CDOs

Carlyle Global Market Strategies Euro CLO 2016-1 was launched with target par of €400 million (US$457.1 million). Credit Suisse Asset Management is also looking to issue €400 million in notes through Cadogan Square CLO VII B.V.

Napier Park Global Capital it preparing to price its first CLO in nearly 18 months through its Regatta platform in a $411 million transaction arranged through Morgan Stanley.

Topped by a $355.6 million, triple-A rated Class A notes tranche, the Hertz Fleet Lease Funding (HFLF) LP Series 2016-1 carries similar structures to the previous issue in the 2015-1 version, with the exception of the inclusion of a split floating-/fixed-rate split of Class A notes.

N.M. Rothschild and Sons’ Five Arrows Managers LLP has extended the closing date to April 26 for the €307M Contego III trust deal out of The Netherlands.

Jeremy Ghose, a veteran London-based CLO manager, is unsure the launch of five new Euro-denominated collateralized loan obligations in March is a sign the market is staged for a surge in 2016 – even though one of the new issues was by his own firm.

With the pricing of five new deals since mid-March, the European collateralized loan obligation market has broken out from a slow start in 2016 to put itself on pace to match, or exceed, 2015 new-issue volume levels.

The Los Angeles-based manager, a unit of Canyon Capital Advisors, is issuing its first CLO in nearly a year through Canyon CLO 2016-1. The transaction is a follow-up to the $400 million Canyon Capital CLO 2015-1 issuance in April 2015.

3i Debt Management priced a €400 million European collateralized loan obligation, according to Moody’s Investors Service.

Buyers of broadly syndicated corporate loans currently have an incentive to drag their feet closing trades; they will soon pay a hefty price if they don’t do their part. The reform should help lenders get assets off their books faster.

European CLO manager CVC Credit Partners is preparing its first broadly syndicated loan portfolio of 2016 that will issue €400 million (US$447.3 million) in euro-denominated bonds.

LCM Asset Management, American Capital and Telos Asset Management added three collateralized loan obligations totaling nearly $1 billion to the new issue pipeline Friday, according to rating agency reports.

Octagon Investment Partners’ new CLO is its first leveraged loan collateralization since September, as well as its debut portfolio being acquired last November by global insurance asset firm Conning.

Despite months of concerns over the credit standing for troubled Valeant Pharmaceuticals, the specialty pharmaceutical company remains the single-largest obligor in collateralized loan obligation holdings.

U.S. CLO issuance remained muted in February, with just five deals pricing totaling $2.1 billion, according to Thomson Reuters LPC. However that was an increase from the $826 million from two deals posted in January.

The Securities and Exchange Commissioner took to the podium in the convention center of the Aria Resort & Casino to express to attendees his admiration for the economic benefits of securitization – and his disagreement with the risk-retention regulatory regime that has enveloped it.

The sharp selloff in leveraged loans has created opportunity for some CLO managers, particularly those with deep pockets. Managers that can quickly acquire loans at a discount in the secondary market can still make money bundling them into collateral for bonds.

Moody’s Investors Service’s ranking of the top 10 managers of collateralized loan obligations at year-end 2015 was largely unchanged from mid-year, both in terms of deal count or AUM. But the biggest players collectively lost some market share to their mid-sized brethren.

Well, something has to. For proponents of modernization and greater efficiency in the syndicated loan, bond, swaps, and private placement markets, it’s well past time to put investors, banks, brokers and borrowers on the same technological page.

Crestline Denali Capital is preparing its first collateralized loan obligation offering since it was formed by the merger of two long-time CLO managers last fall.

The second European collateralized loan obligation of the year is the first ever by U.S. money manager BlackRock.