CDOs

The $12.9 billion in collateralized loan obligations issued last month brings the 11-month total to $108 billion, just shy of the 2014 record of $124 billion.

Three broadly syndicated deals printed in December have senior, AAA-rated tranches that pay just 107 basis points over Libor - the lowest coupon of the year.

Junk-rated firms pay little tax, and so won't benefit much from a lower corporate rate. And this benefit could be offset by a limit on the interest deduction.

The dramatic tightening in loan spreads this year made it difficult for the CLO manager to manage to various performance metrics of its deals, and this required building flexibility into deals being refinanced.

Carlyle Euro CLO 2017-3 is the latest under its new shelf managed by affiliate CELF Advisors, with a AAA coupon of just 75 basis points over three-month Euribor.

The deal will relaunch with a weighted average spread (4.22%) and excess spread (2.86%) well above the three-month industry average for issued U.S. CLOs.

CBAM Asset Management's $1B CBAM 2017-4 is not its largest deal among the four BSL portfolios it has issued in less than eight months; but the latest transaction is still almost double the average peer CLO deal size of $511 million since the third quarter.

The unwinding and rebuilding of the struggling portfolios of Fifth Street's business development companies could take two to three years, Oaktree management stated in an earnings call Thursday.

Neuberger Berman Loan Advisors CLO 26 builds the Dallas-based manager's assets under management to $5.5 billion.

The U.S. Second Circuit ruled that Momentive Performance Materials should use what's known a a "market rates" formula to determine the appropriate payout for a series of replacement notes issued to bondholders.

A wave of corporate loan refinancings is putting collateralized loan obligations afoul of a covenant designed to safeguard their own investors.

HPS Investment Partners is adding a new name to one of its legacy Highbridge CLOs, as well as piling on extensive changes to note structure, deal terms and restrictions on some higher-risk assets.

Just $7.6 billion of deals were refinanced or reset in September, bringing the total for the third quarter to $27.2 billion, far short of the pace of the first half, when approximately $138 billion was reworked.

Unlike the sponsor's previous transaction, which recycled collateral issued pre-crisis, this one includes newly issued securities intended to help small banks and insurance companies raise capital.

RREEF America, the real estate investment unit of Deutsche Asset Management, is securitizing an unusual mix of speculative-grade project finance and corporate in a debut $431.3 million collateralized debt obligation.

The liquidation of Veneto Banca and Banca Popolare puts increasing pressure on other banks in the Eurozone to reduce their holdings of bad loans, according to Fitch Ratings; it remains to be seen whether securitization will play a significant role.

CLO managers who accept lower interest payments on loans risk running afoul of deal covenants; but if they take their money back, there are few attractive options for putting it back to work

KKR is undertaking a rare refinancing of a 2014-vintage collateralized loan obligation that does take advantage of a one-time exemption from risk retention requirements.

The Massachussetts Educational Financing Authority is issuing $162.23 million of private student loan revenue bonds; Fannie Mae obtains more front-end credit risk transfer; Canadian Tire Bank taps credit card market.

At an industry conference Thursday, three former banking and capital markets regulators – including former U.S. comptroller Eugene Ludwig – joined in the chorus of industry voices doubting that any near-term relief from Dodd-Frank rules is on the table.