Structured Credit

NewStar's Next CLO Complies with European Risk Retention

A wholly owned affiliate of the manager is expected to retain 100% of the equity and there are provisions to ensure that at least 50% of the underlying collateral will be either originated or seasoned by the manager or its affiliates.

CLOs Exposed to 5 of 11 Drilling Cos Under Review by Moody's

Five of the 11 offshore drilling companies put under review for a ratings downgrade by Moody’s Investors Service this week have loans that are held in outstanding collateralized loan obligations, according to Wells Fargo.

American Capital Closes a CLO, CIFC Prices Another

The $510 million ACAS CLO 2015-2 complies with European risk retention requirements; CIFC Funding 2015-IV has split its senior notes into two tranches, one floating-rate and the other fixed-rate.

Angelo Gordon Placing More Stock in Credit

Joshua Baumgarten will leave The Blackstone Group in 2016 for Angelo, Gordon & Co. where he has been named head of credit. The role is newly created.

CLO’s Defaulted Assets Rose in 2Q

CLOs experienced a six-year high in the number of speculative-grade obligor defaults and downgrades in the second quarter, according to Standard & Poor’s.

Sprint Exploring Securitization of Handset Financing

Wireless carriers are increasingly embracing plans that let customers pay for devices in installments, often with no down payment. Since the carriers must pay vendors for the equipment upfront, these plans tie up a lot of working capital, particularly for expensive smartphones. Securitization offers a way to free up working capital by selling the rights to future installment payments.

Treasury Extends Comment Period on Marketplace Lending

The Treasury Department announced Tuesday that members of the public will have an additional month to submit comments about the online marketplace lending industry. Treasury launched its inquiry into the fast-growing industry on July 16, releasing a request for information that included 14 specific questions about the sector and how it operates.

Berkshire’s Latest Deal: No HY Necessary

Unlike its two previous major deals, the $37.2 billion acquisition of Precision Castparts Corp. (PCC) is unlikely to require a visit to the high-yield debt markets.

CLO Exposure to Bankrupt Alpha Natural Resources is Limited

Fewer than 170 U.S. collateralized loan obligations are exposed to the coal producer, and no single deal has more than 1.3% of assets invested in the company, according to data reported by Wells Fargo.

Z Capital Debuts as CLO Manager

The credit fund management arm of Z Capital Group closed on a $400.1 million collateralized loan obligation this week. The deal is compliant with both U.S and European risk retention requirements.


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