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Florham Park, N.J. based-GSC Partners has filed for Chapter 11 bankruptcy protection and retained Capstone Advisory Group to auction its $8.65 billion structured finance platform.
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A round of consolidation in the collateralized loan obligation sector is on the way.
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Hedge funds have been fueling a rally in the mezzanine tranches of U.S. collateralized loan obligations.
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Guggenheim Capital Markets is out marketing a new $600 million broadly syndicated collateralized loan obligation.
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Joe Moroney, leveraged loan portfolio manager at Apollo Capital Management, with $9.3 billion in assets under management, recently spoke with Managing Editor Joy Wiltermuth about the current investor base for new issue collateralized loan obligations and the challenges of bringing new deals to market.
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Intermediate Capital Group’s recent collateralized loan obligation vehicle, the €840 million ($1.07 billion) ICG EOS Loan Fund I, has been privately sold to a single investor.
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Collateralized loan obligations are seeing a unique boost from loan modifications, whereas investors in other asset classes, such as agency mortgage bonds, are seeing steep coupon reductions.
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PrinceRidge Group has launched a hiring initiative to build up the firm’s structured credit sales group.
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Credit Suisse has started to reach out to portfolio managers to gauge the market for the bank’s potential re-entry into the business of arranging collateralized loan obligations.
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Price talk on the roughly $212 million AAA portion of LCM Asset Management’s $300 million collateralized loan obligation is at about LIBOR plus 150 basis points, according to investors eyeing the deal.