Investments

The €413.5 million BlackRock European CLO V is the fourth euro-denominated CLO to launch this month, and asset manager's first since BlackRock Euro CLO IV priced in November.

Octagon is refinancing a 2013-vintage CLO for the second time, while Anchorage is using the assets of a deal issued in 2012 (and later refinanced in 2016) for its first new-issue deal of 2018.

Issuance of Ginnie Mae securities backed by reverse mortgages rose above $1 billion for the second time in two years, according to the government agency's latest monthly report.

The gap between long and short reinvestment periods for U.S. collateralized loan obligations that reset rates has widened in 2018 as managers contend with different market signals, says Fitch.

Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.

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.

Essent Guaranty is marketing $360.75 million of notes linked to the performance of a pool of residential mortgages that it insures; its following in the footsteps of Arch Capital.

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.