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
More articles
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Mezzanine tranches of new-issue collateralized loan obligations continued a recent rally with the pricing of LCM Capital Management’s $518.75 million deal.
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Symphony Asset Management tapped Bank of America to raise a $827.5 million collateralized loan obligation, with the top-rated $494.5 million tranche pricing at the tightest yield seen for such a bond class since May 2012.
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Equity holders of post-crisis vintage collateralized loan obligations have in many cases obtained a new and valuable tool for hedging against loan spread tightening. A provision in some deal documents gives equity investors the ability to reprice outstanding tranches at lower liability spreads, and the inclusion of such powers in deal documents is likely to increase in the 2013 vintage, according to Royal Bank of Scotland researchers.
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StormHarbour Securities has raised a $515 million collateralized loan obligation for Feingold O’Keeffe Capital; the first CLO of 2013 and StormHarbour’s debut as a CLO arranger.
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JPMorgan emerged as the top bookrunner of global asset-backed securities deals in 2012, deposing Bank of America-Merrill Lynch, which had taken the top seat since 2010, according to league tables compiled by SI and Dealogic.
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Standard & Poor’s has overhauled the way it rates European small-to-medium enterprise collateralized loan obligations, but most ratings on existing notes will not face as severe an impact as earlier forecasted following the changes, analysts said Friday.
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The long-stagnant market for commercial real estate collateralized debt obligations will make a comeback this year, with issuance of $5-10 billion, according to analysts at RBS.
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JPMorgan emerged as the top bookrunner of global asset-backed securities deals in 2012, deposing Bank of America-Merrill Lynch, which had taken the top seat each year since 2010, according to league tables compiled by SI and Dealogic.
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Alternative asset manager Feingold O’Keeffe Capital is issuing its first collateralized loan obligation since the financial crisis, hiring first-time arranger StormHarbour Securities to structure and sell the deal.