Munis

Fitch Ratings has placed subordinate notes on two U.S. collateralized loan obligations on notice for potential downgrades, contemplating a ratings action that has not previously occurred for a post-crisis CLO.

Dramatic Fed intervention may steady some markets, but unless something changes — and, judging by the last two weeks, it very well could — the central bank won’t be there to save fallen angels. Which brave investors will step up?

The credit watch involves single-borrower securitizations of commercial mortgages for high-priced resorts in Florida and Hawaii.

While collapsing market prices do not present immediate worries for CLO managers, the prospect of future downgrades and defaults becomes more problematic.

The lowest tier of investment-grade companies are growing vulnerable to downgrades to high-yield status - a designation that could drive up their borrowing costs and set off a wave of selling from investors who aren’t permitted to hold such low-quality debt.

The city is folding together separate syndicate and advisor teams on $1.2 billion of general obligation and Sales Tax Securitization Corp. refunding deals.

Rating criteria changes and a ruling in the Puerto Rico III case have undermined some investors' and analysts' confidence in revenue pledges.

The 240 note classes under review from 24 issuers include several already holding high-risk triple-C ratings.

RBC Capital Markets hired Paul Sheldon, founder of the advisory firm S L Capital Strategies, as a managing director in the municipal finance student loan group.

Chicago officials say the city will complete its $3 billion securitization program with a $600 million deal as soon as January.