CDOs/CLOs

Three of the loans backing the $868.4 million BSPRT 2018-FL4 representing 18.4% of the collateral are either still under construction or have yet to be redeveloped, according to Kroll Bond Rating Agency.

While banking regulators are currently looking the other way when corporate debt packages exceed 6.0 leverage, that could easily change under a new administration or Congress.

A conflict between risk retention rules and prohibitions against self-dealing were limiting options for some lenders to hold skin in the game; a no-action letter issued to Golub Capital creates a "clear path" to compliance.

Tetragon Credit Income Partners is considering a move outside its niche CLO equity investment strategy in expanding its portfolio management team.

The Boston-based firm has refinanced two existing deals within the last 10 months, but hasn't printed a new deal since October 2015, well before U.S. risk retention rules took effect.

The deal will be managed through its BDC, which formed a joint venture last December to fund PE-sponsored firms with unitranche corporate loans.

The deal, which Fitch did not name in its report, appears to be VCO CLO 2018-1. The agency said the transaction might not even merit a single-A rating, given the high single-sector concentration.

J.P. Morgan Asset Management is not disclosing why it is retiring the $1B Palm Lane Credit Opportunities Fund; the fund was previously being considered for a spinoff.

The $300 million transaction has a six-month prefunding period during with the last $50 million of loans will be acquired; it can be actively managed for three years.

TCI Capital assigned two CLO deals totaling $1 billion that it was managing for Columbia Management Investment Advisers, after Columbia resigned its subadvisory role.