Partners Group (UK) plans third CLO in €413m deal
Penta CLO 3 is the first CLO since 2015 for the UK subsidiary of Swiss global asset management Partners Group Holdings AG.
By
Glen Fest
CLOs
EJF Capital readies another $353M TruPs CDO
Unlike the sponsor's previous transaction, which recycled collateral issued pre-crisis, this one includes newly issued securities intended to help small banks and insurance companies raise capital.
Lawmakers taking another stab at risk retention relief for CLOs
The legislation, sponsored by Rep. Andy Barr (R-Ky.) and Rep. David Scott (D-Ga.), is modeled on an exemption that allows sponsors of residential mortgage bonds to avoid holding risk in their deals.
By
Glen Fest
CLO issuance (including refis) tops $200 billion year to date
The total includes over $78 billion in new transactions; collateralized loan obligations issued post-crisis have lmited exposure to Toys R Us, which filed for bankruptcy last week.
By
Glen Fest
Best of ABS East 2017
Regulatory relief remains uncertain, but there's plenty to celebrate as some more esoteric asset classes, such as franchise fees and aircraft leases, move into the mainstream, while others, such as nonprime RMBS, are starting to revive.
Risk retention’s big surprise: Equity buyers are going hungry
CIFC once preferred investing in the equity of other managers' CLOs and selling stakes in its own deals. Risk retention has forced a change in this business model.
By
Glen Fest
CLO roundup: Another $1B-plus deal for CBAM
The upstart firm, owned by private equity firm Eldridge Industries, is issuing its third deal since June; the $1.3 billion offering brings its total issuance for the year to over $4 billion.
By
Glen Fest
Did CLO industry err in lobbying for an exception to risk retention?
MJX CEO Hans Christensen thinks the $500 billion market lacks the heft to influence lawmakers or regulators; he says any relief from rules requiring "skin in the game" of deals will have to benefit other asset classes as well.
By
Glen Fest
Let’s talk: Replacing Libor ‘crazy,’ but procrastinating worse
U.K. authorities are years away from phasing out the London Interbank Offered Rate, but Conning's Paul Norris is urging the industry to pick up the pace on alternative benchmarks now that it's a matter of "when," not "if."
By
Glen Fest
Deutsche marketing $431.3M CDO of project-finance funding
RREEF America, the real estate investment unit of Deutsche Asset Management, is securitizing an unusual mix of speculative-grade project finance and corporate in a debut $431.3 million collateralized debt obligation.
By
Glen Fest
August tally pushes U.S. CLO issuance past FY 2016
New issuance of U.S. collateralized loan obligations reached $11.9 billion across 24 deals, taking year-to-date volume past $72.3 billion, according to Thomson Reuters LPC. The eight-month total is higher than the total issuance for all of 2016.
By
Glen Fest
CVC launches second Euro CLO of 2017 in €415m transaction
CVC Cordatus Loan Fund IX is CVC's ninth overall Euro-denominated CLO, and only the second that will price since early June, according to Thomson Reuters LPC.
By
Glen Fest
Bain Capital fancies a fifth U.S. CLO refinancing
Race Point IX CLO, a 2015 vintage deal, follows four other refinancings that Bain has completed for its Race Point, Avery Point and former Cavalry issuance platforms; Bain has also refinanced a Euro CLO.
By
Glen Fest
Hunt Mortgage sees CRE CLOs as a way to diversify funding
The family-owned real estate group affiliate has committed a significant amount of capital to growing the finance and investment side of the organization, which includes balance sheet lending.
BlueMountain Fuji’s $561m deal continues busy August CLO schedule
The pricing of BlueMountain Fuji's second-ever transaction pushed the monthly new issuance total to $10.1 billion – only the third time since last November the market has eclipsed the $10 billion barrier.
By
Glen Fest
‘Potential for mischief’ in Libor replacement for leveraged loans
It’s not clear whether syndicated credit agreements require 100% investor consent before adopting a new benchmark. The industry trade group suggests giving new loans the flexibility to change indexes without unanimous approval, but investor advocates are balking.
Oaktree taps CLO market for first time this year
The $533.1 million collateralized loan obligation portfolio has an unusual capital structure; just two senior tranches will be issued, along with a single subordinated tranche comprising more than one-third of the notional value.
By
Glen Fest
Middle-market CLOs back on pace for near-record year
The three new deals totaling $1 billion that priced in August, bringing issuance for the year-to-date to $8.3 billion., That matches 2016's full-year total.
By
Glen Fest
Retailer woes pose ‘marginal’ risk to asset-backeds, says Moody’s
Although challenges have accelerated for certain segments of the U.S. retail industry, the exposure to troubled retail in U.S. structured finance sectors is limited, posing small-to-modest risks for some asset classes.
U.S. CLO issuance falls nearly by half in July to $7.9B
In Europe, €1.6 billion of new collateralized loan obligations priced during the month July, taking issuance volume for the year to date to €10 billion across 25 deals. That's in line with the €9.7 billion issued during same period last year.
By
Glen Fest
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