CLOs

Eliminating the requirement that CLO managers keep skin in the game of deals should boost issuance, but this could result in weaker credit quality of collateral as competition for loans increases.

There could be a pause in new issuance as CLO managers wait to see if the government will appeal; longer term, the pace will pick up as the playing field is leveled for smaller managers.

A three-judge panel for the D.C. Circuit Court of Appeals has sided with the LSTA in its lawsuit seeking to reverse rules requiring CLO managers to hold "skin in the game" under Dodd-Frank.

Players as small as Oxford Lane and as large as the Carlyle Group have money to put to work funding risk retention and investing opportunistically; trends could attract more first-time managers.

The deal is backed by an unusually concentrated portfolio of just 19 loans on properties being rehabbed or converted to a new use; by property type, the biggest exposure is to hospitality, at 19.7%.

Voya Alternative Asset Management is replacing and consolidating seven fixed- and floating-rate tranches with five new variable-rate classes that each gained lower rates than predecessor notes.

The Los Angeles-based distressed-debt specialist has $20.5 billion in dry powder, including over $8.8 billion in uncommitted capital stored in a dormant opportunities fund.

S&P Global Rating's London office made the rare move to downgrade the junior-most notes in a 2016 CLO issued by a Danish credit manager due to a deterioration in portfolio maintenance levels.

Aegon Asset Management's new Cedar Funding CLO VII is expected to price its senior triple-A notes at 100 basis points above Libor, carrying on a 2017 trend of tightening spreads.

While tightening down on cov-lite and subordinate loans, Marathon CLO XI's rules give the asset manager more room to trade in lower-credit and DIP loans.

Returns for equity investors are increasingly under pressure because of demand for the underlying loan assets, but strategies to boost returns can investors in other CLO securities at risk.

The $407 million Crown Point 4 is also the first CLO in nearly three years for Valcour, which was last in the market with the $400 million Crown Point III in March 2015.

Traditional refinancings are document intensive, time-consuming and costly; the SEC has given the green light to more efficient mechanism that resets coupons at periodic auctions.

Previously a partner at Winston & Strawn, he brings more than 25 years of experience handling complex structured finance and specialty finance transactions.

The New York-based alternative asset manager is first out of the gate with a new-issue deal amidst a flurry of early reset/refinancing activity totaling $3.4 billion.

The Carlyle Group, Blackstone/GSO and Investcorp have reset or refinanced a trio of 2014 and 2015 vintage, euro-denominated deals.

The $165 billion of collateralized loan obligations that were refinanced in 2017 as a whole account for more than one-third of all U.S. CLO assets under management, according to Thomson Reuters LPC.

Tralee CLO IV is a $409.2 million portfolio that immediately more than doubles the assets under management for Par-Four Investment Management.

Marketplace lenders bringing securitization in-house seized the top spot in 2017; readers also focused on Blackstone's big entry into an esoteric corner of the CRE market and the PACE industry's embrace of consumer protections.

Corporate borrowers have started to ask lenders for leeway to be acquired by another company, under certain circumstances, without having to refinance their debt, according to Covenant Review.