CDOs

News

CLOs Have Relatively Low Exposure to Oil & Gas: S&P

Based on a review of about 700 U.S. CLO’s rated by S&P, the average exposure to energy companies is only about 3.3%; that’s a much lower concentration than these companies have in overall junk bond and leveraged loan markets, at 17%.

CIFC Preps Fifth CLO of 2014

CIFC Asset Management is in the market with its fifth collateralized loan obligation of the year, according to Fitch Ratings.

CLOs with Energy Exposure See Mezzanine Trade Wider

The impact of falling oil prices has extended beyond the debt of exploration and production companies to some of their biggest creditors - collateralized loan obligations.

What You Need to Know About Chapter 11 Reform

The American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 has released its long-awaited report; it includes a number of proposals that could reduce recoveries for secured creditors, including collateralized loan obligations

Allianz Global Investors Preps $413M CLO

The 36% credit enhancement on the senior notes is below the average for recent collateralized loan obligations, according to Fitch Ratings.

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Articles

CLO Triple-As Still Calling the Shots

The limited number of buyers able to write big tickets allows them players to dictate terms.

No Exception to Risk Retention for CLOs

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.

Risk Retention Rules May Shrink U.S. CLO Market

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.

People on the Move

DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser

CLO Managers Grapple with S&P Recovery Test

A shift in the leveraged loan market has intensified grumbling among CLO managers about the way Standard & Poor’s rates the senior tranches of these deals.

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In the news: How Ability-to-Repay Rules Could Reshape RMBS Market

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Fannie Mae Exploring New Ways to Transfer Risk to Private Sector

Unlike their existing risk-sharing programs, which have drawn $12.5 billion of private capital into the mortgage market by referencing $454 billion of mortgages since their July 2013 inception, some of the latest deals transfer the first loss sustained when a homeowner stops making payments.

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