CLOs

  • Primary issuance hotly anticipated

    With the European secondary markets subdued in the wake of Easter holidays, focus has turned to the CLO space. A few ABS bid-lists have kept the market ticking over and have been well received, but it is the anticipated forthcoming CLO primary issuance that is really garnering attention.

    The €306.5m ALME Loan Funding 2013-1 and the €300m Dryden CLO XXVII .......

    Market Reports 9 April 2013

  • CLO risk retention plan proposed

    In a comment letter to US federal agencies, the Loan Syndications and Trading Association last week proposed a new risk retention plan for CLOs that meets the requirements embodied in the Dodd-Frank Act, while also preserving the ability of market participants to originate new CLOs and continue a vital credit flow to financial markets and the US economy. The LSTA .......

    News Round-up 9 April 2013

  • Lack of collateral concerns CLO investors

    Limited collateral and a lack of arbitrage emerged as the two stand-out concerns for respondents to JPMorgan's Q2 CLO client survey. Overall, US CLO 2.0 triple-A spreads are anticipated to move below 100bp by year-end, with European spreads also expected to tighten.

    US high-yield loan re-pricing and lack of European high-yield loan supply are weighing on market participants' minds, according .......

    News 9 April 2013

  • Dryden Euro CLO nears

    Further details have emerged on Pramerica Investment Management's forthcoming European CLO - the €249m Dryden XXVII Euro CLO 2013. Guidance on the senior triple-A rated tranche is three-month Euribor plus 135bp area, a touch tighter than Cairn CLO III's senior print (see SCI's primary issuance database).

    The transaction comprises seven classes of notes, with preliminary ratings assigned by .......

    News Round-up 8 April 2013

  • SME CLO criteria updated

    Fitch has updated its global rating criteria for SME CLOs, largely to reflect increased market value decline (MVD) expectations. The changes aren't expected to have a systematic ratings impact, however.

    Fitch has updated its MVD expectations for commercial properties located in Spain by up to 10% as a result of further recent increased volatility observed in the market. Commercial MVD .......

    News Round-up 3 April 2013

  • CLO pro joins law firm

    Appleby has added George Bashforth to its Cayman team as head of directorship services for Appleby Trust. He was previously svp at MaplesFS where he managed a portfolio of investment fund and structured finance directorships and before that spent eight years with Goldman Sachs in London.

    Bashforth has extensive structured finance experience including CLOs, note programmes and repackagings. He will .......

    Job Swaps 3 April 2013

  • Negative rating transitions 'less pervasive'

    Credit quality for global structured finance securities fell for the sixth consecutive year in 2012, again led by US RMBS, S&P reports. But downgrades were less pervasive and, with marginally improving global economic prospects and easing risks, the agency expects 2013 to mark a turning point for more stable credit performance.

    Going forward, S&P anticipates overall downgrade and default rates .......

    News Round-up 2 April 2013

  • Pair join new credit manager

    Gibran Mahmud and Kurt Plumer have joined the newly-formed Triumph Capital Advisors, which has been launched by Triumph Bancorp. The new firm's initial strategy for growth will be to focus on CLO issuance.

    Mahmud will serve as senior md and cio and Plumer will serve as md and portfolio manager. Triumph ceo Aaron Graft will serve as chairman of the .......

    Job Swaps 2 April 2013

  • Derivatives, CLO pro joins SIFMA

    Matt Nevins has joined SIFMA as md and associate general counsel within the asset management group (AMG). He joins from Fidelity Investments, where was vp and associate general counsel.

    Nevins has served as chairman of the SIFMA AMG derivatives committee for the last two years. In his new position he will focus on facilitating AMG's advocacy efforts on regulatory reform .......

    Job Swaps 28 March 2013

  • CLO chief brought in

    TPG has appointed Douglas Paolillo to run its CLO desk in New York. He was previously md at GSO Capital Partners.

    Paolillo spent a decade at Blackstone Group, where he worked in the corporate debt division. Previously he was a director at CIBC World Markets where he served as senior investment analyst for the SIVs managed by Trimaran Advisors and .......

    Job Swaps 22 March 2013

  • Providence affiliate adds credit pro

    Richard Byrne is joining Providence Equity Capital Markets' credit unit, Benefit Street Partners, next month as president. He will be based in Benefit Street's New York office, reporting to Providence Equity ceo Thomas Gahan.

