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GC Asia
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Capital Four expands in the US and hires ex MidOcean CLO PM
Danish credit asset management boutique Capital Four is expanding in the US and has hired former MidOcean CLO portfolio manager Jim Wiant to establish and lead the US business. Wiant has been appointed CEO of US Capital Four and portfolio manager. He will be based in the New York office.
08 Mar 2021 -
European managers break 80bp CLO reset barrier
Recent CLO resets have broken through the 80bp spread barrier for triple-A paper in recent weeks, bringing the market to its tightest point since coronavirus lockdowns began a year ago.
05 Mar 2021 -
Landmark Starwood project finance CLO opens door to new asset class
MUFG has introduced a new CLO asset class, bundling $500m of project finance and infrastructure loans together for Starwood Property Trust, in a deal that clearly demonstrated investor appetite for the product. Other issuers could follow, raising capital for the forthcoming US infrastructure building plan potentially worth $2tr, writes Paola Aurisicchio.
04 Mar 2021 -
Middle market CLO manager Monroe sells minority stake to Aberdeen
Chicago-based middle market CLO manager Monroe Capital has sold a minority equity stake to Bonaccord Capital Partners, a subsidiary of the UK asset manager Aberdeen Asset Management. The minority interest is classified as 'passive', in which the buyer will not exercise control by votes and will not have impact on the day-to-day management, operations and decision-making processes of Monroe. Terms of the investment were not disclosed.
03 Mar 2021 -
Antares prices reset of giant middle-market CLO
Antares Capital has priced a jumbo reset, giving a new lease of life to its $2.1bn middle-market CLO originally issued in 2017.
02 Mar 2021 -
Tighter spreads open doors to more single-B tranches
Spread tightening on double-Bs tranches has created a domino effect, increasing the investor demand for the riskier tranches rated single-B.
01 Mar 2021 -
CLO tech firms step up as investors hone in on doc terms
The complexity of CLO documentation, and the need for easy access to deal info is encouraging tech providers to step into the breach and offer solutions to simplify the time-consuming processes of CLO investing. As managers adapt their deals to handle the fallout of the pandemic, good tools to handle documentary complexity have become all the more important.
25 Feb 2021 -
The return of CLO single-B tranches with Anchorage
Investors in search of extra yield are pushing CLO managers to once again add single-B tranches to deal structures, now that the volatile market conditions of 2020 have subsided.
24 Feb 2021 -
Prudential deal pushes triple-A notes tighter
PGIM has pushed the market to a new tight by resetting a deal with senior notes at 104bp over three month Libor.
23 Feb 2021 -
CLOs winning repricing race with loans
CLO liability spreads are tightening faster than leveraged loans can reprice, boosting the arbitrage available for managers hitting this window and encouraging others to rush into the market where possible.
23 Feb 2021
CLOs
Latest securitization news
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Trio of solar ABS push issuance past $1bn
Loanpal, Solar Mosaic and Sunrun have all returned to the securitization market in the span of two weeks, ramping up first quarter volumes to over $1bn for the first time ever. Sources expect solar loan origination and demand to significantly increase in 2021 as the asset class provides a clear cut way to fulfill investors’ ESG criteria.
08 Mar 2021 -
Capital Four expands in the US and hires ex MidOcean CLO PM
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UK RMBS vulnerable to Grenfell cladding fallout
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European managers break 80bp CLO reset barrier
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Genius pierces through comparables in first 2021 deal
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UK misses chance with mortgage guarantee
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Railcar ABS issuance surpasses 2020 volume
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Landmark Starwood project finance CLO opens door to new asset class
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Tottering Greensill puts fate of SCF clients in question
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Citi securitizes old Irish mortgages bought from struggling PTSB
