Investments

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.

Risk retention rules that Japan's Financial Services Agency has proposed for securitizations may not apply to U.S. collateralized loan obligations after all, according to the LSTA.

Guggenheim, Carlyle Group, Credit Suisse and Blackstone have launched four deals totaling €1.74 billion, all with AAA spreads of at least 100 basis points over Euribor.

The only change to the deal is a slightly smaller prefunding amount; one loan that had been expected to be acquired after settlement has already been closed.

Cadogan Square CLO XIII DAC will be Credit Suisse Asset Management's fourth euro-denominated CLO issued in the past 12 months.

That's significantly wider than 121 basis points average for new CLOs backed by broadly syndicated loans that were issued in December.

GoldenTree's $757 million CLO is the first deal seeking to price in the 2019 primary market, while Octagon Credit Investors is refinancing a $791.5M, 2014-vintage CLO (for a second time).

It may not signal a recession, but structured finance pros are still preparing for a more risk-off environment.

The Japan Financial Services Agency is considering increasing capital requirements for holdings of securitizations if the sponsors do not have "skin in game."

A few took advantage of deep discounts to scoop up collateral for new deals on the cheap; others swapped out some of their weakest credits for more highly rated loans.