Latest news
Latest news
Market anticipates another record year for new issuance, even as equity returns remain weak
Rating upgrades to CLO tranches by Moody's and Fitch could let managers increase leverage in deals
Manager takes advantage of tight spreads available for refinancings to cut triple-A pricing by 14bp
More articles
More articles
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UBS kicked off its 2013 collateralized loan obligation calendar last Friday with the raising of a $940 million deal for Ares Management, and is setting up a $417 million CLO for American Money Management.
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March has opened with market activity still flat, as the primary issuance pipeline remains quiet and secondary market volumes still thin, bankers on the frontline have said.
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Fortress Investment Group, which sold its first collateralized loan obligation of broadly-syndicated loans, is said to be looking to issue BSL deals regularly.
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Poor collateral performance in M&G Investment Management’s Panther CDO IV collateralized debt obligation has prompted Standard & Poor’s to downgrade notes at the lower end of the deal’s capital structure.
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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.