Latest CLO/CDO news
US investors have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel, with pricing coming tighter than initial thoughts despite aggressive covenant packages.
Scott Snell, former co-head of BlackRock’s US CLO business, has joined Tetragon Credit Income (TCIP) as a CLO portfolio manager, with the firm planning to expand the range of its investments in CLOs.
The Federal Reserve Bank of New York said on Tuesday it had completed the sale of the remaining securities in the $30bn Maiden Lane LLC portfolio of mortgage securities it bought to facilitate JP Morgan’s acquisition of Bear Stearns in March 2008.
The African Development Bank’s $1bn synthetic securitization is not its first risk transfer transaction, and will not be its last. The bank has marked itself out as a leader in this sphere, though the effort to get such techniques to work is also highly collaborative.
The African Development Bank has become the first supranational bank to use a securitization sold to private investors to free up balance sheet capacity. The deal, four years in the making, demonstrates a new technique that could expand development banks’ firepower to promote development.
The European Commission has unveiled a portfolio of financial guarantee transactions it is doing to support development in Africa and regions bordering the EU. Among them are two programmes conducted by the African Development Bank, including its new synthetic securitisation.
The US CLO market is on track to match and possibly exceed last year’s record volumes for new issue deals, according to JP Morgan on Monday, but the bank has raised its forecast for refinancing and reset transactions as more managers look to boost equity returns in a tight loan market.
Banks leading the financing package for Blackstone’s leveraged buyout of Thomson Reuters’ Financial & Risk business — soon to be renamed Refinitiv —have shifted some of the funding away from the bonds and into the loans, increasing leverage in the deal and mirroring the issuance trends seen in leveraged finance this year.
Traders, bankers, lawyers, brokers tell their stories of what happened when Lehman Brothers went down, how it ruined some businesses and created room for others, and how it has changed financial markets — for better and worse.
Billions of dollars are flowing into direct lending funds targeting US corporate loans to small and medium sized companies, despite signs of weakening underwriting. Unshackling leverage constraints on business development companies and reopening the CLO market to them after a two year absence may further overheat the market, say critics.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
- Former co-head of BlackRock CLO biz joins Tetragon
- MS moves Burke to target US NPLs
- EC’s guarantee fund a useful ally for markets
- September 15, 2008: the day markets changed
- Heat builds in US middle market as regulators loosen restraints
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Most Viewed: Securitization
Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||8,059||25||11.72|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||79,057.17||220||9.45%|
|4||Wells Fargo Securities||68,746.03||193||8.22%|