CDOs

The slow pace of new issuance is likely to compel CLO investors to accept even smaller risk premiums, according to participants polled at an industry conference Monday.

Securitization pros are guardedly optimistic about the Trump Administration’s impact on the industry, even if no one expects to see a rollback of regulations imposed by the Dodd-Frank Act in the immediate future.

PineBridge Investments has priced its first collateralized loan obligation of the year.

The Prime Collateralised Securities Initiative is aiming to boost synthetic securitization, which offer an alternative way for European banks to free up capital for more lending.

Middle market lender Madison Capital Funding is preparing its first collateralized obligation of the year.

GSO/Blackstone Debt Funds Management earned the top spot in deal-count of U.S. CLO transactions by registering 28 deals totaling $13.3 billion in 2016, according to a tally of manager activity in the collateralized loan obligation market by Moody’s Investors Service.

Bain Capital Credit is pursuing the first U.S. CLO refinancing this year that does not appear driven by risk-retention strategies.

Trading volume of $56.6 billion in the fourth quarter was the second-highest level for the market since the first quarter of 2014. Loan prices selling near or above par also rose last fall.

New collateralized loan obligation volume through Feb. 10 has already topped $3.2 billion with at least nine new deals in the pipeline, the LSTA reported. That adds to $4.8 billion in refinancing activity for the month, after two more refis were priced on Thursday.

CVC Credit Partners is marketing what is only the second new European collateralized loan obligation of the year.

In the past week, five new-issue collateralized loan obligations have been launched and/or priced by U.S. managers, after just one deal was arranged in the first two weeks of the year. The latest deals were placed by THL Credit Advisors, Sound Point Capital Partners, CIFC Management, Apex Credit Partners and Octagon Credit Investors.

Intermediate Capital Managers broke the ice on new CLO deals in Europe this week as it priced a new €400 million portfolio of broadly syndicated loans and high-yield bonds.

The U.S. CLO market is experiencing another rash of refinancings, defying expectations for a slow start to the year.

Blackstone/GSO is refinancing a European CLO originally issued in 2014, the €400 million Phoenix Park CLO D.A.C., according to Fitch Ratings.

A combination of loosened covenants, minimal call protections and aggressive, U.S.-style “dry powder” leveraging strategies have produced the most sponsor-friendly market for European leveraged loans since the financial crisis, according to a new report from U.S.-based Covenant Review.

Marble Point Credit Management of Greenwich, Conn. has acquired the CLO platform of American Capital Credit Management.

Institutional refinancing in the fourth quarter, and continued high investor demand, drove a 12% surge in year-over-year U.S. leveraged lending in 2016 to $875 billion.

Issuance of U.S. collateralized loan obligations is likely to get off to a slow start in 2017.

Moody’s Investors Service has confirmed or downgraded the structured finance ratings on 16 “combo” note CLO tranches this month.

Last week the European arm of Pinebridge Investments refinanced the Euro-Galaxy III CLO, a collateralized loan obligation originally issued in 2013, to reprice the entire transaction, according to Standard & Poor's.