Latest news
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Deal was refinanced with very tight spreads in 2021 and has been out of reinvestment since 2023
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
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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.
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ING Alternative Asset Management priced the first collateralized debt obligation of March with the $361.9 million ING IM CLO 2012-1, marketed by Credit Suisse.
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ING Alternative Asset Management priced the first collateralized debt obligation of March with the $361.9 million ING IM CLO 2012-1, marketed by Credit Suisse, and garnered yields on the $227 million of AAA-rated liabilities of LIBOR plus 145 bps, continuing the tightening trend for top-rated CLO liabilities, according to market players.
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European collateralized loan obligations have to date “performed to expectations,” with fewer defaults than projected, according to Fitch Ratings.
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American Money Management Corp. is said to have priced its $410 million AMMC CLO X on Wednesday, bringing February’s total collateralized loan obligation issuance to about $2.5 billion—tying November 2011 for the largest month of issuance since the economic downturn in 2008.
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The Carlyle Group has completed the acquisition of four management contracts on EUR2.1 billion ($2.82 billion) in European collateralized loan obligation assets from Dallas-based Highland Capital Management.
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More than $1 billion in new issue collateralized debt obligations were priced last week, bringing year-to-date issuance to $3.18 billion – nearly three times the amount of new CLOs issued over the same period last year.
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Invesco Senior Secured Management priced its $350 million Avalon IV Capital collateralized loan obligation on Friday, with the AAA-rated, $231 million A class of bonds clearing at par at three-month LIBOR plus 150 basis points.
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Fitch Ratings has downgraded 331 distressed bonds in 139 U.S. residential mortgage-backed securities to Dsf, indicating a principal write-down.