CDOs

The closed-end fund, a major investor in CLO equity. directed resets of four deals that it controls in the first quarter; this helped end a yearlong slide in its weighted average portfolio yield.

The commercial real estate lender, which is controlled by Canadian and Singapore sovereign wealth funds, included some unusual features in the deal, such as a two-year revolving period.

According to Morgan Stanley, seven of 15 new European CLOs in the pipeline are debut or re-entry deals involving U.S. asset managers.

The average AAA note coupon of 103 basis points above Libor widened from 98.4 in March, which had been the tightest CLO spread level in approximately five years.

“We’re comforted by the fact our position in the market is so strong, and our ability to gain [loan] allocation is quite important," co-CEO Kewsong Lee says.

After the second-busiest quarter for primary European CLO issuance to start 2018, a two-week April lull in the market was ended with deal pricings by Intermediate Capital and Investcorp.

Jay Huang, a longtime Citigroup veteran who joined in January, is developing a high-tech trading-desk operation to enhance the company's portfolio of CLO investments.

It is backed by $499.8 million of trust preferred securities and subordinated debt issued by 63 banks and $380 million of TruPS and surplus notes issued by four insurance companies.

The total volume of CLO refinancings for the month to date has reachd $11.3 billion, as managers continue to take advantage of the repeal of skin-in-the-game rules for this asset class.

With no more concerns about triggering risk retention on its large pile of older deals, Blackstone is dusting off CLO portfolios that have long been eligible for a refi makeover.

The LSTA has declared the era of risk retention for open-market CLOs is over, pending an unlikely U.S. Supreme Court intervention. "We believe we can exhale," the trade group said in a statement.

The $31.7 billion in collateralized loan obligation deals priced year-to-date is the most in a first quarter in the post-crisis era.

Fortress Investment Group's $702.8 portfolio of SME loans is the first since Softbank Group acquired Fortress in December.

Managers are regaining the ability to amend older deals that they previously locked down to maintain risk-retention exemptions.

The U.S. CLO manager breaks the ice with its first euro-denominated deal, which priced Friday and will close in May when it is about 75% ramped up.

The deadline to seek an en banc hearing has now passed, and skin-in-the-game rules for collateralized loan obligations could be off the books by April 2.

The deadline to appeal the rollback of risk-retention requirements for CLO managers expired at midnight last night, but Voya Alternative Asset Management is not taking advantage.

An affiliate of the private-equity firm Angel Oak is packaging bank-issued sub debt to minimize risk for bondholders. It recently completed its first securitization and has plans to issue two deals a year.

The money manager is preparing to refinance a $400 million deal originally printed in March 2016 that is currently grandfathered from risk retention rules - without bringing the deal into compliance.

The €413.5 million BlackRock European CLO V is the fourth euro-denominated CLO to launch this month, and asset manager's first since BlackRock Euro CLO IV priced in November.