Latest news
Latest news
Rating upgrades to CLO tranches by Moody's and Fitch could let managers increase leverage in deals
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
More articles
More articles
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About $1.49 billion of collateralized debt obligations are set for liquidation already in 2011, but the rate of unwinding is set to slow, according to market players.
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Lloyds Banking Group is arranging the European market’s first publicly offered project finance-backed collateralized loan obligation, a £1.5 billion ($2.44 billion) deal called Gable Funding.
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The primary collateralized loan obligation pipeline is seeing a rush of fresh activity, with BlackRock, BlueMountain Capital Management, Commercial Industrial Finance Corp and Sankaty Advisors all ramping up new deals.
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Deutsche Bank is restructuring its entire U.S. securitization trading platform, unifying all structured finance trading and related derivatives under a single umbrella, according to officials close to the move.
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Mutual funds plowing into corporate loans and a dearth of available assets on the secondary market are presenting potential speed bumps to refueling robust collateralized loan obligation issuance.
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Goldman Sachs is looking to issue between $5-6 billion in new commercial mortgage-backed securities in 2011 and is also aiming to lock down more contracts to arrange collateralized loan obligations, according to a senior official familiar with the firm’s strategy.
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West Gate Horizons Advisors is eyeing the launch of a new collateralized loan obligation, with the second half of the year shaping up as the targeted time frame.
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Issuance of National Credit Union Administration notes will continue to depress spreads on agency residential mortgage-backed securities, but collateralized loan obligations and commercial mortgage-backed securities provide bright spots for traders, Scott Eichel and David Cannon, global co-heads of mortgage and asset-backed trading at the Royal Bank of Scotland, said in a recent interview with TS Senior Reporter Daniel O'Leary.
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Matthew Natcharian, managing director at Babson Capital Management, says collateralized loan obligations offered with original issue discounts are a key to attracting investors in the post-crisis primary market. Natcharian, one of the market’s most active buyers of CLO tranches, said recent deals are bolstered by stronger structures than older vintages, but that total returns in the primary market could use the OID lift.
