OFS Capital Management and GSO/Blackstone Debt Funds Management are in the market with collateralized loan obligations, adding nearly $1.1 billion to the new issue pipeline.
Carlyle Investment Management and MJX Asset Management have added a total of $1.4 billion to the CLO pipeline, according to presale reports from Fitch Ratings.
A $258 million class A-1 tranche with a preliminary AAA ratings from Fitch is marketed at three-month Libor plus 153 basis points.
Ares Management is readying a $1.26 billion collateralized loan obligation, according to presale reports published by Fitch Ratings and Standard & Poors.
Managers of CLOs minted since the financial crisis are quickly increasing second-lien loan holdings to replace their shrinking bond exposure; Moody's sees no credit impact.
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