Latest news
Latest news
Deal includes one of the tightest triple-A prints since spreads widened due to the Iran war
Pricing on triple-A notes lands 10bp wider than previous deal in the wake of Iran war
Manager has already used its fourth captive equity fund to invest in five CLOs
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Secondary market activity in European securitization continues to be dominated by bids-wanted-in-competition, with several lists emerging midweek from hedge funds looking to lighten up books and take some profit.
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Spreads on new-issue collateralized loan obligations continued to fall with the pricing of a $450 million deal from American Money Management Corp.
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A $518.25 million collateralized loan obligation from LCM Asset Management, which is owned by Tetragon Financial, saw its $321.25 million AAA-rated tranche priced in line with recent tights on the primary market, at 147 basis points over LIBOR.
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Invesco Senior Secured Management has priced a $465.34 million collateralized loan obligation after a prolonged marketing period, upsizing the transaction by $104.78 million.
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Tom Majewski, managing director in the asset-backed finance group and head of collateralized loan obligation origination at RBS has left the bank.
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New York Life Investment Management is looking to raise a $406.65 million collateralized loan obligation, and to price the top-rated portion at lower spreads than other recent deals.
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An alternative asset manager founded by former Banc of America Securities executive Stephen Ketchum is making the rounds with investors for a $300 million debut collateralized loan obligation; one of at least two new managers to enter the space in recent weeks.
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LCM Asset Management will tap the collateralized loan obligation market for the third time this year, this time with Bank of America arranging.
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GSO Blackstone Debt Funds Management’s $563.9 million Marine Park collateralized loan obligation saw its top-rated $321 million tranche bought up at 147 basis points over LIBOR, affirming a trend of spread tightening in the primary market.