Latest news
Latest news
Manager takes advantage of tight spreads available for refinancings to cut triple-A pricing by 14bp
How securitization can help high LTV mortgage lending, and why is the CLO market so busy
Portfolio includes private credit transactions originated by Sona and broadly syndicated loans
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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.
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Sales of new collateralized loan obligations are expected to end February at their highest level since the financial crisis amid falling rates, according to Standard & Poor’s.
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Onex Credit Partners has priced its $325 million OCP CLO 2012-1, upsized from $300 million.