The economics of actively managing a pool of leveraged loans for the benefit of several different classes of investors is not good. So some CLO managers are putting their deals on autopilot.
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Ares Management lowered the coupon on a senior tranche of its Ares Enhanced Loan Investment Strategy IR, which had stepped up twice since it was printed in 2013. It also refinanced two other tranches.
August 3 -
Hawksmoor Mortgages 2016-1 PLC is a collection of U.K. mortgage loans. More than 80% were originated by GE Moneys home lending and mortgage units, with about one-third consisting of aged, pre-crisis loans issued in 2007.
August 3 -
L Brands, a global retailer, and certain principals of The Georgetown Co., a property developer, are tapping the securitization market to do a cash-out refinancing of a super-regional retail complex in Columbus Ohio
August 3
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Late payments on securitized commercial mortgages ticked higher again in July, for the same reason they did in June: a number of large loans fail to pay off at maturity.
August 2 -
New Jersey lawmakers have called a hearing next week to grill the states student loan authority about its collection practices and lending terms.
August 2
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Foundation Finance Co., which underwrites and acquires installment loans issued by third-party home improvement contractors, is launching its first-ever collateralization sized at $178.15 million.
August 2 -
Ocwen Financial Corp. is marketing $500 million of notes backed by reimbursement rights to funds it has advanced on residential mortgages that it services.
August 2 -
The rating agency in the second quarter upgraded 149 tranches of senior, mezzanine or subordinate notes across 49 CLOs. By comparison, it downgraded just 13 tranches of six CLOs.
August 2 -
Allen & Overy has added a team of five partners specialized in leveraged financings to its New York office.
August 2 -
Flagship Credit Acceptances third subprime auto loan securitization of the year is the companys first-ever to earn an initial triple-A credit rating.
August 1 -
Lending standards for most business and residential real estate loans as well as subprime consumer loans are tighter than the 10-year average, according to a survey of senior bank loan officers released by the Federal Reserve Board.
August 1 -
Wells Fargo, Bank of America and Morgan Stanley are keeping skin in the first risk retention compliant CMBS.
August 1
