Investments

The selloff in the CLO market in the fourth quarter of last year may have caused Eagle Point Credit Co. some short-term pain, but the closed-end investment firm expects to profit from it in the long term.

The partnership with Hallows HalseyPoint to step up the pace of recruitment of analysts and traders and open a warehouse line for loan accumulation by the end of May.

OHA Credit Funding 2 offers nine classes of fixed- and floating-rate notes backed by corporate senior loans, including a rare tranche of single-B rated notes.

New Residential priced its second stock offering in four months, looking for gross proceeds of nearly $665 million.

HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.

Octagon Investor Partners 40 limits “covenant-lite” loans to 60% of its portfolio, below the 65% cap on it's previous new-issue deal completed in November.

Although mostly active as a middle-market CLO manager, asset manager Golub Capital is printing a new open-market CLO sourced by its large-corporate loan investments.

The global insurance firm, which operates a three-year-old CLO management affiliate, has now launched private credit unit that will pursue controlling interests in deals managed by others.

Howard Goldwasser and Skanthan Vivekananda will be based in New York and Los Angeles, respectively.

Golub Capital BDC has also obtained shareholder approval to boost leverage, but David Golub said this was designed to give the middle-market lender more flexibility.

The firm founded by mortgage veteran Michael Vranos looks for leveraged loans it considers "misrated" with strong covenants; many of these loans also amortize relatively quickly.

The 131 basis-point spread for Buckhorn Park CLO is 14 basis points wider than Blackstone's previous deal in November, but in line with peer deals from recent weeks.

The New York and Israel-based investment management startup selected the initial collateral using machine-learning decisions; AI will also be used in determining when to sell consumer loans in the portfolio or buy additional assets.

Och-Ziff Capital is suing BNY Mellon, as trustee, to compel it to calculate interest in a way that is more favorable to the class of securities it holds.

About half of collateralized loan obligations purchased loans at prices below face value in order to boost the par value of assets, improving overcollateralization.

That's one notch lower than the sponsor's prior deal; the only substantial change is the valuation of securities that are deferring dividend payments.

Jonathan Levine, who represents asset managers and private funds in their investments in distressed situations, joins the firm from Morrison & Foerster.

They join Blackstone/GSO, PGIM, Credit Suisse, Guggenheim Securities and the Carlyle Group in reopening a new-issue market that was dormant in December.

At least 25 business development companies have obtained board approval to increase leverage in line with a new regulatory limit, but most are subject to a one-year cooling-off period, according to DBRS.

At least 50% of the U.S. dollar-denominated fund's investments will be in triple-B tranches of U.S. and European CLOs.