Latest news
Latest news
◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
Manager tightens spread on triple-A rated notes by 23.5bp compared with the original deal
Lower loan prices offer higher equity returns but managers face rally risk once deals are priced
More articles
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Bids on a large list of collateralized loan obligations were due at 11 a.m. today.
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3i Debt Management, which recently closed a $510.1 million collateralized loan obligation refinancing a 2011-vintage WCAS Fraser Sullivan deal, plans to hit the market two to three times more this year with new-issue CLOs.
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FC BSL CM, a unit of Fortress Investment Group, sold a $412 million collateralized loan obligation via arranger Bank of America.
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American Capital Leveraged Finance Management, a subsidiary of publicly-traded business development company American Capital, had its $414.5 million collateralized loan obligation priced via arranger Deutsche Bank.
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Pramerica Investment Management has begun meeting with prospective investors in its new EUR315.8 million ($478.05 million) European collateralized loan obligation, understood to be named Dryden CLO XXVII, this week.
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Highland Capital Management and TCW Asset Management each made debuts of a different kind in the collateralized loan obligation market.
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At least one investor new to collateralized loan obligations was behind the recent tight print achieved by Morgan Stanley for Prudential Investment Management’s recent $420 million deal Dryden XXVI Senior Loan Fund.
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Citigroup is said to be aiming to bring a euro-denominated collateralized loan obligation, sized between EUR150-200 million ($198-264 million), to market within the next three months.
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ING Investment Management is looking to keep the trend of tightening triple-A liability spreads on new-issue collateralized loan obligations going.