Barclays expects issuance of collateralized loan obligations in 2014 to be similar to this years total, in the range of $75 billion to $80 billion.
The 335 million Euro-Galaxy III CLO has a number of features that address the region's scarcity of collateral, including variable funding notes.
NXT Capital, a commercial lender catering to middle market companies not held by private equity firms, has expanded its direct originations team by hiring Doug Vitek, John Mills and Daniel Green.
A number (11) of European CLOs issued before the financial crisis are ripe for redemption, and this could free up loans to be used as collateral in new deals, according to Moodys Investors Service.
As with recent deals, Carlyle Global Market Strateiges CLO 201404 includes a class of senior notes with a coupon that steps up after 18 months; sources say this feature is tailored to an investor seeking short-term exposure.
Secondary trading of leveraged loans, which had been on a steady decline since the financial crisis, is on the rise again this year, and Barclays thinks volume could surpass that of 2007.
Loan refinancing may be slowing down, but companies around the world are still flexing their muscles to decrease pricing on existing syndicated loans at a record pace.
Securitization of loans to small and medium-sized companies accounts for 7.3% of total U.S. CLO issuance for the year to date.
Credit enhancement on the senior, 'AAA'-rated notes is line with similar CLO issuances, but not the enhancement on the 'AA'-rated notes.
Heavy equipment manufacturer Terex Corp has changed the pricing on its offering dual-tranche loans of $343 million and 113.4 million in order to refinance an existing term loans.