CBAM Asset Management's $1B CBAM 2017-4 is not its largest deal among the four BSL portfolios it has issued in less than eight months; but the latest transaction is still almost double the average peer CLO deal size $511 million since the third quarter.
The U.S. Second Circuit ruled that Momentive Performance Materials should use what's known a a "market rates" formula to determine the appropriate payout for a series of replacement notes issued to bondholders.
Just $7.6 billion of deals were refinanced or reset in September, bringing the total for the third quarter to $27.2 billion, far short of the pace of the first half, when approximately $138 billion was reworked.
RREEF America, the real estate investment unit of Deutsche Asset Management, is securitizing an unusual mix of speculative-grade project finance and corporate in a debut $431.3 million collateralized debt obligation.
The liquidation of Veneto Banca and Banca Popolare puts increasing pressure on other banks in the Eurozone to reduce their holdings of bad loans, according to Fitch Ratings; it remains to be seen whether securitization will play a significant role.