NAIC’s preliminary RBC models favor higher rated CLOs
Higher charges for BB bonds would only marginally impact CLO market.
By
John Hintze
CLOs
CLO managers add to 2024 refinancing trend
Tighter spreads are expected as floating-rate demand continues.
By
John Hintze
Permira’s US affiliate launches 1st CLO
Offshoot of well-known European asset manager taps JP Morgan to structure deal
By
John Hintze
Blackstone launches Riverbank Park CLO with sizable unrated portion
Fitch describes the Goldman-arranged CLO as similar to Blackstone's Lewey Park CLO, which closed last month.
By
John Hintze
BlackRock buys credit firm HPS in $12 billion all-stock deal
HPS founders Scott Kapnick, Scot French and Michael Patterson will lead a new private financing solutions business unit with BlackRock as the company seeks to offer the full range of public fixed-income and alternative credit funds.
Sculptor Capital: Large-scale coops may reduce lender warfare
Amid challenging times for loans in CLOs, Sculptor Capital Management sees refi and reset surge likely to continue well into 2025.
By
John Hintze
U.S. CLO sales reach nearly $185 billion to surpass record
Yield-hungry insurers, banks and exchange-traded funds fueled demand this year while a wave of redemptions crimped net supply.
Wamco key bond fund falls below $10 billion as clients flee
Clients have been yanking their cash since the Pasadena, California-based company said on Aug. 21 that Leech was going on leave after he received a notice from the SEC that it may recommend enforcement action.
Sagard private credit fund opens to high-net-worth individuals
The fund will include asset-based loans such as CLOs.
FS Investments’ Bridge Street preps new CLO, considers CLO ETF
FS grew its CLO business and now manages four CLOs totaling $1.4 billion. The manager's risk-averse growth avoids complications that are still unfolding liability management exercises.
By
John Hintze
Three former Wilmington Trust execs head for UMB Bank in CLO expansion
The team will report to Vincent Pham as UMB Bank enhances its capabilities in CLO trustee and loan administration services.
A second private credit ETF filing lands within days of Apollo’s
An application for the BondBloxx Private Credit CLO ETF landed with regulators on Thursday afternoon. Subject to regulatory approval, the proposed fund would invest at least 80% of its assets in collateralized loan obligations.
Palmer Square Capital launching two ETFs that will buy CLOs
The Kansas City-based firm created the ETFs in response to demand from clients, in particular the wealth management community.
Chatham launches CLO platform, taps CSAM’s flannery
Chatham will provide funding for the equity portion of CLOs, according to a person with knowledge of the matter. CTM will start issuing CLOs — leveraged loans repackaged as bonds — in 2025.
Liability management exercises grow, exceeding defaults
As corporate treasurers use the debt reorganization technique to head off disruptive defaults and bankruptcies, lenders seek more blockers and cooperation agreements to mitigate risks.
By
John Hintze
Strong CLO issuance should remain through 2024, despite volatility
Observers and investors weigh in on how rate cuts may shift pricing dynamics for CLO tranches.
By
John Hintze
Charles Koch’s firm backs new CLO fund for the public market
The fund, Sound Point Meridian Capital, invests in CLO equity. Fewer than 10 of these closed-end funds trade now, partly because starting one requires a backer willing to leave the money invested for years.
Risky borrowers discover doors are closing in bond, loan markets
The change in tone was obvious on Monday, when SBA Communications Corp. postponed the repricing of a $2.3 billion term loan.
CPPIB invests in one of Europe’s first private CLO-like vehicles
The pension plan's investment is a show of support from one of the world's largest private markets investors for the securities.
Royal London, Macquarie among firms planning European CLO debuts
There's been a resurgence of interest in CLOs. Gross issuance is on track for a record year in Europe, while year-to-date issuance in the market has already exceeded 2023's full-year volume.
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