Latest CLO/CDO news
A handful of prime UK RMBS deals are rumoured to be in the pipeline, along with several prime euro transactions, with issuers said to be targeting US investors while they wait for the fog to clear around new ‘simple, transparent, standardised’ (STS) rules.
Despite a rebound in the leveraged loan market, sources tell GlobalCapital that large Japanese buyers of US triple-A CLO debt are set to move their bids for the bonds wider as managers line up the first US CLOs of 2019.
Moody’s is looking at amending its rating approach for multilateral development banks and supranationals in the wake of last year’s groundbreaking African Development Bank ‘Room2Run’ risk transfer deal, proposing explicit ratings credit for ‘credit protection features’ for the first time.
Anticipating further deterioration in US corporate credit, KKR said it will reallocate all of its dedicated leveraged loan capital this year to an opportunistic fund that will span across corporate credit sectors.
As the leveraged loan market recovers following a pronounced selloff at the end of 2018, some CLO investors are eyeing a potential reboot to the flatlined CLO market if sentiment in leveraged loans remains upbeat.
UK banks printed a flurry of risk transfer securitizations just before the end of last year, hedging portfolios of corporate credit and commercial real estate totalling more than $8.5bn-equivalent.
Sidley Austin has hired Steven Koyler to join the firm’s global finance practice as a partner in New York.
A wave of mutual fund redemptions is pushing a loan market sell-off deeper as investors look to cash out of a potentially overheated investment, said leveraged loan market sources this week.
Against a backdrop of rising Libor rates, deteriorating loan covenants and strong corporate earnings, CLO participants in 2018 had to digest a host of mixed signals from the market. Investors and managers are cautiously eyeing a continued bull run as the sector comes to a late-cycle crossroads in 2019.
Synthetic risk transfer markets have had another good year, with the core group of banks active in the market returning to issue, smaller firms mulling the market, and investors raising new cash to buy deals. But perhaps most exciting is the development of a whole new issuer base, in the shape of multilateral development banks, following the landmark ‘Room2Run’ deal between the African Development Bank and Mariner Investment Group.
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
- Kensington Mortgages renews warehouse line with BNP and Citi
- Agarwal on banking: ‘I loved the work we did’
- New UK RMBS issuance to be sold to US clients
- Mayer Brown adds CLO partner to London finance practice
- Alantra taps Fadel as managing director
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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)||10,179||30||11.23|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||RBC Capital Markets||251.51||1||25.00%|
|1||Credit Agricole CIB||251.51||1||25.00%|
|1||Bank of America Merrill Lynch||251.51||1||25.00%|