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
More articles
More articles
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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.
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Uncertainty rippled through UBS’ securitization group after a European newspaper reported Wednesday that the Swiss bank will shutter its U.S. asset-backed business. -
The expiry of collateralized loan obligations is posing a problem for low-rated firms that have depended on CLOs for funding.
