CDOs/CLOs

Pine Brook, a private equity firm that specializes in financial services and energy sectors, has agreed to acquire Triumph Capital from Dallas-based Triumph Bancorp.

CLOs have significantly reduced their exposure to Ocean Rig, the offshore drilling contractor that announced a restructuring agreement Tuesday, according to Wells Fargo Securities.

Investcorp Credit Management EU is debuting its first European CLO since announcing its acquisition of the debt management business from 3I Group last October.

Competition for leveraged loans is tough, and that’s forcing some of the biggest buyers to tap new sources of financing.

The LSTA pointed to recent research reports noting that outsized exposure to certain troubled retail apparel and department stores has expanded for collateralized loan obligations.

Global distressed debt fund manager King Street Capital Management is issuing its first collateralized debt obligation ever.

Presale reports were issued Monday for the $407.35 million Wellfleet CLO 201-1 and the $406.35 million NXT Capital CLO 2017-1; the two deals are the latest of four new offerings noted by ratings agencies since last week and among 14 this month.

Collateralized loan obligations are in such high demand that investors are increasingly willing to allow managers to actively manage portfolios for longer periods.

Spire Partners priced the first new Euro-denominated CLO deal for March, the €348 million Aurium CLO III last week, according to a report published Monday by Moody's Investors Service.

The monthly change for defaulted holdings in CLO 2.0s – which now comprise 95% of the market for outstanding CLO issues – rose 0.1% and now stand at 0.12%. The rate for CLO 1.0s rate 0.12%, now standing at 3.13%.