CLOs

Don Mullen, founder and chief executive officer of Pretium Partners, says that corporate debt could underperform mortgages this year, with fewer defaults likely for real estate loans and higher recoveries for mortgage-backed instruments.

Deals, trends and research in structured finance and asset-backed securities for the week of March 19-25

U.S. companies including Hilton and Avis are so anxious to lock in low borrowing costs now, before inflation fears push yields even higher or close the market altogether, that they’re paying millions of dollars in penalties to refinance debt early.

A PIMCO-sponsored HELOC securitzation, as well as a mortgage-insurance linked transaction, are the latest examples of issuers getting a head start on switching to an expected replacement benchmark for Libor.

Deals, trends and research in structured finance and asset-backed securities for the week of March 12-18

The strong showing has prompted managers to bring new deals at favorable terms and refinance and reset existing bonds at cheaper costs, leading market observers to predict a record year for refinancings.

CLO new-issue month-to-date volume is at $8.9 billion, keeping pace with a record $15.8 billion total from February

Deals, trends and research in structured finance and asset-backed securities for the week of March 5-11

Firms targeted include Brigade Capital Management, HPS Investment Partners, Symphony Asset Management and Bardin Hill Investment Partners, which all have a CLO business that repackages leveraged loans into bonds of differing risks, sources said.

Firms targeted include Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, according to sources.

The Athene acquisition completes a process that Rowan – who succeeds Black as CEO no later than July – started in 2009, when he created the annuity business so that it would send vast sums of cash to Apollo for investments

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 26-March 4

At least four leveraged loan issuers came to market with deals that included “Revlon clawback language” in credit documents in recent weeks.

Ares Management is among five issuers to have sponsored CRE CLO transactions so far in 2021; Starwood REIT's collateral advisor has also launched a CDO for project finance and corporate infrastructure loans.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25

Companies most impacted by the economic crisis have seen their borrowings, including leveraged loans, considered “non-pass,” rise to 29.5% in last year’s third quarter from 13.5% in the same period a year earlier.

Just over 12 billion euros ($14.6 billion) of new issue, refi and reset paper has priced so far this year, surpassing a previous high of 7.3 billion euros in the first two months of 2018.

New York-based Briarcliffe will provide fundraising services to existing asset managers looking to raise as much as $1.5 billion

Firms are moving money into loans and notes that offer floating interest rates. Unlike the fixed payments on most conventional bonds, those on floating-rate debt go up as benchmark rates do, helping preserve their value.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 12-18