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
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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.
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John Walsh, Acting Comptroller of the Currency, says there are no conflicts or double requirements between the recent $25 billion mortgage-servicing settlement and consent agreements signed last year between servicers and the Office of the Comptroller of the Currency and other regulators.