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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The winding down of European collateralized loan obligations is expected to have a negative impact on new deals and poses a refinancing problem for an estimated EUR250 billion ($329.5 billion) of leveraged loans due to mature between next year and 2017.
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Standard Chartered Bank has rolled out a $2 billion collateralized debt obligation referencing corporate loans from its START securitization program.
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Downgraded banks acting as interest rate swap counterparties to collateralized debt obligation and collateralized loan obligation issuers are in danger of losing extensive amounts of capital inflow.
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Three collateralized loan obligations closed or priced in the past week and there are market rumblings of a $1 billion balance sheet CLO from a French bank.
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Moody’s Investors Service has upgraded 969 of 1,067 tranches from 171 European collateralized loan obligation transactions that it reviewed.
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Mill Creek, a $275 million collateralized loan obligation from 40/86 Advisors, priced Friday Nov. 18 on the heels of AMMC, American Money Management’s upsized $450 million CLO, which priced the day before. Wells Fargo arranged Mill Creek; UBS was at the helm for AMMC.
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Guggenheim Partners closed late Friday its $1.04 billion collateralized loan obligation, 5180 CLO LP.
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U.S. collateralized loan obligations emerged from the recent credit crisis largely unscathed but the new crop of CLOs are even stronger than their predecessors as collateral for them is almost all senior secured loans, according to Fitch Ratings.
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Collateralized loan obligation issuance in 2012 is expected to best this year’s tally by as much as $10 billion, with market players predicting $15-20 billion in issuance across about 40 deals in the coming year.