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Despite currency risk, structure offsets some dangers for investors, although lower credit quality remains
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Spread on the triple-A rated notes is 8bp tighter than for the issuer's recent deals
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The U.K. Supreme Court today upheld the flip clause in Lehman Brothers’ synthetic collateralized debt obligations, which made Lehman subordinate to noteholders in the waterfall of payments when the firm filed for bankruptcy in 2008.
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Distributions to equity tranches in European collateralized loan obligations continue to lag behind flow to U.S. CLOs, according to Morgan Stanley analysts in a client call Tuesday.
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Varden Pacific, a new hedge fund launched in San Francisco in April, has bought USD4 million of a tranche of a legacy synthetic collateralized debt obligation created in 2005 maturing in 2013.
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Kevin Alexander has been tapped to run the global structured credit and conduit business at Natixis CIB Americas
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Guggenheim Securities has arranged a collateralized loan obligation-like bond backed largely by loans to young medical, biotech and pharmaceutical companies.
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Lloyds Banking Group has priced its £1.26 billion ($2.05 billion) Sandown Gold 2011 small-to-medium enterprise collateralized loan obligation, a positive sign in a gruelling month for European securitization.
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GreensLedge Capital Markets is looking to arrange more collateralized loan obligations and broaden its scope in the coming months, snapping up veteran CLO bankers and eyeing a London office, according to co-founder Jim Kane.
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The U.S. market saw pricing on about $1.17 billion in three collateralized loan obligations, while other asset classes floundered in the peak of the traditional July quite period.
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JPMorgan is plotting to make fresh waves in the new issue collateralized loan obligation market, aligning its origination, structuring and distribution arms with its credit trading platform.