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Investors appear to be willing to accept lower spreads in exchange for tying their money up for less time; CLO managers may be hoping to refinance when market conditions improve.
March 6
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After waiting a decade to return to the CLO market, AIG now has taken less than three months to issue a second deal through its new "CLO 2.0" platform.
March 5
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The $500.25 million Magnetite XXI has a three-year reinvestment period and can be called after just one year; it also priced inside most other deals that came to market in February.
March 4
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Tobacco-industry loans are rare assets for CLOs, but Sound Point is ensuring none will go into its CLO XII portfolio for the remaining 20-month reinvestment period.
March 1
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Concerns about risks in the leveraged loan market, as well as the potential impact of new capital rules for Japanese banks, continue to weigh on collateralized loan obligations.
February 27 -
Not every tranche of notes originally issued by ALM XIX has been upsized by the same amount; in fact, some of the lower-rated tranches have been cut in size.
February 26 -
The €400 million RRE 1 Loan Management DAC has a 4.5-year reinvestment period and two-year non-callable period, according to presale reports.
February 22
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The selloff in the CLO market in the fourth quarter of last year may have caused Eagle Point Credit Co. some short-term pain, but the closed-end investment firm expects to profit from it in the long term.
February 21
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The partnership with Hallows HalseyPoint to step up the pace of recruitment of analysts and traders and open a warehouse line for loan accumulation by the end of May.
February 21
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OHA Credit Funding 2 offers nine classes of fixed- and floating-rate notes backed by corporate senior loans, including a rare tranche of single-B rated notes.
February 20
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Octagon Investor Partners 40 limits “covenant-lite” loans to 60% of its portfolio, below the 65% cap on it's previous new-issue deal completed in November.
February 14
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Although mostly active as a middle-market CLO manager, asset manager Golub Capital is printing a new open-market CLO sourced by its large-corporate loan investments.
February 13 -
The global insurance firm, which operates a three-year-old CLO management affiliate, has now launched private credit unit that will pursue controlling interests in deals managed by others.
February 12
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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.
February 7
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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.
February 6
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About half of collateralized loan obligations purchased loans at prices below face value in order to boost the par value of assets, improving overcollateralization.
February 6
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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.
February 5
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Jonathan Levine, who represents asset managers and private funds in their investments in distressed situations, joins the firm from Morrison & Foerster.
February 5
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They join Blackstone/GSO, PGIM, Credit Suisse, Guggenheim Securities and the Carlyle Group in reopening a new-issue market that was dormant in December.
February 2 -
At least 50% of the U.S. dollar-denominated fund's investments will be in triple-B tranches of U.S. and European CLOs.
January 30
