CLOs

  • Global credit manager created

    Resource America and CVC Capital Partners have entered into a definitive agreement which will create a new company - CVC Credit Partners (CCP). CCP will be a global credit management business with teams in the US and Europe and AUM of over US$7.5bn.

    As part of the transaction, Resource America is selling its CLO manager, Apidos Capital Management, to CVC .......

    Job Swaps 4 January 2012

  • CLO manager resigns

    Nomura Corporate Research and Asset Management has given notice of its resignation as investment manager on the Clydesdale Strategic CLO I and Clydesdale CLO 2005 transactions. The manager proposed to assign the investment management agreements for the deals to Ares Management (SCI 5 October).

    .......

    Job Swaps 4 January 2012

  • Manager seeks broader opportunities

    Greenwich Loan Income Fund (GLIF) has shelved its plans to sell its exposure to T2 CLO I (SCI 27 April). The company says that although it received a number of proposals, none reflected the far lower risk profile of the CLO than the CLO market as a whole. Thus to have sold and reinvested would have increased its risk profile .......

    Job Swaps 21 December 2011

  • CLO sale agreed

    The receivers (Deloitte) of Clio European CLO have entered into a sale agreement, pursuant to which the portfolio will be sold to Hyacinth Funding No.1. The purchase price for the sale will be satisfied by the surrender by Hyacinth to the issuer of notes with a principal amount outstanding of €413.81m. The portfolio will be split into two separate sub-portfolios .......

    News Round-up 21 December 2011

  • More of the same?

    US CLOs to build on 2011 foundations, alternatives sought for Europe

    In a year that will be remembered for sovereign instability, market volatility and de-risking across financial institutions, the global CLO market has held its ground. Deals have performed well, forced sales have been minimal and spread widening has been relatively contained, with generic US triple-A spreads ending the year marginally tighter at around 190bp over Libor.

    In the primary market, .......

    News Analysis 20 December 2011

  • Euro, US CLO outlooks diverge

    US CLOs issued in 2012 will have a strong credit profile, Moody's suggests. The agency has a stable outlook for the performance of outstanding US CLOs and a negative outlook for the performance of European CLOs. New issue CLOs will continue to be originated primarily in the US next year because of challenging economic conditions in Europe.

    Features in new .......

    News Round-up 19 December 2011

  • US CLO review completed

    Moody's has completed its review of all US CLOs previously placed on review for possible upgrade on 22 June, upgrading 2,867 tranches with an original rated balance of US$169bn. The review covered 2,912 tranches, representing over 80% of its US-rated CLO universe, from 561 transactions with an original rated balance totalling US$170bn.

    Of the 2,867 CLO tranches that were upgraded, .......

    News Round-up 19 December 2011

  • Capital markets merger agreed

    Apollo Global Management will merge Stone Tower Capital and its related management companies into Apollo's capital markets business. Stone Tower chairman and ceo Michael Levitt will join Apollo as vc of Apollo Credit Management.

    The move will roughly double Apollo's capital markets AUM to US$39bn, making capital markets the largest part of Apollo's business. It will grant Apollo both greater .......

    Job Swaps 16 December 2011

  • Leveraged finance funding mix forecast

    S&P has put forward three possible options for filling the funding gap in the European leveraged finance market: the corporate high yield bond market, loans from retail investors and new institutional investors.

    The agency believes that the corporate high yield bond market will form the main part of the solution in the near term. In the future, retail schemes could .......

    News Round-up 15 December 2011

  • Euro CLO refi risk underlined

    There is more flexibility in Fitch-rated European CLO reinvestment periods than many commentators believe, the agency reports. But refinancing risk and collateral credit quality remain serious concerns.

    The periods during which CLOs can purchase new loans start coming to an end next year and are all finished by 2014. In Fitch's view, many of these vehicles will continue reinvesting beyond .......

    News Round-up 15 December 2011

  • Macro issues cloud US outlook

    Macro issues will continue to cloud an otherwise improving forecast for US structured finance performance next year, according to Fitch.

    After a fast start to the year, macro concerns and regulatory developments slowed the pace of recovery. Fitch is expecting improvements to continue at a modest pace next year.

