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PPM Loan Management Company's new CLO has an expected triple-A spread of 142 basis points.
October 16 -
Barings LLC is back in the market with the $319 million Barings CLO 2020-II deal that provides higher credit enhancement on the top rated tranches than the Barings CLO 2020-I, its first CLO this year that was completed in September.
October 15 -
Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.
October 15
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Money managers bargained away legal rights in exchange for higher returns in an ultra-low interest rate environment. Now they find themselves with precious little protection for their investments just as the pandemic is causing a wave of corporate bankruptcies across the country.
October 12
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Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 2-8
October 9
- LIBOR
A New York-state proposal to shift trillions of dollars in securities contracts from Libor- to SOFR-based benchmarks is gathering dust. That worries bankers and investors on on how to proceed with the next steps toward a replacement rate as Libor's post-2021 expiration grows nearer.
October 8
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Money managers bargained away legal rights in exchange for higher returns in an ultra-low interest rate environment. Now they find themselves with precious little protection for their investments just as the pandemic is causing a wave of corporate bankruptcies across the country.
October 7 -
The ratings agency reported that the average percentage share of triple-C rated loans in CLO portfolios fell below 10% for the first time since March.
October 6
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Kroll's $2 million settlement with the SEC over failing to adhere to credit-rating standards for CMBS and CLO bonds are fueling concerns that rosy credit grades are masking deeper structural problems with the securities exposed by COVID-19 related stresses, say critics.
October 5
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The quarterly numbers were boosted by $11.3 billion in new deals last month, the most active month for CLOs since April 2019.
October 2
