CLOs

  • CLO tender offer announced

    Citi has commenced a cash tender offer to purchase outstanding Skytop CLO income notes. For each US$1,000 unpaid principal amount of income notes validly tendered, the bank will pay US$400. The offer is scheduled to expire on 14 October, unless extended or earlier terminated.

    .......

    News Round-up 19 September 2011

  • BlueMountain beefs up in Europe

    BlueMountain Capital Management has named David Rubenstein ceo of BlueMountain Europe. Rubenstein, who joined the firm in 2006, will also continue in his roles of both cfo and general counsel on a global basis. He succeeds Jeffrey Kushner, who is retiring from the asset management business and will move back to the US to pursue other opportunities.

    Transferring with Rubenstein .......

    Job Swaps 13 September 2011

  • German SME CLOs perform strongly

    German balance sheet SME CLOs have performed well during the economic crisis, according to Fitch. Certain transactions have even outperformed some German auto ABS transactions, underlining their robust performance.

    Average total cumulative defaults across the 12 CLOs Fitch rates are approximately 2.5% of the initial transaction volumes since closing, with the average time since closing standing at four years.

    Fitch .......

    News Round-up 12 September 2011

  • CLO loan maturity profiles analysed

    Codean has released its annual update on the maturity profile of leveraged loans underlying CLO deals. The analysis indicates an upcoming peak in the amount of loans reaching maturity, albeit a comparison between this year's and last year's maturity profiles illustrates that refinancing efforts already made have resulted in a significant reduction in the value of loans due in 2012-2014 .......

    News Round-up 6 September 2011

  • SME CLO review completed

    Fitch reports that the reviews of SME CLO transactions since its criteria update in June (SCI 7 June) have mostly resulted in rating affirmations.

    "79% of the reviewed SME CLO tranches have been affirmed, as transaction performance has mostly stabilised," says Laurent Chane-Kon, director in Fitch's European structured finance team. "Portfolio performance - rather than the criteria update - was .......

    News Round-up 31 August 2011

  • Dalradian CLOs acquired

    Rothschild Credit Management, a 100% owned subsidiary of NM Rothschild & Sons, has acquired Elgin Capital. Elgin Capital will remain as collateral manager on the Dalradian European CLO I, II, III and IV transactions, however, and continue to manage the portfolio in accordance with the master collateral management terms dated 8 August 2007.

    See SCI's CDO .......

    Job Swaps 30 August 2011

  • German SME performance diverges

    Of the three German SME securitisation sub-segments, SME CDOs and mezzanine CDOs performed worse than SME ABS during the financial crisis, according to Moody's. Mezzanine CDOs experienced greater refinancing risk concerns and adverse obligor selection, while the less granular portfolios backing SME CDOs and mezzanine CDOs mean they experienced higher cumulative default rates. While Moody's outlook for SME ABS and .......

    News Round-up 30 August 2011

  • Patriot Capital duo find new home

    JMP Group's alternative asset management arm Harvest Capital Strategies has formed Harvest Capital Credit, a specialty finance company providing structured credit to small businesses. Richard Buckanavage, who was formerly president and ceo of Patriot Capital Funding, serves as president of Harvest Capital Credit and is joined by Ryan Magee. The pair will be based in New York.

    Although Harvest Capital .......

    Job Swaps 26 August 2011

  • Green light for Lehman CLO plan

    Lehman Brothers Holdings' asset management agreement with WCAS Fraser Sullivan (SCI 28 July) has been approved by Judge James Peck of the US Bankruptcy Court. The court ruled yesterday that the relief sought through the agreement is in the best interests of the debtors and their creditors.

    Under the asset management agreement, the debtors: are entitled to receive collections of .......

    News Round-up 18 August 2011

  • Second NCRAM CLO transferred

     Ares Management is set to assume investment management duties for Clydesdale CLO 2004 from Nomura Corporate Research and Asset Management (NCRAM). The investment management agreement will be essentially unchanged, according to Moody's.

    Transaction documents will be amended, however, to change the name of the issuer to Ares XVIII CLO. The change in name results from a purchase agreement pursuant to .......

    Job Swaps 17 August 2011

  • Duane Street CLO transfers confirmed

    The acquisition by Citigroup Alternative Investments - acting through its business unit Citi Capital Advisors - of Duane Street CLO I, II, III and IV from DiMaio Ahmad Capital became effective yesterday, 15 August (SCI 8 June). Each issuer has entered into amended and restated collateral management agreements on substantially the same terms as the existing collateral management agreements with .......

