CLOs

  • CLO bonds in search of buyers

    SCI's PriceABS data shows more than three times as many US CLO tranches offered on BWICs that did not trade in yesterday's session as those that did. There was comparatively less activity in European CLOs, but again more tranches in this segment did not trade than did.

    The US DNTs include names from a range of vintages, with .......

    Market Reports 27 June 2013

  • Credit opportunities fund listed

    CVC Credit Partners has raised €351.22m for its new LSE-listed credit fund CVC Credit Partners European Opportunities Limited. Net proceeds from the issue will be invested in CVC Credit Partners European Credit Opportunities, the firm's existing European credit opportunities investment vehicle.

    The listing involved the placement of 174,729,500 euro-denominated shares at an issue price of €1 and 150,849,080 sterling-denominated shares .......

    News Round-up 24 June 2013

  • Spanish loan restructuring activity analysed

    Moody's believes the proportion of restructured loans backing more recent Spanish SME securitisations is higher than the reported figure. The largest 18 Spanish banks reported that by end-2012, on average, around 10% of their total lending portfolio consisted of refinanced or restructured loans. Restructured loans in their portfolios amounted to around €200bn.

    Moody's says in its latest Credit Insight publication .......

    News Round-up 19 June 2013

  • Euro CLO 2.0 protections highlighted

    New European CLOs afford greater protection to senior noteholders than those issued prior to the financial crisis, according to S&P. The agency cites greater subordination for senior notes, higher overcollateralisation ratios and lower leverage as some of the reasons. European CLO 2.0 deals also impose stricter conditions on maturity extensions.

    S&P says that in the main they contain features that .......

    News Round-up 18 June 2013

  • Moving on?

    The re-emergence of the European CLO market has many positiv...

    The evolving European securitisation market has seen several changes since the crisis, with many positive developments, particularly recently. However, certain issues still need to be resolved and - with the market improving - concern is growing that they may be forgotten about.

    Corporate trust service providers have experienced the market's lows as well as its highs and, while many recent .......

    News Analysis 18 June 2013

  • Euro default rate remains low

    Only 1.43% by original balance of European structured finance notes had defaulted by end-1Q13, according to S&P's latest quarterly transition study. The 12-month rolling downgrade rate for European structured finance fell to 21% at the end of the first quarter, while the 12-month rolling default rate remained relatively stable at 0.43%, given several new interest shortfalls and principal losses in .......

    News Round-up 13 June 2013

  • Spanish legislative changes examined

    Recent changes to Spanish mortgage legislation could increase loan repossession periods and potentially push up realised loan losses, according to S&P. At the same time, new guidelines that Spanish banks must employ when classifying loan restructurings in their financial statements may increase the transparency of lender asset quality.

    Two laws - Ley 1/2013 and Decreto Ley 6/2013 - became effective .......

    News Round-up 12 June 2013

  • Activity surge for Euro ABS

    Activity has picked up in the European ABS markets over the last couple of weeks. Primary issuance may slow during next week's IMN conference in Brussels, but secondary trading levels are expected to hold steady.

    "We have been seeing big bid-lists across credit and securitised sectors, as well as a couple of new deals hitting the market, which has been .......

    Market Reports 12 June 2013

  • New names added to SCI line-up

    Only a few tickets remain for SCI's 6th Annual Securitisation Pricing, Investment & Risk Seminar in New York. Over 200 attendees have registered for the event, which is being held tomorrow (13 June) at Bank of America's offices at 4 World Financial Center.

    New panellists have been added to the line-up over the last few days, including representatives from Hildene .......

    News Round-up 12 June 2013

  • CLO services strengthened

    Markit has added new loan performance data and analytics to its set of services that streamline the construction and management of CLOs. The Loan Performance Database calculates current and historical performance and risk factors for syndicated loans, including return, yield and duration.

    It provides analytics that help portfolio managers systematically identify assets that are suitable for their portfolios and a .......

    News Round-up 11 June 2013

  • First issuer for EWSM

    The European Wholesale Securities Market (EWSM) has announced its inaugural listing. Grand Harbour I, a CLO registered in the Netherlands, listed seven classes of securities on the EU-regulated market on 5 June. The transaction was arranged by Citi, with Mediterranean Bank acting as initial seller and sub-advisor to the collateral manager GSO/Blackstone Debt Funds Management.

