Creditflux

Fortress prices its first CBO of the year
Fortress Investment Group priced its first new issue CBO of the year on Friday via GreensLedge, the lead arranger on the deal, and Natixis

CLO pipeline: high triple C bucket opens a Gateway to pricing
In less than ideal market conditions, even experienced CLO managers are learning new tricks to keep the pipeline full. Of the 11 US new CLOs that appear in the pipeline this week, two are high triple C bucket transactions

CBOs aren’t fixated on interest rate moves
The loan sell off at the start of this year highlighted that CBOs are not a play on interest rates or bond prices — they’re taking advantage of the flexibility to rotate between loans and bonds

Fortress prices new issue CLO with blended triple As above 150bp
Fortress Investment Group on Friday priced a new issue CLO backed by broadly syndicated loans via Natixis, according to market sources

CLO managers suffer puncture with $85 million of Jack Cooper debt
CLO managers hold $85.8 million of exposure to auto hauler Jack Cooper Ventures, which filed for Chapter 11 bankruptcy, according to the latest trustee reports from CLO-i 

Fortress issues first broadly syndicated loan CLO since 2017
Fortress Credit has returned to the CLO primary market with its first new issue backed by broadly syndicated loans since 2017

US CLO b-wic round-up: secondary volumes reach new heights with equity lagging
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest

Owl Creek turns heads to special situations with new fund
The firm joins several other distressed investors preparing to take advantage of a potential downturn

CLO monoline businesses return with new purpose
CLO tranche insurance is making a comeback. Assured Guaranty has underwritten two middle market transactions, while in Europe various firms are testing the waters for this type of insurance, according to sources.

Liquidity and disclosure issues threaten potential CRE CLO market
Most investors that participate in the commercial real estate CLO market want to increase their exposure. But the lack of liquidity and standardised disclosure is holding them back.

Mid market CLO round-up: eyes (wide) open as mid-market CLOs re-awaken
AB returned to the middle market CLO space this week after a year out to price ABPCI V. It is the second middle market CLO of the year after Fortress Investment Group refinanced Fortress Credit Opportunities VII. 

San Francisco pension deploys $125 million into private credit
San Francisco City and County Employees' Retirement System has bolstered its private debt bucket, making a $125 million commitment to a senior debt fund and opportunistic credit fund that builds on other private debt investments since last year

Fortress prices 2019’s first mid-market CLO transaction via Natixis
Fortress Credit Opportunities today refinanced a $700.1 million middle market CLO from 2018 via Natixis

San Francisco pension plans to deploy $800 million to private credit in 2019
San Francisco Employee’s Retirement System will allocate $800 million to its private credit bucket in the coming year, to reach its 10% target allocation 

Fortress targets $6 billion for latest fund in its flagship credit opportunities series
Fortress Investment Group has raised just over $1.05 billion for its latest opportunistic credit fund

Fortress ABS fund surpasses $450 million
New York-headquartered Fortress Investment Group has raised just over $450 million for its asset-based credit fund

Natixis goes coast to coast pricing two middle market CLO resets
Natixis made a $771.26 million stamp on the middle-market CLO space yesterday, resetting two 2015 vintage transactions for Ivy Hill Asset Management and Fortress Investment Group

Fortress produces $1 billion quasi-CBO
Fortress Investments has produced one of the biggest quasi-CBOs since the financial crisis after pricing FDF IV at $1,018.8 million on Friday.

MUFG prices three CLO transactions totalling $1.76 billion
MUFG Securities Americas has priced three CLO transactions, totalling over $1.76 billion in volume, according to market sources

B-wic round-up: mid market CLOs find new homes in secondary market
The US secondary CLO market has had another eventful week as $908.2 million worth of CLO notes were made available, out of which $693.2 million, or 76.3%, traded successfully

Japanese internet and telco giant SoftBank completes Fortress acquisition
Japan’s SoftBank Group Corp has completed the previously announced acquisition of Fortress Investment Group for $3.3 billion in cash

GreensLedge and Natixis team up once more for $586.1 million CBO
The two banks have united again to price a bond-heavy CLO for a subsidiary of Fortress Investment Group

Mid-market CLO round-up: New deals add to bumper year
Mid-market volumes rise steadily, with two new players having entered the space in the last two weeks. 2017 so far has witnessed inflows of $17.7 billion, with new issue mid-market deals contributing 77.38% to the volume

Natixis prices $1.5 billion mid-market CLO for New York-based manager
The fourth largest 2.0 CLO transaction priced yesterday, according to market sources

New York manager returns to CLO primary issuance market for first time in 2017
The manager priced a $562 million CLO transaction yesterday, according to market sources