CLOs

CBAM, the leading CLO issuer by volume in 2017, had a shorter non-call for its senior-note stack; Apex has split the AAA paper into three variable-priced tranches.

Two privately placed static CLOs and the newly priced Palmer Square CLO 2018-1 add up to more than $1.5 billion in new CLO assets under management for the Kansas City-metro area manager.

The €413 million transaction will issue exchangeable notes for the five senior tranches, allowing regulated U.S. banks the opportunity to invest, even though the portfolio includes bonds.

It's the busiest start to the year, post-financial crisis, for collateralized loan obligations, according to Thomson Reuters, and nearly 60% higher than the pace set in the first two months of 2017.

Allstate Investment Management's latest collateralized loan portfolio includes a five-year-plus reinvestment period, and some added leeway on credit metrics and performance tests.

From efforts to fix the London interbank offered rate to changes in online lenders' funding programs, here are some of the highlights of the Structured Finance Industry Group's 2018 confab in Sin City.

GSO/Blackstone's Cook Park CLO is the firm's first new-issue transaction since November; the senior, triple-A-rated tranche pays just 92 basis points over Libor.

Avoca CLO V was issued only the second default rating of a subordinate global CLO in the last four years, the result of an unpaid subordinate tranche in an early deal liquidation by manager KKR.

The DC Circuirt Court's ruling that CLO managers are exempt from skin in the game rules disappointed some investors, who are willing to pay a premium for deals in which their interests are aligned.

Timothy Bowler, president of the ICE Benchmark Administration, which has been responsible for calculating the index since mid-2013, argues that there is a strong case for keeping it going.

Golub Capital Partners' first CLO of 2018 is pooling small and medium-size enterprise loans into a $903.8 million portfolio, more than twice the size of its previous middle-market CLO.

GoldenTree's dual-market CLO manager affiliate is launching its first European CLO after debuting with two U.S. deals totaling more than $1.4 billion in 2017.

In January, the closed end fund put $36.6 million to work acquiring the most subordinate securities issued by several CLOs, following the $52.6 million it spent in the fourth quarter.

The $410 million Ares XXXVIII CLO was the first U.S. collateralized loan obligation to reset, reprice or be issued since Angelo Gordon completed its Northwoods Capital XVI transaction on Feb. 15.

It's now calling for volume of $110 billion, 10% higher than its previous forecast, based on the view that the repeal of risk retention will spur smaller managers and new managers to enter the market.

KKR is resetting a 2012-vintage deal for the second time; it now has a reinvestment period of just 1.8 years compared with the more typical four or five years.

Onex reset a deal, agreeing to a higher coupon on the AAA-rated senior notes, in order to gain a five-year reinvestment period extension; it substantially narrowed spreads on subordinate notes.

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.