Investments

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.

Carlyle has raised an additional $800 million for "opportunistic" debt and equity investments of third-party CLOs, in a planned expansion of its $19.4B in structured credit business assets under management.

Fannie Mae's serious delinquency rate climbed to a high not seen since March 2017, but remained lower than it was 12 months prior.

AXA Investment Advisors' two primary-issue CLOs in 2017 were each priced within the past month.

Many raised large amounts of capital to put to work in the equity, or riskiest slices of their deals, allowing them to resume issuing new deals just as new loan issuance was taking off.

Exposure to PetSmart's now triple-C rated loan will strain the distressed debt limits of 24 collateralized loan obligations, while two other deals face potential interest-diversion test failures.

Banking regulatory agencies Thursday announced that they would raise the aggregate loan commitment threshold for syndicated loans to be included in the Shared National Credit program from $20 million to $100 million.

Only 2.6% of speculative-grade rated firms with public financials carry Moody's weakest liquidity rating, a drastic reduction since March 2016, helped by a recovery in the oil and gas sector.

Bridgeview, Illinois is the second Illinois home rule community to take advantage of new borrowing program.

The collateralized loan obligation market is ending the year at nearly full throttle with nearly $18 billion in new deal/refi volume month-to-date, with more on the way.