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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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Rumors have swirled in Europe that governments could be preparing an aggressive capital injection program for banks that would resemble the U.S. Troubled Asset Relief Program.
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More collateralized loan obligation managers are stepping up purchases in the loan market as retail loan funds and other investors flee amid market jitters and sustained turmoil.
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The pricing this week of Apidos Capital Management’s $350 million collateralized loan obligation is being viewed as a positive sign as the sector looks to find its feet amid weeks of market turmoil.
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Moody’s Investors Service has upgraded the ratings on an estimated 287 billion worth of collateralized loan obligations that were lowered during the financial crisis.
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RBS Securities has named Tom Majewski as managing director and head of collateralized loan obligation origination in its asset-backed finance team in the Americas.
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Citigroup is said to be looking to unwind more than $2.2 billion in collateralized loan obligations it created as part of its plan to dispose of collateral held in Citi Holdings, the “bad bank” it set up.
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Collateralized loan obligation veteran Paul Travers has joined Onex Credit Partners as a portfolio manager focusing on the firm’s par and long-only loan strategies.
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U.S. collateralized loan obligations proved to be resilient during the financial crisis with only six deals out of an estimated 650 defaulting, and with three of those subsequently cured, according to Moody’s Investors Service.
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Highland Capital Management is again trying to sell its European collateralized loan obligations business after taking it off the market earlier this year.