Investments

The first refinancing, in January, was primarily intended to extend the life of the post-reinvestment period deal; this time, the manager is also lowering the interest paid.

The Railsplitter Tobacco Settlement Authority will price a $679 million current and advance refunding of tobacco bonds.

The council is exploring legislation to collect around $492 million in delinquent real estate taxes that could aid the city’s school district.

Lee Shaiman, who oversaw $20 billion in leveraged finance and other fixed-income investments at Blackstone, will succeed Bram Smith. who announced his retirement in early 2017.

The collateralized loan obligation manager launched a fifth 2017 U.S. deal totaling $510 million, while its European subsidiary is preparing a third transaction totaling €400 million.

HUD's decision to stop endorsing Property Assessed Clean Energy will have little impact; the widest segment of FHA borrowers "would not qualify anyway."

The $12.9 billion in collateralized loan obligations issued last month brings the 11-month total to $108 billion, just shy of the 2014 record of $124 billion.

Farmer Mac has terminated President and CEO Timothy Buzby for violating company policies not related to its financial and business performance.

A $92 million portion of $194.4 million mortgage on a portfolio of 36 ExtraSpace Self Storage locations is the largest of 42 loans backed backing MSC 2017-HR2.

Three broadly syndicated deals printed in December have senior, AAA-rated tranches that pay just 107 basis points over Libor - the lowest coupon of the year.

The deal, BXMT 2017-FL1 weighs in at $1 billion, making it more than twice as large as most CRE-CLOs issued this year; its size isn't the only unusual feature, however.

The new deal is smaller, at $130.1 million, and the collateral is almost entirely of PV systems financed through third-party loan agreements.

Junk-rated firms pay little tax, and so won't benefit much from a lower corporate rate. And this benefit could be offset by a limit on the interest deduction.

The dramatic tightening in loan spreads this year made it difficult for the CLO manager to manage to various performance metrics of its deals, and this required building flexibility into deals being refinanced.

Carlyle Euro CLO 2017-3 is the latest under its new shelf managed by affiliate CELF Advisors, with a AAA coupon of just 75 basis points over three-month Euribor.

The deal will relaunch with a weighted average spread (4.22%) and excess spread (2.86%) well above the three-month industry average for issued U.S. CLOs.

CBAM Asset Management's $1B CBAM 2017-4 is not its largest deal among the four BSL portfolios it has issued in less than eight months; but the latest transaction is still almost double the average peer CLO deal size of $511 million since the third quarter.

The jump is from a very low base; absolutely delinquency rates on mortgages referenced in GSE credit risk transfer deals are still likely to remain under 1% and much of the effect is likely to be temporary.

The securitization market is weathering risk retention and rising interest rates, though Fitch Ratings is keeping its eye on some consumer asset classes as the credit cycle lengthens.

Benefit Street Partners is securitizing 20 short-term commercial real estate loans it originated or acquired for transitional properties currently with unstable cash flow.