Latest CLO/CDO news
S&P Global Ratings said on Monday that the US leveraged loan market is increasingly vulnerable to external shocks, as investors pile into the market despite alarm bells ringing over the number of riskier borrowers issuing debt and the weakening of investor protections.
Covered bond investors had a rare opportunity to buy higher yielding debt this week with a trio of transactions offered across the credit spectrum from sub-investment grade to triple-A.
Debt investors showed some faith that luxury department store Neiman Marcus would ride out challenges in the US retail sector on Tuesday as it posted better than expected quarterly earnings, causing its debt to trade up in the secondary market.
Guggenheim Securities has hired the former global head of fixed income loans at Lehman Brothers as a senior managing director in US leveraged loans and high yield.
A capital markets report from the US Treasury said that post-crisis regulation has hindered the US securitization market, and proposes a set of regulatory tweaks largely not requiring Congressional involvement to ease the burden on market participants.
Ladder Capital closed its first CLO backed by bridge loans on commercial real estate properties on Tuesday, the second time this year it has stepped into the capital markets with a deal from its own shelf.
BlackRock and GSO are back in the European CLO market this month, following four deals in September from Accunia, Tikehau Capital, Cairn Capital and Partners Group.
US CLO debt investors are skewing their investment portfolios in favour of new issue paper away from resets, despite the availability of collateral remaining a key concern, according to a JP Morgan survey.
With an increasing amount of leverage available in the CLO market, hedge funds are creeping up the CLO capital stack to buy higher rated bonds, while insurers slip down the capital structure to buy riskier paper.
The European Bank for Reconstruction and Development is to lend Dh217m (€20m) to CaixaBank to fund small and medium enterprise (SME) lending in Morocco.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||6,415||22||12.84|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||90,174.33||262||12.23%|
|3||Wells Fargo Securities||70,282.48||216||9.53%|