Investments

The $687 million XAN 2019-RSO7 has 36 months to fund additional lending against properties in the collateral pool, six months longer than a 2018 transaction.

The New York-based CLO management firm also plans to change its name to reflect its parent firm, Vibrant Capital Partners.

The CLO manager has priced a reissued CLO at spreads signficantly higher than rates paid since a 2017 limited refinancing.

This time, investors required Radian to hold on to the first 2.5% of losses it covers on the pool; by comparison, the insurer’s previous deal, Eagle Re 2018-1, had a lower “attachment” point of 2.25%.

Dryden 36 Senior Loan Fund, originally issued in 2014 and previously refinanced in December 2016, is also being upsized, to $712.9 million.

The $410 million Maranon Loan Funding 2019-1 will be backed by assets initially included in a December 2016 transaction.

The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange.

An emerging gap between the government-sponsored enterprises on a Federal Housing Finance Agency scorecard item is prompting Fannie Mae to diversify its multifamily credit risk transfer efforts.

While reinsurers are becoming more comfortable with the risk it is offloading, the GSE wants to maintain control of the workout process for loans that go bad.

Ares' transaction priced at spreads similar to its prior deal in February but wide of its initial 2019 transaction in January; Golub beat the spread of its prior BSL CLO, in February.

These deals offer clear benefits for managers looking to lower funding costs; a survey from JPMorgan indicates investors have their own reasons for liking them.

THL Credit is marketing its first middle-market CLO in a $410.5 million portfolio backed by receivables from its direct-lending originations.

The $155.7 million secured combo note offering is backed by the full face value of three classes of mezzanine notes plus a majority portion of the residual notes from Oaktree's first CLO of 2019.

The $503.3 million Madison Park XXXIV has a 133-basis-point spread for its $294.5 million Class A-1 loan tranche.

The boutique investment bank will retain a 45% minority stake in its former credit advisors unit, which was renamed and infused with additional capital by its new parent.

The refinancing also extends the reinvestment period of the $410 million Garrison BSL CLO 2016-1 by two years; the deal is non-callable for two years as well.

Gleysteen's return builds on a recent trend of old-school issuers revving up new CLO platforms

Two Harbors Investment Corp., which grew its servicing portfolio by 22% in the fourth quarter, priced a common stock offering to raise funds to buy more rights as well as mortgage-backed securities.

The JFSA published a final rule outlining the hoops U.S. CLO managers will have to jump through if Japanese banks are to avoid a higher risk weighting on their holdings; it remains to be seen how much of a burden this will be.

There are six tranches of AAA rated notes, including fixed-rate, some variable rate, and even a rare tranche of AAA rated loans.