Collateralized loan obligation

KBRA Releases CRE CLO Default and Loss Study

Retrieved on: 
Friday, July 2, 2021
Other Professional Services, Professional services, Finance, Money, Finance, Loans, Economy, Credit, Mortgage, Collateralized loan obligation, Financial law, CLO, Credit rating agency, Collateral, Default

Kroll Bond Rating Agency (KBRA) releases a commercial real estate (CRE) collateralized loan obligation (CLO) default and loss study, as the asset class enters its 10th year.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a commercial real estate (CRE) collateralized loan obligation (CLO) default and loss study, as the asset class enters its 10th year.
  • Over the decade, $82.4 billion of CRE CLOs have been issued, providing a good opportunity to study loan defaults.
  • The study population had a cumulative payment default rate of 2.5% by loan count, and, inclusive of modifications and maturity defaults, a cumulative combined default rate of 7.8%.
  • Notably, CRE CLO managers can generally choose to identify credit-impaired loans and purchase them from transactions prior or during the time in which they become a default.

Maranon Closes Seventh Middle Market CLO

Retrieved on: 
Thursday, July 1, 2021
Banking, Professional services, Finance, Finance, Money, Economy, Loans, Collateralized loan obligation, Mortgage, Private equity, CLO

Maranon Capital, L.P. (Maranon) announced the closing of Maranon Loan Funding 2021-2, Ltd., a $625 million collateralized loan obligation (CLO).

Key Points: 
  • Maranon Capital, L.P. (Maranon) announced the closing of Maranon Loan Funding 2021-2, Ltd., a $625 million collateralized loan obligation (CLO).
  • This represents the seventh CLO issued by Maranon.
  • Maranon Loan Funding 2021-2 will primarily invest in leveraged loans to middle market, private equity-backed companies.
  • Maranon Capital, L.P. is an investment firm focused on private credit investments.

First Eagle Alternative Credit Hires Nishil Mehta to Expand its Private Fund CLO Debt and Equity Strategy

Retrieved on: 
Monday, June 28, 2021
Finance, Loans, Money, Collateralized loan obligation, Mortgage, First Eagle Investment Management, Financial law, Credit risk, United States housing bubble, H.I.G. Capital, GSO Capital Partners

BOSTON, June 28, 2021 (GLOBE NEWSWIRE) -- First Eagle Alternative Credit, LLC (First Eagle or the firm) has hired CLO industry veteran Nishil Mehta to assist with the expansion of First Eagles private fund collateralized loan obligation (CLO) debt and equity strategy.

Key Points: 
  • BOSTON, June 28, 2021 (GLOBE NEWSWIRE) -- First Eagle Alternative Credit, LLC (First Eagle or the firm) has hired CLO industry veteran Nishil Mehta to assist with the expansion of First Eagles private fund collateralized loan obligation (CLO) debt and equity strategy.
  • Mehta is a Managing Director and Product Specialist on First Eagle Alternative Credits Tradable Credit Team.
  • About First Eagle Alternative Credit, LLC
    First Eagle Alternative Credit ( https://www.feac.com/ ) is an alternative credit investment manager for both direct lending and broadly syndicated investments through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds.
  • First Eagle Alternative Credit is a wholly owned subsidiary of First Eagle Investment Management, LLC.

KBRA Assigns Rating to Ellington CLO IV, Ltd. In Connection with Refinancing

Retrieved on: 
Thursday, June 17, 2021
Banking, Professional services, Finance, Finance, Money, Economy, Loans, Bond market, Credit risk, Nationally recognized statistical rating organization, Credit rating agency, KBRA, Collateralized loan obligation, Bond credit rating, Bond

Kroll Bond Rating Agency (KBRA) assigns rating to one class of refinancing notes issued by Ellington CLO IV, Ltd. (Ellington IV), a cash flow collateralized loan obligation (CLO) which initially closed in March 2019.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns rating to one class of refinancing notes issued by Ellington CLO IV, Ltd. (Ellington IV), a cash flow collateralized loan obligation (CLO) which initially closed in March 2019.
  • KBRAs rating on the original Class A Notes is being withdrawn in connection with the execution of the refinancing and redemption.
  • Ellington IV is managed by Ellington CLO Management, LLC (Ellington or the collateral manager) and is currently out of the reinvestment period.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Assigns Preliminary Ratings to RR 17 Ltd

Retrieved on: 
Tuesday, June 15, 2021
Banking, Professional services, Finance, Money, Finance, Loans, Economy, Structured finance, Mortgage, Credit, Collateralized loan obligation, Credit enhancement, Credit rating agency, Collateral

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by RR 17 Ltd (RR 17), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by RR 17 Ltd (RR 17), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.
  • RR 17 is managed by Redding Ridge Asset Management LLC (RRAM or the collateral manager) and will have a five-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • The collateral in RR 17 will mainly consist of broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.

