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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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European collateralized loan obligations have to date “performed to expectations,” with fewer defaults than projected, according to Fitch Ratings.
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American Money Management Corp. is said to have priced its $410 million AMMC CLO X on Wednesday, bringing February’s total collateralized loan obligation issuance to about $2.5 billion—tying November 2011 for the largest month of issuance since the economic downturn in 2008.
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The Carlyle Group has completed the acquisition of four management contracts on EUR2.1 billion ($2.82 billion) in European collateralized loan obligation assets from Dallas-based Highland Capital Management.
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More than $1 billion in new issue collateralized debt obligations were priced last week, bringing year-to-date issuance to $3.18 billion – nearly three times the amount of new CLOs issued over the same period last year.
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Invesco Senior Secured Management priced its $350 million Avalon IV Capital collateralized loan obligation on Friday, with the AAA-rated, $231 million A class of bonds clearing at par at three-month LIBOR plus 150 basis points.
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Fitch Ratings has downgraded 331 distressed bonds in 139 U.S. residential mortgage-backed securities to Dsf, indicating a principal write-down.
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Sales of new collateralized loan obligations are expected to end February at their highest level since the financial crisis amid falling rates, according to Standard & Poor’s.
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Onex Credit Partners has priced its $325 million OCP CLO 2012-1, upsized from $300 million.
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Octagon Credit Investors upsized its collateralized loan obligation to $358 million from $308 million and priced the deal’s $270.9 million Class A tranche tighter than similar bonds from recent CLOs.