Sober Look

Here is a great middle market collateralized loan obligation (CLO) primer from Wells Fargo. Enjoy! MM CLO Primer ___________...

Top rated investment grade US corporate bonds now trade at or even below pre-recession levels. Depending on the maturity and the type of i...

Recently, the ECB and the Bank of England published a joint paper calling for the return of securitization markets in Europe (see below). ...

JPMorgan is once again hunting for primary CLO bonds. The bank made enormous profits since 2009 buying the higher rated tranches that prov...

Yesterday, after some intense industry pressure, US regulators (OCC, FDIC, SEC, etc.) collectively announced that the bulk of the so-calle...

The answer is, they both love senior leveraged loans... The amount of US leveraged senior secured debt outstanding has risen sharply thi...

A new trend has developed in the CLO market. Some of the top managers are now able to place the single-B tranches with investors, thus cut...

CLO issuance in the US got off to a strong start this year. According to LCD, issuance averaged $1.9 billion per week in January and Febru...

In the post-financial-crisis environment, securitization markets are limited to a handful of products that continue to trade. Basically th...

In response to an earlier post , a number of readers have asked to see the latest CLO structure and collateral characteristics. It is also...

CLO issuance in the US hit a new post-2007 record in November. Driven by demand for yield and low default rates among US corporates, inves...

Finally here is an easy to follow, comprehensive, well researched, and unbiased paper from FRBNY (Tobias Adrian and Adam Ashcraft) on the...

Since 2009  leveraged companies in the US have been pushing out the wall of maturities created by frenzied LBO activity prior to the finan...

After a conversation with Ed Grebeck (Tempus Advisors), I thought it may be helpful to do a quick overview of the evolution of Collaterali...

Interest rates at unprecedented lows are forcing investors to reexamine their hate for structured credit. Slowly but surely the CLO marke...

By all accounts the CLO business should be going well . Some $3.3 billion of new CLO deals have been done this year already as compared t...

The CLO market kicked off the year to a decent start with about 6 deals that priced so far. The typical structure this year has been simil...

Here is followup to a recent post on the proposed draconian capital rules for banks holding AAA CLO paper.  Any regulation, whether it...

In the heyday of credit structuring the rating agencies had been far more successful in rating the securitizations of corporate debt than ...

Amazingly, the primary CLO market, which has been shut down since late 2007, may be making a comeback in 2010. The volumes will be a fracti...