Panagram Structured Asset Management Announces Launch

Retrieved on: 
Tuesday, June 15, 2021
Professional services, Other Professional Services, Finance, Construction & Property, REIT, Banking, Structured finance, Finance, Financial markets, Money, Financial law, Fixed-income securities, Loans, Collateralized loan obligation, Mortgage, Asset-backed security, Structured product, Collateralized debt obligation, Panagram, Eldridge, PANAGRAM, ELDRIDGE

Panagram Structured Asset Management (Panagram), an Eldridge business and an SEC-registered investment adviser (RIA) specializing in structured credit, today announced its launch.

Key Points: 
  • Panagram Structured Asset Management (Panagram), an Eldridge business and an SEC-registered investment adviser (RIA) specializing in structured credit, today announced its launch.
  • Panagram is led by John Kim, former Principal and Head of Structured Products at Eldridge.
  • Panagram is one of the largest CLO structured lead investors in the market, with approximately $12 billion in CLOs and more than 45 control positions currently managed.
  • Panagram Structured Asset Management is an investment adviser specializing in structured credit, including: Collateralized Loan Obligations (CLO), Asset Backed Securities (ABS), and Commercial Real Estate (CRE).

KBRA Assigns Preliminary Ratings to CBAM 2020-12, Ltd.

Retrieved on: 
Monday, June 14, 2021
Banking, Professional services, Finance, Money, Finance, Economy, Loans, Structured finance, Credit, Mortgage, Collateralized loan obligation, Credit enhancement, Credit rating agency, CBAM-FM

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by CBAM 2020-12, Ltd. (CBAM 2020-12), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by CBAM 2020-12, Ltd. (CBAM 2020-12), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.
  • CBAM 2020-12 is managed by CBAM Partners, LLC (CBAM or the collateral manager) which initially closed in August 2020.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • The collateral in CBAM 2020-12 will mainly consist of broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.

OFS Credit Company Provides May 2021 Net Asset Value Update

Retrieved on: 
Thursday, June 10, 2021
Banking, Professional services, Finance, Finance, Money, Financial economics, Corporate finance, Equity securities, Stock market, Collateralized loan obligation, Loans, Mortgage, Preferred stock, Stock

OFS Credit Company, Inc. (NASDAQ: OCCI) (OFS Credit, the Company, we, us or our), an investment company that primarily invests in collateralized loan obligation (CLO) equity and debt securities, today announced the following net asset value (NAV) estimate as of May 31, 2021 and the issuance of 120,000 shares of 6.0% Series D Term Preferred Stock due 2026 (the Series D Term Preferred Stock), raising approximately $2.9 million in gross proceeds.

Key Points: 
  • OFS Credit Company, Inc. (NASDAQ: OCCI) (OFS Credit, the Company, we, us or our), an investment company that primarily invests in collateralized loan obligation (CLO) equity and debt securities, today announced the following net asset value (NAV) estimate as of May 31, 2021 and the issuance of 120,000 shares of 6.0% Series D Term Preferred Stock due 2026 (the Series D Term Preferred Stock), raising approximately $2.9 million in gross proceeds.
  • Managements unaudited estimate of the range of our NAV per share of our common stock as of May 31, 2021 is between $14.19 and $14.29.
  • This estimate is not a comprehensive statement of our financial condition or results for the month ended May 31, 2021.
  • OFS Credit is a non-diversified, externally managed closed-end management investment company.

Maranon Closes Sixth Middle Market CLO

Retrieved on: 
Thursday, June 10, 2021
Banking, Professional services, Finance, Finance, Money, Economy, Loans, Collateralized loan obligation, Mortgage, Private equity

Maranon Capital, L.P. (Maranon) announced the closing of Maranon Loan Funding 2021-1, Ltd., a $400 million collateralized loan obligation (CLO).

Key Points: 
  • Maranon Capital, L.P. (Maranon) announced the closing of Maranon Loan Funding 2021-1, Ltd., a $400 million collateralized loan obligation (CLO).
  • This represents the sixth CLO issued by Maranon.
  • Maranon Loan Funding 2021-1 will primarily invest in leveraged loans to middle market, private equity-backed companies.
  • Maranon Capital, L.P. is an investment firm focused on private credit investments.

KBRA Assigns Preliminary Ratings to Maranon Loan Funding 2021-2, Ltd.

Retrieved on: 
Thursday, May 27, 2021
Banking, Professional services, Finance, Money, Finance, Economy, Loans, Structured finance, Credit, Credit enhancement, Fixed income, Credit rating agency, Collateralized loan obligation, KBRA

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by Maranon Loan Funding 2021-2, Ltd., a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of middle market corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by Maranon Loan Funding 2021-2, Ltd., a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of middle market corporate loans.
  • Maranon Loan Funding 2021-2, Ltd. is managed by Maranon Management LLC (Maranon or the collateral manager) and will have a four-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.