    The outlook for the four US structured finance sectors is stable .......

    News Round-up 7 December 2011

  • CLO transfer proposed

    Deerfield Capital Management is proposing to transfer its rights and obligations under the investment management agreement of Gillespie CLO to BNP Paribas. The transfer requires the consent of the controlling class (the class A1 and A2 notes together) and the subordinated noteholders, each acting by ordinary resolution.

    Deerfield has sought the consent of these parties by way of a written .......

    Job Swaps 6 December 2011

  • CLO novation sought

    Plemont Portfolio Managers has entered into a transfer deed with respect to Kintyre CLO I, pursuant to which it has agreed to transfer the role of portfolio manager to BNP Paribas by way of novation. The move is subject to the satisfaction of a number of conditions, including the consent of the controlling class (class A noteholders) by extraordinary resolution.

    .......

    Job Swaps 5 December 2011

  • Alcentra prepping listed fund

    Alcentra says it intends in early 2012 to launch a new fund that invests predominantly in senior secured loans and floating rate senior secured bonds issued by European corporates. The Alcentra European Floating Rate Income Fund, a Guernsey closed ended investment company, will be listed on the main market of the London Stock Exchange.

    The fund aims to produce a .......

    News Round-up 2 December 2011

  • Stable outlook for Euro SF

    Fitch is maintaining its overall stable outlook for European structured finance transactions, despite the weakening macroeconomic backdrop and the negative effects that this could have on the performance of some of the underlying asset markets.

    Current ratings already reflect the agency's expectation of further deterioration across most markets and asset classes. The structural protection available to the notes, alongside the .......

    News Round-up 1 December 2011

  • Global securitisation volumes strong in October

    At the end of October 2011, with just under US$225bn and €80bn of qualifying securitisation deals completed, the leaders maintained their places in the SCI league tables for bank arrangers in the structured credit and ABS markets. Most added to their accounts as the US and European markets saw above average issuance of US$24.6bn and €11.4bn respectively for the month.

    News Round-up 25 November 2011

  • CDO tender offers proposed

    RBS is seeking to modify the terms and conditions of Skye CLO 1, Solar Funding I and Lunar Funding I to allow it to purchase all of the notes outstanding before 31 January. The bank has announced a tender offer for the notes, with the amount to be paid for the notes determined via a modified Dutch auction procedure. A .......

    News Round-up 25 November 2011

  • Euro CLO review completed

    Moody's has completed its review of all European CLOs, which the rating agency initiated on 22 June in relation to its global CLO methodology update. The agency analysed 1067 tranches from 171 European CLO transactions originally totalling €46bn and upgraded 969 tranches originally totalling €40bn.

    Of the 969 tranches that were upgraded, the average magnitude of upgrades was a little .......

    News Round-up 22 November 2011

  • New asset management business formed

    Aladdin Capital Holdings is selling part of its asset management business to Mitsubishi Corporation (MC). The businesses and assets being sold will form the core businesses of a new company, MC Asset Management Holdings (MCAMH).

    The new company will be jointly owned by MC and Aminkhan Aladin, Aladdin founding chairman and ceo. MC will own 80%, with Aladin holding the .......

    Job Swaps 21 November 2011

  • CLO management team acquired

    The Carlyle Group has purchased Churchill Financial from Olympus Partners. A team of 13 investment professionals, led by Ken Kencel, has joined Carlyle's global market strategies business as part of the transaction.

    Kencel becomes md at Carlyle and now reports to Mitch Petrick, md and head of Carlyle's global market strategies business. Kencel's Churchill team will continue to manage existing .......

    Job Swaps 21 November 2011

  • Euro CLO manager purchase confirmed

    Black Diamond Capital Management has confirmed its acquisition of GSC Group's London team. Black Diamond's European office will be headed by Nick Petrusic, who, along with the other London based team members, will oversee its European Mezzanine and European CLO businesses.

    Established in 2000, the UK-based business acquired from GSC Group has been a significant investor in the European leverage .......

    Job Swaps 4 November 2011
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