    Byrne was most recently ceo at Deutsche Bank Securities and before that was co-head of global capital markets at Deutsche Bank. He has also worked as .......

    Job Swaps 21 March 2013

  • CLO subs steal the show

    A flurry of US CLO subordinate tranches were out for the bid yesterday. Several more senior tranches were also among the 125 CLO line items picked up by SCI's PriceABS data for the session, although names from the top of the capital structure were not so common.

    The US$24.99m CIFC 2012-1X SUB tranche was the largest subordinated tranche .......

    Market Reports 20 March 2013

  • Loan specialist enlisted

    Cutwater Asset Management has appointed Alex Jackson as md and head of its bank loan group. He will help expand the firm's leveraged loan and high yield capabilities and build out a related products suite, including CLO management.

    Jackson was most recently deputy cio and CLO portfolio manager at CIFC Corp. Before that, he served as portfolio manager at JH .......

    Job Swaps 20 March 2013

  • CLO market faces FDIC re-think

    Additional regulatory changes coming into force on 1 April are set to impact the CLO market. The changes concern how US CLOs and leveraged loans are treated when computing FDIC assessments against bank deposits.

    The changes will apply to large and highly complex institutions, which are defined as having more than US$10bn and US$400bn in assets respectively. Under the new .......

    News 19 March 2013

  • Mid-market APAC lending opportunities targeted

    Olympus Capital Asia has launched Olympus Capital Asia Credit (OCA Credit) in Singapore and recruited structured credit veterans Nitish Agarwal and Gary Stead to lead the new business. The lender believes there is a growing opportunity in the region as many international banks are pulling back because of regulatory capital constraints.

    Agarwal joins from Barclays and has been made md .......

    Job Swaps 15 March 2013

  • CIP securitisation agreement signed

    The European Investment Fund, UniCredit and Federconfidi have signed the first Competitiveness and Innovation Programme (CIP) securitisation agreement to support SMEs in Italy. The transaction will facilitate SME access to an additional €60m of loans. Within the framework of the CIP, the EIF has been allocated €1.1bn to be split between venture capital (under the High Growth and Innovative SME .......

    News Round-up 14 March 2013

  • Cajamar brings first tender of the year

    Cajamar Caja Rural has announced a tender offer for nine RMBS bonds and one SME CLO bond, launching the first ABS/RMBS tender of the year. No maximum purchase amount has been disclosed, with €1.6bn currently outstanding across the 10 tranches, according to Barclays Capital figures.

    All of the bonds offered in the latest tender were previously offered in March 2012. .......

    News Round-up 14 March 2013

  • Credit manager adds in Americas, Europe

    Alcentra has appointed Jack Yang as md and head of Americas business development and Michael Johnson as md and head of UK direct lending. Yang reports to Paul Hatfield, president and head of Alcentra US, while Johnson reports to Graeme Delaney-Smith, head of European direct lending and mezzanine investments.

    Yang takes responsibility for leading Alcentra's marketing and business development efforts .......

    Job Swaps 14 March 2013

  • Manager boosts development, client services teams

    Highland Capital Management has appointed Nikki Gill as director of business development and David Lyon as director of client services. They will both report to Clay Shumway, head of business development.

    Gill takes responsibility for developing and executing the firm's global growth initiatives related to new products, fund formation, strategic growth and asset gathering. She was formerly a global markets .......

    Job Swaps 13 March 2013

  • Euro 2.0?

    European CLO market back, but not as before

    Cairn CLO III printed last month, reopening the European CLO market after a lengthy hiatus. Further deals from Pramerica and New Amsterdam Capital Management are set to follow and could mark a shift towards a European 2.0 market.

    The Cairn CLO III deal priced on 20 February, with several features that have become common in US CLOs over the last .......

    News Analysis 12 March 2013

  • Wave of CLO 2.0 re-pricings forecast

    CLO 2.0 deals are starting to reach the end of their non-call periods and tighter loan spreads are encouraging equity holders to redeem transactions sooner than many investors seem to have anticipated. Several 2010 CLOs have already been refinanced, called or re-priced (SCI 7 March) and the trend is set to continue for 2011-vintage deals.

    CLO analysts at RBS note .......

    News 8 March 2013
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