Investments

Voya Alternative Asset Management is replacing and consolidating seven fixed- and floating-rate tranches with five new variable-rate classes that each gained lower rates than predecessor notes.

The Los Angeles-based distressed-debt specialist has $20.5 billion in dry powder, including over $8.8 billion in uncommitted capital stored in a dormant opportunities fund.

S&P Global Rating's London office made the rare move to downgrade the junior-most notes in a 2016 CLO issued by a Danish credit manager due to a deterioration in portfolio maintenance levels.

Three senators have unveiled a bill that would allow captive insurance companies to regain full membership in the Federal Home Loan Bank System.

Aegon Asset Management's new Cedar Funding CLO VII is expected to price its senior triple-A notes at 100 basis points above Libor, carrying on a 2017 trend of tightening spreads.

While tightening down on cov-lite and subordinate loans, Marathon CLO XI's rules give the asset manager more room to trade in lower-credit and DIP loans.

Returns for equity investors are increasingly under pressure because of demand for the underlying loan assets, but strategies to boost returns can investors in other CLO securities at risk.

The single-B rated company is facing a large cash requirement as it ramps up production of its Model 3; but leases backed by electric vehicles pose additional risks for investors in asset-backeds.

The $407 million Crown Point 4 is also the first CLO in nearly three years for Valcour, which was last in the market with the $400 million Crown Point III in March 2015.

Traditional refinancings are document intensive, time-consuming and costly; the SEC has given the green light to more efficient mechanism that resets coupons at periodic auctions.

A pre-marketing wire on the Sales Tax Securitization Corp.'s $366.2 million of tax-exempts indicates the Chicago deal may see wider spreads than in its bond sale last month.

Previously a partner at Winston & Strawn, he brings more than 25 years of experience handling complex structured finance and specialty finance transactions.

The New York-based alternative asset manager is first out of the gate with a new-issue deal amidst a flurry of early reset/refinancing activity totaling $3.4 billion.

Goldman Sachs was set to price $898.1 million of the sales tax bonds Wednesday, but the sale was delayed until next week at the earliest.

The Carlyle Group, Blackstone/GSO and Investcorp have reset or refinanced a trio of 2014 and 2015 vintage, euro-denominated deals.

The $165 billion of collateralized loan obligations that were refinanced in 2017 as a whole account for more than one-third of all U.S. CLO assets under management, according to Thomson Reuters LPC.

Tralee CLO IV is a $409.2 million portfolio that immediately more than doubles the assets under management for Par-Four Investment Management.

Marketplace lenders bringing securitization in-house seized the top spot in 2017; readers also focused on Blackstone's big entry into an esoteric corner of the CRE market and the PACE industry's embrace of consumer protections.

Corporate borrowers have started to ask lenders for leeway to be acquired by another company, under certain circumstances, without having to refinance their debt, according to Covenant Review.

A group of reinsurers has committed to provide up to $650 million of coverage for credit risk on some $21 billion of 30-year, fixed-rate loans that the government-sponsored agency will acquire over the next two years.