CLOs

Deal supply remains relatively strong in the sector, but new originations still face a scarcity of new assets to roll into the deals.

The deal's total leverage is 11.25%, subordination is 13.14%, it has a WA cost of debt of 2.35%, and a WA spread of 3.49%, excluding floors.

Regulators saved lenders from a proliferation of banking issues in response to Silicon Valley Bank's collapse—and cemented the virtues of the borrow-lend strategy of CLOs.

The move to shutter the lines of credit for future collateralized loan obligations — so-called warehouses — comes as BirchLane winds down and returns cash to its investors.

Lenders and borrowers have just a few months to negotiate how they're going to ditch the disgraced Libor benchmark in the leveraged loan market, and time is of the essence.

Martin Silver, 65, pleaded guilty in April, admitting that he conspired to defraud investors by overvaluing distressed loans and creating bogus documents and fake loans to hide losses.

Healthcare companies used to be some of the safest to lend to during economic downturns, until private equity firms bought them out and larded them with debt.

The structured finance specialist sees opportunities to expand the CLO investor base with the product, as the CLO-driven funds win over other sponsors.

With the addition of AIG's CLOs, Blackstone will have around $51 billion of such assets under management, just edging past Carlyle Group Inc.

Monroe Capital's latest benchmarked the most senior class of notes to the SOFR, while the rest of the deal is fixed rate.

Distressed debt in the US alone jumped more than 300% in 12 months, high-yield issuance is much more challenging in Europe and leverage ratios have reached a record by some measures.

The middle-market manager's diverse funding sources provide extra dry powder amid industry headwinds, and a head start to 2023 as CLO arbitrage improves.

Many of the biggest buyers of leveraged loans are facing pressure to cut back on their purchases as they run out of time to reinvest their money.

The strains are largely linked to aggressive rate increases by the Federal Reserve and central banks around the world, which have dramatically changed the landscape for lending.

The asset manager is raising $372 million, and managing a portfolio with higher than average rates of turnover and overlap in collateral composition.

European banks are snapping up large pieces of their own collateralized loan obligations, keeping the market for CLOs afloat in the absence of the U.S. and Japanese banks.

Stabilization in the leveraged loan and high yield bond markets has led to an opening for deals as banks try to reduce debt on their balance sheets before the holidays.

Corporate borrowers will consider tapping bond and loan markets in the coming week as lending costs drop and investors snap up debt ahead of 2022's close.

In the proposal, NAIC argues that an insurer purchasing every tranche of a CLO holds the same investment risk as purchasing the entire pool of loans backing the CLO.

The deal has a $40 million subordinated portion that compares to the $497 million Dryden 108 CLO Ltd., which has a much larger ‘AAA’-rated class A-1 portion.