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CLO spreads should tighten toward year-end, easing arbitrage challenges. Meanwhile investors will be challenged to calibrate the recovery rate, says Pratik Gupta.
June 2 -
One case found that simply defining the investment in the new debt as an allowable transaction was helpful, but new indenture language to facilitate participation provides CLOs with little benefit.
May 31 -
Direct lenders are trying to get their hands on consumer loans, cutting into banks' business and taking advantage of the sometimes volatile market for asset-backed debt.
May 16 -
The pool will have an average senior overcollateralization cushion of 10.33%. Overall, however, the portfolio has a lower WA spread and lower available excess spread, which it says indicates a weaker underlying portfolio.
May 1 -
The senior, triple-A rated notes, which is in the A-1B class, are expected to have a 210 basis point spread, with a 38% credit enhancement level.
April 28 -
In a sign of how Japan's influence has grown, its regional banks have become a go-to buyer in the $1.3 trillion market — an important source of financing for junk-rated U.S. companies.
April 21 -
Demand for AAAs is still challenged as banks, the biggest buyers, are facing too much uncertainty and volatility around their balance sheets.
April 19 -
Despite dearth of new loans, retail investors' exit from loan funds provides CLOs with new-issue supply.
April 15 -
BlackRock's Financial Markets Advisory group has been selling off securities over the last two weeks, including pieces of collateralized loan obligations, commercial mortgage bonds and niche asset backed debt.
April 13 -
Deal supply remains relatively strong in the sector, but new originations still face a scarcity of new assets to roll into the deals.
March 27