Structured Credit

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.

January Proves Active for HY New Issues

January was an active month for high yield bonds on the primary market and was the most active month since this past October.

More Muscle for BDCs?

Business development companies, which have become important lenders to small and medium sized companies, could get some additional financial muscle, potentially putting them in more direct competition with banks.

CLO Managers Preparing to Exclude Bonds

Managers aren’t waiting around to see if collateralized loan obligations get a last-minute reprieve from the Volcker Rule. Some recently priced deals, by managers including Columbia Management Investment Advisors and Black Diamond Capital Management, have provisions for excluding investments in corporate bonds.

3i Debt Management Adds Portfolio Manager

3i Debt Management named Michael Curtis as a portfolio manager based in its London office. Curtis was most recently a portfolio manager with Alpstar Capital.

TCW Closes $400M CLO

Los Angeles-based TCW Group closed the $400 million Figueroa CLO 2013-2, its second collateralized loan obligation of the year. The CLO consists of syndicated secured leveraged loans.

Investors See Value & Risky Changes in CLOs

Investors participating in a roundtable organized by Standard & Poor's remain keen on buying CLOs—especially in the primary market—but they are also wary of emerging risks linked to more leverage and covenant-lite loans in the pools.

Loan Market Breathes Easy on Volcker Rule

The final version exempts syndicated loans from a ban on proprietary trading; there's also a carve-out allowing banks to hold and lend money to CLOs.

Barclays Sees US CLO Issuance at $75-80B in 2014

Barclays expects issuance of collateralized loan obligations in 2014 to be similar to this year’s total, in the range of $75 billion to $80 billion.