Investments

The Boston-based firm has refinanced two existing deals within the last 10 months, but hasn't printed a new deal since October 2015, well before U.S. risk retention rules took effect.

The deal will be managed through its BDC, which formed a joint venture last December to fund PE-sponsored firms with unitranche corporate loans.

The deal, which Fitch did not name in its report, appears to be VCO CLO 2018-1. The agency said the transaction might not even merit a single-A rating, given the high single-sector concentration.

J.P. Morgan Asset Management is not disclosing why it is retiring the $1B Palm Lane Credit Opportunities Fund; the fund was previously being considered for a spinoff.

The $300 million transaction has a six-month prefunding period during with the last $50 million of loans will be acquired; it can be actively managed for three years.

TCI Capital assigned two CLO deals totaling $1 billion that it was managing for Columbia Management Investment Advisers, after Columbia resigned its subadvisory role.

The GSE recently transferred $166 million portion of risk on $11.1 billion of loans via contracts with seven reinsurers and insurers; it plans to come to market two or three time a year going forward.

Collateralized loan obligations denominated in pounds sterling were once a tough sell; two recent deals from Barclays and PGIM indicate that this is changing.

The credit arm of the $24 billion asset H.I.G. Capital is marketing a $458.1 million BSL CLO, its first deal since April 2015.

The $408.4M Anchorage Capital CLO 2018-10 adds to the $5.2B-asset manager's 2018 tally of three re-issues and a refinancing — not to mention a debut European CLO.

The percentage of CCC "buckets" in CLOs increased in the second quarter and they are now at levels similar to 2016, when managers struggled with concentrations of troubled energy-sector assets.

The first two transactions were initiated in March, just a few days before skin-in-the-game rules were lifted for this asset class; this time, the CLO manager is not exactly sticking its neck out.

Jeff Weinstein and Patrick Lampe join from the Chicago office of Sidley Austin; Morgan Lewis partner Philip Russell is relocating from the firm’s New York office.

DFG Investment Advisers, led by former Goldman and HVB Group veterans, will exceed $4.2B in CLO assets under management with the latest deal.

Annaly Capital Management will be able to proceed with a delayed exchange offer needed for its acquisition of MTGE Investment Corp. because it has been able to satisfy incomplete deal conditions.

PACE Funding Group, based in Los Gatos, Calif., recently obtained a $55 million line of credit from SunTrust Bank and Rosemawr Management and is gearing up for its second securitization later this year.

The $502 million Diamond CLO represents the first securitization of small/medium enterprise loans since Blackstone in the second quarter relaunched a direct lending business.

The expiration of Annaly Capital Management's offer to purchase MTGE Investment Corp. was delayed until Sept. 7 so the two real estate investment trusts have more time to satisfy deal conditions.

Once refinanced, the $406 million Park Avenue Institutional Advisors CLO 2016-1 will be non-callable for two years and can be actively managed for up to five years.

The $449.2 million Carlyle Direct Lending CLO 2015-1R is the 11th deal the global alternative asset manager has refinanced this year.