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Despite currency risk, structure offsets some dangers for investors, although lower credit quality remains
No one is sure when AI's threat will strike, or where
Spread on the triple-A rated notes is 8bp tighter than for the issuer's recent deals
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WCAS Fraser Sullivan Investment sold a $450 million collateralized loan obligation via Citigroup, with the top-rated $273.5 million A-1 class pricing at a coupon of LIBOR plus 130 basis points.
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Sankaty Advisors is prepping another collateralized loan obligation from its Race Point shelf via Bank of America, as the pipeline for CLOs continues to grow after a strong first quarter.
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Silvermine Capital Management’s $462.4 million collateralized loan obligation brings issuance in the first week of April to $1.4 billion; a week that also saw some of the tightest levels seen in the primary market since markets fell off amid last summer’s macroeconomic turbulence.
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GoldenTree Asset Management priced its $526.8 million collateralized loan obligation—upsized from its original $419.1 million—with the $313 million in top-rated notes beating recent tights by 10 basis points at 130 bps over LIBOR
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Doral Leveraged Asset Management has issued a $416.15 million CLO marketed by Citigroup Global Markets, bringing year-to-date issuance to just over $6 billion.
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Crédit Agricole is planning to launch a five-year covered bond denominated in euros. Lead managers on the deal in addition to the French bank are Deutsche Bank, ING, Natixis and Royal Bank of Scotland.
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The Carlyle Group has closed it second collateralized loan obligation in less than a year at $510 million, slightly larger than the private equity firm’s first issue last July, which raised $507 million.
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One of the themes kicked around at the Information Management Network’s CLO and Leveraged Loan Conference at the New York Marriott Monday was the need to distinguish the CLO sector from its more infamous relatives in structured finance.
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PineBridge Investments raised its $412.5 million collateralized debt obligation, Galaxy XII, via Morgan Stanley, with the $251.5 million in top-rated liabilities reaching three-month LIBOR plus 140 basis points.