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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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Kelly Maier, a v.p. in high yield credit trading at Goldman Sachs in London, and Philip Ha, a New York-based secondary collateralized loan obligation and collateralized debt obligation trader, have both left the firm.
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Invesco is said to be considering a sale of its portfolio of European collateralized loan obligations, as it shifts focus to its U.S-dollar denominated vehicles.
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The pipeline for collateralized loan obligations is building up with a handful of deals being prepped by managers, including a $400 million deal from BlueMountain Capital Management that comes just 2012 tops $5 billion year-to-date in new issuance. -
Babson Capital Management has priced its $350 million collateralized debt obligation, Babson CLO 2012-I, with the $233.5 million in top-rated liabilities going for LIBOR plus 143 basis points.
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Richard Reilly, former co-head of securitization at White & Case, has joined DLA Piper’s global investment funds practice.
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Italy’s UniCredit is helping underwrite a covered bond program through Turkey’s Sekerbank to raise $448 million with a purchase of 15% of the securities to sell to foreign lenders, similar to a deal it participated in last year.
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Credit Suisse Asset Management and The Carlyle Group both priced collateralized loan obligations totaling $923 million, with CSAM’s $252.5 million in AAA liabilities paying out at LIBOR plus 142, three basis points tighter than the last deal.
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An increase in the volume of collateralized loan obligations so far this year is contributing to an improvement in the leveraged loan market, according to Fitch Ratings.
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Players in the U.S. collateralized loan obligation markets are trading their lower-rated CLO tranches for senior tranches in the secondary market, a move that observers say could result in further tightening in the highest-rated slices.
