Structured Credit

Capital Automotive Plans $400M Debt Financing

Capital Automotive LLC plans to raise $400 million in debt to help finance its proposed acquisition by Brookfield Property Partners, according to ratings agency reports.

Fitch Notes ‘At The Market’ Risks for BDCs

Business development corporations are testing the waters with "at the market" programs to sell relatively small numbers of shares to fund loans to middle-market businesses. But the ease and efficiency of raising capital through ATMs - vs. traditional offerings on Wall Street - could lead to riskier lending decisions by BDCs, warns Fitch Ratings.

RadioShack Seeking Hedge Fund Rescue

Struggling RadioShack is reportedly in talks with a hedge fund on a financial rescue package that would include refinancing existing debt. The plan could help jump-start renewed negotiations with creditors and allow it avoid bankruptcy.

‘B’ Yields at Record Highs, But Loans Outlook Strong

Yields on loans from single-‘B’ issuers have reached a 12-month high, according to Thomson Reuters LPC, but there are signs the momentum may swing back to corporate issuers as the fourth quarter nears.

Babson: 2Q CLO Issuance Inverses 1Q Spread Trends

In a reversal from first-quarter trends, Babson Capital reports that spreads tightened slightly in both the U.S. and Europe for AAA paper in CLO 2.0 issues while lower-rated mezzanine tranches saw widening spreads of 20 bps.

TPG, PineBridge Add Nearly $1B to U.S. CLO Pipeline

TPG Institutional Credit Partners and PineBridge Investments are in the market with two collateralized loan obligations totaling nearly $1 billion.

Volcker Rule Extension Comes with Big Catch

The Federal Reserve’s two-year deadline extension for banks to conform their collateralized loan obligation holdings to the Volcker Rule already has a troubling limitation, an industry trade group spokesman said Wednesday at a CLO conference in New York.

LSTA Bemoans Catch in Extension of CLO Volcker Compliance

A Federal Reserve limitation on the two-year extension it granted banks to bring CLO holdings into Volcker Rule compliance will end up harming divestiture efforts, a trade group spokesman said.

Leveraged Loans Surge in Q1

Leveraged loan issuance of $276 billion in the first three months of 2014 was down from this period a year ago. But it still ranks as the third-highest volume on record since 1987.

Securitization at Lowest Volume Since 2009

Asset-backed and mortgage-backed securitization volume is at its lowest year-to-date volume since 2009, a steep drop from its position at this point last year, according to Dealogic.

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