Monroe Capital ABS Funding returns to raise $378.4 million
Monroe Capital's latest benchmarked the most senior class of notes to the SOFR, while the rest of the deal is fixed rate.
CLOs
Credit cracks widen with distressed debt ballooning
Distressed debt in the US alone jumped more than 300% in 12 months, high-yield issuance is much more challenging in Europe and leverage ratios have reached a record by some measures.
Antares anticipates CLO issuance as industry headwinds lessen
The middle-market manager's diverse funding sources provide extra dry powder amid industry headwinds, and a head start to 2023 as CLO arbitrage improves.
By
John Hintze
CLO issuers near limits on loan buying, squeezing junk borrowers
Many of the biggest buyers of leveraged loans are facing pressure to cut back on their purchases as they run out of time to reinvest their money.
Credit market cracks widen as distressed debt nears $650 billion
The strains are largely linked to aggressive rate increases by the Federal Reserve and central banks around the world, which have dramatically changed the landscape for lending.
Black Diamond helps fund independent power and renewables with sole 2022 CLO
The asset manager is raising $372 million, and managing a portfolio with higher than average rates of turnover and overlap in collateral composition.
Banks keep European CLO market alive by buying their own product
European banks are snapping up large pieces of their own collateralized loan obligations, keeping the market for CLOs afloat in the absence of the U.S. and Japanese banks.
Banks stuck with $42 billion debt seize chance to offload it
Stabilization in the leveraged loan and high yield bond markets has led to an opening for deals as banks try to reduce debt on their balance sheets before the holidays.
CLOs rally as investors savor liquidity revealed by U.K. selloff
Corporate borrowers will consider tapping bond and loan markets in the coming week as lending costs drop and investors snap up debt ahead of 2022's close.
Comments due imminently on NAIC proposal potentially sapping insurer interest in CLOs
In the proposal, NAIC argues that an insurer purchasing every tranche of a CLO holds the same investment risk as purchasing the entire pool of loans backing the CLO.
By
John Hintze
PGIM’s Dryden Trust brings another deal to market in July
The deal has a $40 million subordinated portion that compares to the $497 million Dryden 108 CLO Ltd., which has a much larger ‘AAA’-rated class A-1 portion.
Natixis loses head of structured credit to Blue Owl Capital
Natixis’s co-head of structured credit and credit trading has left the bank to join New York-based private equity shop Blue Owl Capital, as the firm seeks to step up its efforts in the collateralized loan obligation market.
Blue Owl hires Mizuho executive to bolster CLO team
Mizuho Securities’ head structurer of collateralized loan obligations has joined New York-based private equity firm Blue Owl Capital as it makes a push into the broadly syndicated CLO industry.
Wall Street unites on 7-bank platform to ease CLO, loan auction
Citigroup and Bank of America have teamed up with five other banks to form Octaura Holdings, an electronic trading platform for syndicated loans and collateralized loan obligations.
Neuberger Berman set to raise $399 million in CLOs
The Neuberger Berman pool has an average credit quality of ‘B’ on the indicative portfolio, which indicates a highly speculative credit quality.
CLOs continue to show weakness in metrics from May
On average, CLOs had a default exposure of 0.1% at the end of May, according to the latest update from Fitch Ratings.
Does this CDO come in green? with ESG everywhere, buyers beware
Over the next three decades it will cost about $100 trillion to meet net-zero emissions goals, not to mention the funds needed to address other environmental and social problems.
Japan CLO ‘whale’ seeks European deals to complete global comeback
A return by the Japanese bank, even on a smaller scale than previously, would inject fresh demand into a European market where CLO costs have spiked to the highest in two years.
S&P: CLO volume in Q1 lags structured finance overall
The drop in CLO issuance from Q1 volume raised no alarms, coming off last year’s record $187 million issuance, and experts see strong production for 2022.
By
John Hintze
One credit market defies deal slowdown to head for record year of M&A
The past few weeks have seen no fewer than five acquisitions of U.S. alternative credit shops that specialize in CLOs or bundles of the securitized vehicles.
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