CLOs

About $16 billion across 43 deals in both new-issue and refinancing has prompted analysts into making early revisions to raise their initial volume forecasts.

More may be on the horizon as lenders lose patience with defaulting property owners.

Distressed debt funds on average gained 11.4%, according to Hedge Fund Research Inc., compared to the riskiest corporate bonds rising 2.3%.

Although returns may be lower than in recent years, CLO securities (particularly the senior-rated tranches) remain very attractive compared to alternative investments.

Energy, retail and consumer services companies led a total of 244 filings, according to data compiled by Bloomberg.

Bausch, formerly Valeant Pharmaceuticals, has paid down more than $24 billion of the $32 billion in leverage it owed five years ago from a debt-driven acquisition spree — which ended after a drug-pricing scandal.

The buyout industry has about $3 trillion of unrealized value on its books, according to Preqin. And it’s tapping that to land loans for bolt-on deals, to refinance debt or bail out struggling companies in their portfolios.

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 18-23

The likely extension of support of Libor until June 30, 2023 is a major plus for the securitization market, fending off potential market disruption the buying and trading of $1.8 trillion in outstanding asset-backed securities because of the planned cessation of the benchmark rate by the end of 2021.

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 11-17