The $414M JFIN Revolver CLO 2014 is backed entirely by revolving lines of credit and delayed draw loans.
40¦86 Advisors Inc. is preparing a $350 million collateralized loan obligation, according to a presale report published by Moodys Investors Service.
Dryden 32 Euro CLO 2014 is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds; however the manager can purchase non-euro-denominated obligations subject to an asset swap.
The agency believes tailoring existing collateralized loan obligations to comply with restrictions imposed by the Volcker Rule will create winners and losers.
Par Four's $450 million deal is its first CLO of the year; Cutwater's $400 million deal is the first in company history.
The limited number of buyers able to write big tickets allows them players to dictate terms.
Risk-retention rules could thin the ranks of CLO managers; the industry was hoping for a workaround, but what it got is pretty much unworkable.
The U.S. market for collateralized loan obligations would shrink by 75% if proposed risk-retention rules are implemented, according to the Loan Syndication and Trading Association.
DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser
A shift in the leveraged loan market has intensified grumbling among CLO managers about the way Standard & Poors rates the senior tranches of these deals.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
In the news: How Ability-to-Repay Rules Could Reshape RMBS Market
Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.Current Issue