    .......

    News Round-up 10 June 2013

  • Dock Street UK acquired

    Zolfo Cooper has expanded its financial advisory & restructuring services practice following the acquisition of Dock Street Capital Management UK (DSUK). Dock Street Capital Management's operation in the US is not affected by the deal and the firms will look to collaborate on opportunities going forward.

    There will be no change in the business currently undertaken by DSUK, with asset .......

    Job Swaps 10 June 2013

  • Latest Euro CLO prints

    GoldenTree Asset Management has priced a European CLO that is said to not comply with risk retention criteria. The €300.32m-equivalent Goldentree Credit Opportunities European CLO 2013-1 - via Morgan Stanley - comprises eight tranches of floating- and fixed-rate notes.

    Rated by S&P, the triple-A senior notes consist of: €82m A1s (that priced at 135bp over six-month Euribor), €35m A2s (2.44%) .......

    News Round-up 10 June 2013

  • SCI conference line-up revealed

    The final panellists have been announced for SCI's 6th Annual Securitisation Pricing, Investment & Risk Seminar, which is taking place on 13 June in New York. The event is being held at Bank of America's offices at 4 World Financial Center.

    The conference will focus on risk management and pricing/valuation issues, as well as trading and secondary market strategies. The .......

    News Round-up 10 June 2013

  • Linking-in credit

    Mike Manning, DealVector co-founder and ceo, and Dave Jeffer...

    Q: How and when did DealVector become involved in the structured finance markets?
    MM: The system has been live for two months or so, although of course we have been developing for longer than that. We really are filling a gap in the market and providing a service that investors tell us they have been crying out for.

    DealVector is 'LinkedIn' .......

    Provider Profile 6 June 2013

  • Multi-credit fund launched

    Babson Capital Europe has launched the Babson Capital Global High Yield Credit Opportunity Fund. The open-ended multi-credit fund aims to provide investors with access to high yielding beta exposures across performing global loan and bond markets, with opportunistic allocations to CLOs and stressed/distressed debt.

    "Combining these individual components into a single strategy will address the needs of those investors looking .......

    News Round-up 4 June 2013

  • Next Euro CLO nears

    Further details have emerged on CELF Advisors' forthcoming €300m European CLO - Carlyle Global Market Strategies Euro CLO 2013-1. The deal comprises six tranches of fixed and floating rate notes.

    S&P has assigned preliminary ratings to the €180m class A notes (triple-A), €33m Bs (double-A), €17m Cs (single-A), €13m Ds (triple-B) and €21m Es (double-B). The capital structure also includes .......

    News Round-up 3 June 2013

  • Broker sets up London base

    Gottex Brokers has opened a London office providing credit trading services in structured credit and rates, global high yield and investment grade credit. It will serve clients in EMEA and around the world and will manage relationships with institutional investors such as asset managers, hedge funds, family offices and pension funds.

    The new London credit team comprises Robert Burns, Abid .......

    Job Swaps 3 June 2013

  • Real-time reporting service rolled out

    Law Debenture's new Dynamic Analytical Reporting Tool System (DARTS) went live with its first CLO manager in May. The real-time service leverages business intelligence to retrieve, report and analyse European ABS and CLO performance data.

    With the rise of the CLO market, traditional investor reporting had become cumbersome, while collateral managers were unable to receive results of hypothetical test requests .......

    News 3 June 2013

  • Euro ABS mandates minted

    Cervus Capital Partners has launched two European ABS mandates: European Amortising ABS Mandate I and II. The first mandate was set up for high net-worth individuals and family offices; the second was specifically set up for a Dutch institutional investor.

    Both mandates have the same investment guidelines and target mid/high-single digit returns in short-dated European ABS. The focus will be .......

    Job Swaps 31 May 2013

  • CLO indenture comparisons prepped

    Fitch has launched CLO Indenture Abstracts, which will be published for every Fitch-rated US CLO 2.0 transaction. The new reports are designed to provide what the agency believes is unprecedented insight into the key features of the CLO indenture and how those features compare to other Fitch-rated CLOs.

    The nuances of CLO indentures can significantly influence investment theses and may .......

    News Round-up 29 May 2013
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