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Latest news
Deal raises questions about whether transaction was done at arm's length
Joanna Chan is taking on the role of head of strategic capital
Key points of contention include the investor sanctions regime and the definition of 'resilience'
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Eaton Vance is defending loans and urging clients to stay in the asset class.
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Anoop Dhakad, director of business development at MKP Capital said he is cautious on the prospects of the 15-25 distressed-debt funds that have launched in the wake of last summer's credit crunch.
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The collateralized loan obligation groups of GSO Capital Partners and The Blackstone Group will merge following last week's announcement that Blackstone will acquire GSO for as much as $930 million.
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Fitch is creating a new division called Fitch Solutions to separate out its analytics from its commercial activities. At the same time the rating agency is folding back into itself the Derivative Fitch subsidiary launched in Oct. 2006 as a specialist rating agency for the credit derivatives market.
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Delaware Asset Advisors collateralized debt obligation Delphinus CDO 2007-1, a $1.6 billion deal, has breached an overcollateralization trigger and reported an event of default, bringing the EOD tally to nearly 60 deals totaling about $60 billion.
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Austin, Texas-based Tejas Securities is bulking up its sales staff as it plans to become more active in distressed debt and high-yield investing, including collateralized debt and asset-backed securities.
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Ratings agency DBRS has been forced to shut down its European offices and reduce personnel in New York and Toronto due to the effects of the global credit crunch.
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Merrill Lynch has shuttered its commercial real estate collateralized debt obligation unit as it continues to scale back its CDO unit, said a close source close to the situation.
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Stamford, Conn.-based boutique broker-dealer J Giordano Securities is building out its distressed asset-backed securities group and plans to hire two to three salesmen for the desk.