CLOs

The carrier, through CLO management affiliate Park Avenue Institutional Investors, is bringing total AUM in senior loans to $1.65 billion.

After a decade of investing in distressed trust-preferred securities CDOs of small and regional banks, Hildene now sees non-distressed CLO equity as an inviting target.

A strong supply of nearly 10 billion euros ($11.2 billion) masks a market that is requiring arrangers and managers to work for less in order to price deals.

Five new-issue deals pricing Thursday pushed monthly primary CLO volume to $13.8 billion, with $43 billion year-to-date now 7% ahead of the new-deal output in the first four months of 2018.

The $505 million Octagon Investment Partners 20-R will close before the assignment of any underlying loans, according to Moody's.

An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another.

The manager's Sound Point Euro CLO 1 Funding DAC is the only deal so far in 2019 to be issued for a first-time issuer in the EU region.

The initial portfolio for the $601.7 million deal features high exposure to lower-rated single-B loans, though that will likely drop when it is fully ramped.

The transaction is the fourth by the New York-based affiliate of Hayfin Capital Management since its merger with the U.K. asset manager.

The $746.2 million PFP 2019-1's biggest exposure by property type is to multifamily, but the single largest asset is a $71 million portion of a mortgage on a Dallas office building.

Investors who do not consent to proposed changes in the terms of the $655.9 million Magnetite XXII must sell their bonds (at full par) to the money manager.

The $687 million XAN 2019-RSO7 has 36 months to fund additional lending against properties in the collateral pool, six months longer than a 2018 transaction.

The New York-based CLO management firm also plans to change its name to reflect its parent firm, Vibrant Capital Partners.

The CLO manager has priced a reissued CLO at spreads signficantly higher than rates paid since a 2017 limited refinancing.

Dryden 36 Senior Loan Fund, originally issued in 2014 and previously refinanced in December 2016, is also being upsized, to $712.9 million.

The $410 million Maranon Loan Funding 2019-1 will be backed by assets initially included in a December 2016 transaction.

The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange.

Ares' transaction priced at spreads similar to its prior deal in February but wide of its initial 2019 transaction in January; Golub beat the spread of its prior BSL CLO, in February.

These deals offer clear benefits for managers looking to lower funding costs; a survey from JPMorgan indicates investors have their own reasons for liking them.

THL Credit is marketing its first middle-market CLO in a $410.5 million portfolio backed by receivables from its direct-lending originations.