Investments

Instead of ordinary coupons, investors will receive semi-annual coupon payments linked to these VCUs. The outcome-based bond follows a rhino bond issued by the World Bank last year, which rewards investors more if the population of the animals grows.

The deal's total leverage is 11.25%, subordination is 13.14%, it has a WA cost of debt of 2.35%, and a WA spread of 3.49%, excluding floors.

Regulators saved lenders from a proliferation of banking issues in response to Silicon Valley Bank's collapse—and cemented the virtues of the borrow-lend strategy of CLOs.

The U.S. 30-year yield rose to the highest level since November, joining the rest of the Treasury market in offering a return of at least 4% after labor-market data.

The government-sponsored enterprises will likely have their mainstay bonds exempted from the potential securitization-related rule, but their credit-risk transfers could be subject to it, some experts say.

Traders in the hyper-liquid world of ETFs ditched equities and corporate bonds and headed for the safety of government debt as yields broke out anew.

The bond market faces a bigger threat than recent rate hikes: the notion that rates will stay elevated even after the U.S. central bank's inflation fight is all over.

Investors offloaded $12.6 billion of Treasuries last year, but that figure was dwarfed by a record $121.8 billion purchase of U.S. agency debt, higher-yielding securities.

The move to shutter the lines of credit for future collateralized loan obligations — so-called warehouses — comes as BirchLane winds down and returns cash to its investors.

Lenders and borrowers have just a few months to negotiate how they're going to ditch the disgraced Libor benchmark in the leveraged loan market, and time is of the essence.