    Job Swaps 16 August 2011

  • Foothill CLO sold

    The Carlyle Group has purchased the management contract of the US$500m Foothill CLO I from The Foothill Group Inc. The firm now advises 31 collateral loan funds, including its recently closed US$507m Carlyle Global Market Strategies CLO 2011-1, in the US and Europe totalling US$12.7bn in AUM.

    Linda Pace, Carlyle md and head of US structured credit, comments: "We see .......

    Job Swaps 11 August 2011

  • Another GSC CLO hearing scheduled

    A hearing in connection with the Gateway III Euro CLO and Gateway IV Euro CLO deals will be held on 17 August. The Chapter 11 trustee is seeking an order authorising the trustee to reject certain executory contracts, including the deed of novation and amendment effecting the appointment of a successor collateral manager. The motion also requests the Court to .......

    Job Swaps 9 August 2011

  • Ares acquires Indicus

    Ares Management is buying European leveraged finance and CLO manager Indicus Advisors. David Reilly and Ujjaval Desai, co-founders of Indicus, have been named co-heads of Ares Capital Markets Europe and will be responsible for all of Ares' European syndicated debt and global structured products.

    "Our joint team will be much more significant in the marketplace at a time when we .......

    Job Swaps 9 August 2011

  • CLO hit by occurrence of cause

    Nomura Corporate Research and Asset Management has notified the trustee and preference shares paying agent on Clydesdale CLO 2003 of the occurrence of an event constituting cause under the management agreement. The management agreement may consequently be terminated and the collateral manager removed, providing that written notice thereof is given to noteholders and rating agencies within 30 days after two-thirds .......

    Job Swaps 8 August 2011

  • Call for Dodd-Frank CLO exemption

    The Loan Syndications and Trading Association (LSTA) has submitted to joint regulators a comment letter explaining why managers of open market CLOs are not subject to the risk retention provisions of the Dodd-Frank Act and thus should not be subject to the risk retention rules proposed by the joint regulators. The Association urges the joint regulators to retract their suggestion .......

    News Round-up 2 August 2011

  • Lehman CLO supply anticipated

    Lehman Brothers Holdings has entered into an agreement with WCAS Fraser Sullivan Investment Management, whereby Lehman's US$5.3bn loan portfolio will be transferred to the manager. Subject to court approval, the plan involves securitising around US$2.2bn of the portfolio via CLOs.

    The first such transaction, slated for about US$500m, is expected to occur within six months of the agreement being authorised. .......

    Job Swaps 28 July 2011

  • Healthy US CLO issuance to continue

    The pace of new US CLO issuance will likely remain healthy for the remainder of 2011, with little broader market interference, according to Fitch in its latest CLO Quarterly report.

    New CLO issuance volume exceeded US$5.8bn in the first two quarters of 2011, with another US$1.3bn pricing in the first three weeks of July. Fitch maintains its projection of issuance .......

    News Round-up 28 July 2011

  • Consent received for GSC assignment

    All consents required for GSC Partners Gemini Fund, GSC Partners CDO Fund II and GSC Partners CDO Fund IV to enter into assignment agreements have been either received or deemed. Collateral management responsibilities for the transactions will now be transferred from GSCP to GSC Acquisition Holdings, an affiliate of Black Diamond Capital Management.

    Black Diamond has agreed to become a .......

    Job Swaps 27 July 2011

  • Key-man vote adjourned

    The meeting of Faxtor ABS 2005-1 class C noteholders on 22 July to vote on key-man provisions (SCI 5 July) was adjourned through lack of a quorum. An adjourned meeting will now be held at the offices of Ashurst on 5 August.

    IMC Asset Management, the transaction manager, is seeking to designate two new key persons - Egbert Bronsema and .......

    Job Swaps 26 July 2011

  • Fund sub-advisory agreement ended

    Invesco Advisers has announced that it is to assume sole responsibility for managing the Invesco Van Kampen Dynamic Credit Opportunities Fund and will terminate its sub-advisory agreement with Avenue Europe International Management on 19 September. However, there will be no change in the management fee that the fund pays to Invesco.

    In its role as sub-adviser to the fund, Avenue .......

    Job Swaps 25 July 2011
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