Structured Credit

UBS to Plead Guilty on Libor, Settle Currency Probe with Fed

The lender's main unit, UBS AG, will plead guilty to fraud for manipulating benchmark interest rates and pay $203 million in fines after the Swiss bank violated an agreement that had allowed it to avoid prosecution.

Wendy's Has Whole Biz Securitization on the Menu

S&P has assigned a 'BBB' rating to $2.275 billion of notes backed by franchise fees; proceeds will be used to take out a single-B rated senior credit facility and return cash to shareholders.

Thomson: Leveraged Lending Falls 35% in 1Q

Leveraged loan issuance fell 35% in the first quarter, to only $126 billion despite a pickup of buyout activity that could not offset the slowdown in refinancing, according to a quarterly syndicated lending report issued Tuesday by Thomson Reuters LPC.

Barclays Trims Forecasts for Bonds, Loans, CLOs

The U.S. collateralized loan obligation market and the loan market that feeds it are both off to a slower-than-expected start, while bond issuance is trailing its historical range of supply average since 2006.

BAML Names 2 CLO Vets to Global Structured Fin Roles

Megan Messina and David Trepanier were each named co-head of global structured products and credit financing this week. Messina formerly ran the CLO origination operations at BAML, while Trepanier led CLO trading.

Bankruptcy Panel Upholds Credit Bidding

The recommendation is one of the positive outcomes for lenders of a three-year process designed to make the Chapter 11 process cheaper and more efficient, giving struggling companies a better shot at survival.

Tenneco Proposing $1.58B Refi Debt Package

Tenneco, a producer of automotive emissions control and ride performance products, is proposing a $1.58 billion debt refinancing that includes a new revolver facility, term loan and a drive-by pricing of 10-year notes planned today.

LSTA Challenges 'Arbitrary' Risk Retention Rule in Court

The Loan Syndications and Trading Association filed a petition against the Federal Reserve Board and Securities and Exchange Commission, asking a D.C. Court of Appeals to suspend the final risk retention rule approved by regulators last month.

Highland Capital Hires CLO Expert Felicia Smith

Smith joins Highland’s business development team where she will focus on raising assets for the firm's collateralized loan obligation and credit platforms.

Franklin Square BDCs to Put $300M to Work with NewStar

NewStar will use the proceeds to originate and lead transactions across all of its business lines, giving investors in Franklin Square’s BDCs exposure to a wider range of smaller companies.


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Carl 'Pepper' Whitbeck

Head of US Fixed Income

Firm: AXA Investment Managers

In the news: AXA IM’s Whitbeck: HY Poised for ‘One of the Largest New Issue Years to Date’

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