundup: CBAM marketing its fourth $1B CLO of the year
CBAM Asset Management's $1B CBAM 2017-4 is not its largest deal among the four BSL portfolios it has issued in less than eight months; but the latest transaction is still almost double the average peer CLO deal size of $511 million since the third quarter.
By
Glen Fest
Opinion Rising challenges unlikely to deter U.S. securitization in 2018
The securitization market is weathering risk retention and rising interest rates, though Fitch Ratings is keeping its eye on some consumer asset classes as the credit cycle lengthens.
Rui Pereira
Fitch Ratings
Benefit Street Partners returns with $440.7M CRE CLO
Benefit Street Partners is securitizing 20 short-term commercial real estate loans it originated or acquired for transitional properties currently with unstable cash flow.
By
Glen Fest
CLO Roundup: Minimal impact seen from TransDigm loan repricing
The aerospace components manufacturer, one of the largest-held obligors in U.S. CLOs, is consolidating loans and tightening coupon spreads from 300 to 275 basis points over Libor.
By
Glen Fest
Brisk October sees CLO spreads tighten despite near-record issuance
Deal volume of $95 billion through 10 months is at a pace that would make 2017 the second-busiest year for post-crisis CLO issuance; AAA spreads, meanwhile, have reached three-year tights.
By
Glen Fest
Oaktree plans methodical cleanup of Fifth Street BDCs
The unwinding and rebuilding of the struggling portfolios of Fifth Street's business development companies could take two to three years, Oaktree management stated in an earnings call Thursday.
By
Glen Fest
Neuberger Berman marketing third 2017 CLO in $561.3m deal
Neuberger Berman Loan Advisors CLO 26 builds the Dallas-based manager's assets under management to $5.5 billion.
By
Glen Fest
Managers putting tighter squeeze on CLO Triple-A spreads
Four new CLOs have been priced in the last week inside of 120 basis points over Libor, a rarely breached floor for most of 2017.
By
Glen Fest
European CLOs asking investors for more time
A wave of corporate loan refinancings is putting collateralized loan obligations afoul of a covenant designed to safeguard their own investors.
By
Glen Fest
HPS stretches shelf life, and parameters, in $525M CLO refi
HPS Investment Partners is adding a new name to one of its legacy Highbridge CLOs, as well as piling on extensive changes to note structure, deal terms and restrictions on some higher-risk assets.
By
Glen Fest
CLO refi/reset activity falls again in September
Just $7.6 billion of deals were refinanced or reset in September, bringing the total for the third quarter to $27.2 billion, far short of the pace of the first half, when approximately $138 billion was reworked.
By
Glen Fest
Treasury recommends relief for CLOs from risk retention
A report released Friday calls risk retention "an imprecise mechanism" for encouraging the alignment of interest between sponsors and investors. It recommends creating loan-specific requirements under which managers would receive relief.
Ladder Capital going it solo again, this time with a CRE-CLO
The $456.9 million LCCM 2017-FLI is secured by 19 commercial mortgages, the largest of them an amended and restated loan on Two Gateway, an office building in downtown Newark, New Jersey.
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