Finance

The firm founded by mortgage veteran Michael Vranos looks for leveraged loans it considers "misrated" with strong covenants; many of these loans also amortize relatively quickly.

The 131 basis-point spread for Buckhorn Park CLO is 14 basis points wider than Blackstone's previous deal in November, but in line with peer deals from recent weeks.

The New York and Israel-based investment management startup selected the initial collateral using machine-learning decisions; AI will also be used in determining when to sell consumer loans in the portfolio or buy additional assets.

For the first time in almost two years, borrowers are taking out floating-rate loans to refinance their student debt. So Navient is testing investor appetite for floating-rate bonds backed by refinance loans.

Och-Ziff Capital is suing BNY Mellon, as trustee, to compel it to calculate interest in a way that is more favorable to the class of securities it holds.

About half of collateralized loan obligations purchased loans at prices below face value in order to boost the par value of assets, improving overcollateralization.

That's one notch lower than the sponsor's prior deal; the only substantial change is the valuation of securities that are deferring dividend payments.

Jonathan Levine, who represents asset managers and private funds in their investments in distressed situations, joins the firm from Morrison & Foerster.

They join Blackstone/GSO, PGIM, Credit Suisse, Guggenheim Securities and the Carlyle Group in reopening a new-issue market that was dormant in December.

The new unit will be based in Charlotte, N.C., and led by Bo Weatherly; it will provide warehouse lines of credit to nonbank consumer and commercial lenders; it will also provide underwriting services.

The three offerings launched Thursday add to the $3.9 billion of prime auto supply already issued this year by General Motors, Ford Motor Co. and CarMax.

Both lenders are boosting originations to borrowers with near-prime loans, though the impact on the overall credit quality of the collateral for their deals is slight.

Ginnie Mae has restricted loanDepot's ability to securitize Veterans Affairs mortgages because of apparent churning of recent originations.

The loan used as collateral is part of $410 million of financing the sponsor obtained from Societe Generale to refinance the redevelopment of a 10-story mixed-use building on Eleventh Avenue in Manhattan.

At least 50% of the U.S. dollar-denominated fund's investments will be in triple-B tranches of U.S. and European CLOs.

Office buildings account for roughly 40% of the collateral, and much of it is in suburbia, where defaults and losses can be higher, according to S&P Global Ratings.

Risk retention rules that Japan's Financial Services Agency has proposed for securitizations may not apply to U.S. collateralized loan obligations after all, according to the LSTA.

Guggenheim, Carlyle Group, Credit Suisse and Blackstone have launched four deals totaling €1.74 billion, all with AAA spreads of at least 100 basis points over Euribor.

As 30-year fixed-rate mortgages rose 30 basis points year-over-year, non-QM originations are estimated to grow 400% in 2019.

The remainder of the collateral was contributed by Goldman Sachs, which is also holding onto 5% of the risk in the deal to comply with risk retention rules.