Investments

The commercial real estate lender, which is controlled by Canadian and Singapore sovereign wealth funds, included some unusual features in the deal, such as a two-year revolving period.

According to Morgan Stanley, seven of 15 new European CLOs in the pipeline are debut or re-entry deals involving U.S. asset managers.

The London interbank offered rate has its faults, but at least it compensates for counterparty risk; not so the benchmark being touted as a replacement.

A federal appeals court overturned part of the 2010 law’s risk retention rule earlier this year. The legal battle highlights mistakes to be avoided during the next reform fight.

PHH Corp. took a net loss in the first quarter but was able to surpass minimums for net worth and available cash necessary for Ocwen Financial to acquire the company.

The average AAA note coupon of 103 basis points above Libor widened from 98.4 in March, which had been the tightest CLO spread level in approximately five years.

Fannie Mae's first-quarter profits were enough for it to rebuild its minimum capital buffer and pay the Treasury Department dividend after being forced to take a draw during the previous fiscal period.

“We’re comforted by the fact our position in the market is so strong, and our ability to gain [loan] allocation is quite important," co-CEO Kewsong Lee says.

If Freddie Mac's credit-risk transfer activities continue to grow, mortgage lenders could eventually see a reduction in the guarantee fees they pay to the government-sponsored enterprise, according to CEO Donald Layton.

Hunton Andrews Kurth LLP (formerly Hunton & Williams and Andrews Kurth Kenyon) has named Robert A. Davis Jr. as special counsel in its tax and ERISA practice.

Nearly four in five expect spreads to widen this summer, which is not good news for spec-grade U.S. companies that binged on borrowing levels over the last two years.

After the second-busiest quarter for primary European CLO issuance to start 2018, a two-week April lull in the market was ended with deal pricings by Intermediate Capital and Investcorp.

Jay Huang, a longtime Citigroup veteran who joined in January, is developing a high-tech trading-desk operation to enhance the company's portfolio of CLO investments.

The total volume of CLO refinancings for the month to date has reachd $11.3 billion, as managers continue to take advantage of the repeal of skin-in-the-game rules for this asset class.

With no more concerns about triggering risk retention on its large pile of older deals, Blackstone is dusting off CLO portfolios that have long been eligible for a refi makeover.

The future secondary mortgage market entities will receive high investment grade ratings, even as there is no clarity on their scope or form, Fitch Ratings said.

The LSTA has declared the era of risk retention for open-market CLOs is over, pending an unlikely U.S. Supreme Court intervention. "We believe we can exhale," the trade group said in a statement.

The $31.7 billion in collateralized loan obligation deals priced year-to-date is the most in a first quarter in the post-crisis era.

Fortress Investment Group's $702.8 portfolio of SME loans is the first since Softbank Group acquired Fortress in December.

Managers are regaining the ability to amend older deals that they previously locked down to maintain risk-retention exemptions.