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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The lion’s share of collateralized loan obligations downgraded by Moody’s Investors Service in the depths of the 2008 financial crisis have seen their ratings restored, but that doesn’t mean legacy vehicles have the green light to start reinvesting.
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WCAS Fraser Sullivan is offering its second collateralized loan obligation of the year, a $400 million broadly syndicated vehicle, through arranger Citigroup.
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European leveraged loan collateralized loan obligations are likely to come under increasing pressure in the fourth quarter, according to Fitch Ratings.
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The pipeline of new-issue collateralized loan obligations is stuck in a holding pattern, with issuers and bankers waiting out volatility tied to Europe’s debt crisis and the U.S. equity markets.
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The U.K. government guarantee scheme for small and medium-size enterprises could boost issuance of collateralized loans for SMEs, according to Fitch Ratings.
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Mutual funds are stepping in as a funding source in Europe as collateralized loan obligations fade as the biggest loan investors in the region.
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Primary issuance of European securitization reached EUR212 billion ($281.8 billion) as the market entered the fourth quarter, with London-based analysts anticipating further deals despite the tough market environment.
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The primary market in arbitrage CLOs, long hamstrung by regulatory confusion when it seemed that risk retention rules designed for RMBS might apply also to CLOs, could be set for a comeback. New guidelines from the European Banking Authority might now have cleared the way for deals to return — but not until spreads start to line up.
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Equity returns in primary collateralized loan obligations are still attractive, despite broad volatility dogging the market since early August, according to Russell Morrison, managing director and head of high-yield investments at Babson Capital Management.