CDOs

Morgan Stanley’s $7 billion purchase of Eaton Vance marks the latest wager that finding a big partner is critical to survival in the asset management industry.

The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.

The class A notes, secured by legacy trust-preferreds and subordinated debt of institutions, carry an investment-grade A1 rating from Moody's. That rating is slightly lower than a prior Hildene CDO, due to elevated pandemic risk to bank profitability.

States are just beginning to regulate cryptocurrency as a credit collateral for lenders. More can be done.

States are just beginning to regulate cryptocurrency as a credit collateral for lenders. More can be done.

Congressional investigations are often rushed affairs that fail to dig beneath the surface. But the hiring of a veteran investigator who has tangled with Deutsche in the past suggests that this politically charged inquiry is likely to be thorough.

The company’s stock plunges after Sarah Friar’s departure announced; the bank said it unintentionally withheld mortgage discounts from minority borrowers.

The investors initially won the right to sue as a group in 2015 before an appeals court reversed the ruling; the $13 billion lawsuit can now proceed as a class action.

An affiliate of the private-equity firm Angel Oak is packaging bank-issued sub debt to minimize risk for bondholders. It recently completed its first securitization and has plans to issue two deals a year.

There could be a pause in new issuance as CLO managers wait to see if the government will appeal; longer term, the pace will pick up as the playing field is leveled for smaller managers.

A three-judge panel for the D.C. Circuit Court of Appeals has sided with the LSTA in its lawsuit seeking to reverse rules requiring CLO managers to hold "skin in the game" under Dodd-Frank.

Jia Chen has spent the past two years meeting clients, speaking at industry panels and becoming the face of a resurgent market for synthetic CDOs. Along the way, she's helped establish Citigroup as its dominant player.