CDOs

Fitch Ratings and Moody's Investors Service each rate a single collateralized loan obligations with exposure to debt of the former retail giant.

The reinvestment period of $457.8 million Palmer Square CLO 2013-2 is being extended for another four years; there are also changes to the capital stack.

The senior tranche of Oak Hill European Credit Partners VII has an assumed coupon that is inside of the market average for September.

LCM 28 can pay noteholders across the capital stack based on three-month Libor or "any applicable" alternative - including one-month Libor.

The Oak Brook, Ill.-based manager is adding interest-only notes as well as a subordinate, single-B rated tranche in an extension of a 2016 CLO.

The average exposure is well under the overcollateralization cushions for CLO managers, who also had plenty of notice about ATD's longstanding leverage concerns and supplier issues well before the Chapter 11 filing.

A growing number of asset managers are waking up to the opportunity to lend to small and medium-sized companies, and much of this direct lending is making its way into the securitization market.

The four-year-old transaction is still in its original reinvestment period, but the collateral has had growing levels of defaulted and triple-C rated assets.

The spread on the AAA rated notes issued by KKR 23 CLO is unchanged from the manager's prior deal, but three of four subordinate tranches are priced wider than the June transaction.

Four new repriced portfolios from BlueMountain, CIFC, GoldenTree and HPS each exceeded 10x debt-to-equity ratio, compared to a three-month prior average of 9.16x on S&P rated deals.

It can be a more efficient way to raise regulatory capital than relying solely on equity, but lenders that securitize this debt have struggled to get the market back off the ground.

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.

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

Collateralized loan obligations denominated in pounds sterling were once a tough sell; two recent deals from Barclays and PGIM indicate that this is changing.