Moody's Investors Services top rankings of U.S. CLO managers still includes many familiar names, but the usual suspects lost market share in the fourth quarter of 2014 to some medium-sized managers.
On Thursday, Fitch Ratings assigned a preliminary 'AAA' rating to $320 million of senior notes to be issued by CVC Credit Partners' Apidos CLO XX; the same day, Standard & Poor's assigned preliminary ratings to the $467.7 million Galaxy XIX CLO, which is being offered by Pinebridge Investments.
The focus of the 11-bill package was a two-year delay for banks to sell off millions of dollars' worth of certain collateralized loan obligations.
A judge has named Deerwood Bank winner of the bankruptcy auction for American Bank of St. Paul, in the first test of involuntary bankruptcy as a means of resolving trust-preferred debt.
Final rules requiring sponsors of securitizations to retain skin in the game were published in the Federal Register Dec. 24. That means they come into effect in exactly one year for RMBS and in two years for CMBS, auto ABS, SLABS and CLOs.
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
The $300 billion of CMBS maturing over the next three years will test the recovery of the capital markets.Current Issue