Blackstone’s GSO Leads $15 Billion of CLO Sales in Record Month
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A record amount of funds that bundle leveraged loans were issued last month as money managers rush to issue the securities before rules aimed at limiting risk-taking in the market take effect.
The credit unit of Blackstone Group LP, Silvermine Capital Management and Prudential Investment Management were among firms that sold $15.2 billion of collateralized loan obligations in March, surpassing the previous high of $13.8 billion in June 2014, according to data compiled by Bloomberg and JPMorgan Chase & Co. Only 10 out of the top 30 money managers may be able to comply with new regulations requiring them to hold a 5 percent stake in funds they manage, which take effect in December 2016, according to consulting firm Oliver Wyman.