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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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Three collateralized loan obligations closed or priced in the past week and there are market rumblings of a $1 billion balance sheet CLO from a French bank.
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Moody’s Investors Service has upgraded 969 of 1,067 tranches from 171 European collateralized loan obligation transactions that it reviewed.
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Mill Creek, a $275 million collateralized loan obligation from 40/86 Advisors, priced Friday Nov. 18 on the heels of AMMC, American Money Management’s upsized $450 million CLO, which priced the day before. Wells Fargo arranged Mill Creek; UBS was at the helm for AMMC.
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Guggenheim Partners closed late Friday its $1.04 billion collateralized loan obligation, 5180 CLO LP.
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U.S. collateralized loan obligations emerged from the recent credit crisis largely unscathed but the new crop of CLOs are even stronger than their predecessors as collateral for them is almost all senior secured loans, according to Fitch Ratings.
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Collateralized loan obligation issuance in 2012 is expected to best this year’s tally by as much as $10 billion, with market players predicting $15-20 billion in issuance across about 40 deals in the coming year.
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Uncertainty rippled through UBS’ securitization group after a European newspaper reported Wednesday that the Swiss bank will shutter its U.S. asset-backed business. -
The expiry of collateralized loan obligations is posing a problem for low-rated firms that have depended on CLOs for funding.
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Guggenheim Investment Management has priced a $1.435 billion collateralized loan obligation, the largest vehicle raised since the 2008 financial crisis.
