CDOs/CLOs

A combination of attractive financing and more plentiful supply of collateral CLO issuance to $10.2 billion in April. the highest level in nearly two years.

Risk retention rules created some big hurdles to creating new collateralized loan obligations. Yet they also opened up new avenues for investing in the market, as many managers serving as fee-for-service agents were compelled to raise the capital necessary to keep “skin in the game.”

The unexpectedly strong pace of collateralized loan obligation issuance in April has prompted S&P Global Ratings to increase its forecast for the year as a whole.

First Key preps its second reperforming RMBS of the year; April CLO count reaches $29.8 billion; Toyota, Nissan file plans for notes backed by auto loans and dealer inventory financing.

The London office of Commerzbank AG Debt Fund Management is pricing its third overall CLO in a with a senior loan portfolio targeted at €346.2 million.

Bram Smith is retiring as executive director of the Loans Syndication & Trading Association effective at year’s end, the trade group announced Thursday. Smith has been with the LSTA for nine years, joining as interim executive director in September 2008 before he was installed as permanent ED in December 2009.

Fitch Ratings says the default rate for leveraged loans held by CLOs it rates remains "benign" at 0.4%, although slight concerns remain about bankruptcies looming defaults from speculative-grade debt held by key retail, media and energy sector firms.

Napier Park to issue 1st CLO of year; Moody's expects CLO refi activity to remain strong; S&P puts gobal corporate default tally for 2017 at 30, including 23 in the U.S.

Renovate America launches $268 million of bonds backed by Property Clean Energy Assessements; Calibur Home Loans returns with non-prime RMBS, and three more collateralized loan obligations refinance.

Managers of European collateralized loan obligations are under-reporting their exposure to loans that lack certain investor protections, according to Moody’s Investors Service.