Investments

S&P's review of leveraged-loan deals across multiple sectors found only 17% of lenders have provisions that would disallow borrowers from transferring collateral assets to unrestricted subsidiaries outside lender reach.

The attractions of Grande Canal Shoppes, a luxury shopping center property in Las Vegas, are not just bringing in the tourists. It is the 14th-largest loan in the GS Mortgage Securities Trust 2019-GSA1, a Goldman Sachs deal.

According to Kroll, this is the middle-market lender's first securitization of growth-opportunity loans made to venture-capitalized software firms that have yet to develop earnings or substantial assets.

The $5 billion financing package may also include around $1 billion of secured debt that would be sold to investors, as well as about $1.7 billion in letters of credit that would be split among participating banks

Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night.

Natalya Michaels, recently of Artisan Partners, will be a managing director with a focus on marketing, investor relations as well as expanding the firm's investor and product base.

An opening day panel for ABS East focused on the growing number of choices investors have in asset classes and structural options.

Collateralized loan obligations in Europe are running low on fuel, prompting some investors to seek greater protection that may slow the market even further.

Ratings agencies have argued recently that the population of loans whose ratings fall below the lowest single-B rating – the lowest rung above the highly speculative triple-C ratings layers – will grow significantly in an economic downturn.

Modifiable and splittable/combinable tranches are part of a new feature emerging in the CLO market which is intended to partially set off the negative impact to holders of CLO debt associated with the call feature.