CLOs

  • 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

  • Securitisation race heats up

    At the halfway point of 2011, with close to US$140bn of qualifying deals counted, the race is heating up for top place in the SCI US league tables for bank arrangers in the structured credit and ABS markets. Demonstrating how quickly the situation can change, May's sixth-placed firm has jumped to third this month. Europe, on the other hand, remains .......

    News Round-up 22 July 2011

  • GSC transfer confirmed

    An investor notice for the GSC European CDO I-R, II and V transactions confirms that the sale of GSC Group assets to Black Diamond Capital Management is to take place by 25 July, unless the parties agree to defer it to a later date. Completion of the sale will constitute an assignment of the rights of the collateral manager to .......

    Job Swaps 21 July 2011

  • Saratoga management team enhanced

    Saratoga Investment Corp has appointed Michael Grisius as md and cio of Saratoga Investment Advisors, the management company overseeing its portfolio. The firm also intends to nominate Grisius to its board of directors.

    Grisius was previously co-chairman of the investment committee of Allied Capital, where he worked for 16 years originating and managing more than US$2bn of subordinated debt investments, .......

    Job Swaps 20 July 2011

  • CypressTree CLO offloaded

    Acis Capital Management has been appointed successor collateral manager on Hewett's Island CLO I-R. The transaction was originally managed by CypressTree Investment Management, which was acquired from Primus Guaranty last year by CIFC (SCI passim).

    Acis is an affiliate of Highland Capital Management and Highland is a sub-advisor to Acis. In this capacity, Highland provides to Acis certain shared services, .......

    Job Swaps 19 July 2011

  • Aladdin to focus efforts on alternatives

    Aladdin Capital has announced a strategic reorganisation by downsizing its global capital markets business. The firm says it will now focus its efforts on its alternative credit asset management business, which has been the core area of expertise since it was founded in 1999. Aladdin will continue to grow its established platform of investment products while looking to provide new .......

    Job Swaps 15 July 2011

  • TFG shareholder action filed

    A shareholder derivative action was filed yesterday in the US District Court - Southern District of New York - against the current and former directors of Tetragon Financial Group by a purported shareholder. The action involves a series of allegations specifically with respect to performance fees charged by TFG's investment manager and asks for money damages and equitable relief against .......

    Job Swaps 13 July 2011

  • Black Diamond completes GSC acquisition

    Black Diamond Capital Management has secured court approval to complete the acquisition of substantially all of the investment management business and related assets of GSC Group and its affiliates. Upon closing of the acquisition, Black Diamond and affiliated entities will assume active control of GSC's control distressed/private equity, mezzanine, ABS and CLO funds, totalling approximately US$7bn of assets under management.

    Job Swaps 13 July 2011

  • Natixis credit team tapped

    GreensLedge Capital Markets has recruited an eight-strong structured credit team. Ken Wormser and David Powar lead the migration from Natixis to the New York-based advisory firm, joining as managing partners.

    Wil Fischer, Ninat Lekagul and Aimee Means also join as mds, while Mark David, Naz Majidi and Craig Reckin join the firm as directors. At their new home, the team .......

    Job Swaps 11 July 2011

  • KKR CLO upsized

    KKR Financial has upsized KKR Financial CLO 2011-1 to US$600m from US$400m. The firm has also increased its residual interest in the transaction from US$100m to US$150m through the acquisition of an additional US$50m of subordinated notes. The cost of the financing remains 135bp over three-month Libor.

    Concurrent with the amendment to increase the size of CLO 2011-1, the transaction .......

    News Round-up 11 July 2011

  • CLO business acquired

    Apollo Global Management has acquired Gulf Stream Asset Management, which currently manages 10 CLOs with more than US$3bn in assets under management. Apollo says the transaction is consistent with its strategy to broaden its existing traditional fixed income business and, upon closing, is expected to bring the firm's assets under management to approximately US$27bn.

    Of this, Apollo's senior loan business .......

    Job Swaps 8 July 2011

  • CLO manager replaced

    Bankia has replaced Caja Madrid as lead investment manager on Neptuno CLO I, II and III. EuroDekania Management remains the junior investment manager for Neptuno CLO III. Bankia has expressly agreed to assume all of the investment manager's duties and obligations under the investment management agreement and each other transaction document to which the investment manager is a party.

    .......

    Job Swaps 5 July 2011

  • Moody's CLO criteria changes finalised

    Moody's has finalised changes to its global methodology for rating cashflow CLOs (SCI passim). The changes will generally result in expected credit enhancement levels below those based on the current methodology but above those in effect prior to the financial crisis. In addition, the methodology changes will result in upgrades to the majority of outstanding CLO tranches the agency rates.

    News Round-up 22 June 2011

  • Clydesdale CLO changing hands

    Clydesdale CLO 2007 is being transferred to Ares CLO Management, which will serve as the new investment manager. Current investment manager Nomura Corporate Research and Asset Management has notified Clydesdale (the issuer) and Deutsche Bank Trust Co Americas (the trustee) of the proposed assignment of all the investment manager's rights, duties and obligations to Ares.

    Ares CLO Management is a wholly-owned .......

    News Round-up 15 June 2011

  • Euro SME CLOs stabilising

    European SME CLO transaction performance is continuing to stabilise or improve across all jurisdictions, according to Fitch.

    Default rates for Spanish transactions have stabilised at 1.2% after a rise in impairments over the past two years. Elevated loan prepayment rates have also returned to their pre-2009 levels, which is attributed to originating banks restructuring non-performing loans, the agency says. Despite .......

    News Round-up 10 June 2011

  • CLO assignment proposed

    DiMaio Ahmad Capital (DAC) is proposing to assign its rights as collateral manager on the Duane Street CLO 1, II, III, IV deals to Citigroup Alternative Investments. DAC is currently seeking the consent of the majority of the controlling class to the proposal, in line with the collateral management agreement. Their consent is requested by 11 July.

    .......

    Job Swaps 8 June 2011

  • Euro CLO credit quality improves

    The portfolio credit quality of the average European leveraged loan CLO is improving, according to Fitch. With no new recorded defaults in any transactions year-to-date, the average triple-C exposure of CLO portfolios decreased to 7.8% from 11.6% in July 2010.

    Further, 21 of the 28 Fitch-rated CLOs are passing all of their coverage tests, compared to 15 in July 2010. .......

    News Round-up 7 June 2011

  • SME CLO criteria updated

    Fitch has updated its rating criteria for CLOs backed by SMEs loans. The agency has reduced several of its SME base-case default rates due to the macroeconomic environment for SME borrowers improving since it published its criteria in 2009.

    However, Fitch continues to assume base-case delinquencies that are still above long-term averages, given the uncertainty regarding the strength and timing .......

    News Round-up 7 June 2011

  • CLO unaffected by WARF constraint mods

    Modifications to the maximum weighted average rating factor (WARF) constraint in the 80 existing trading covenant matrices in Gateway II Euro CLO - a cash CLO - will not affect ratings on the notes, according to Moody's.

    The change in WARF constraint, which Moody's has been informed does not require the consent of any of the noteholders, is viewed as .......

    News Round-up 31 May 2011

  • Permacap adds director

    Greenwich Loan Income Fund has appointed James Carthew to its board as a non-executive director. He was previously a fund manager, responsible for managing Advance UK Trust and Advance Focus Fund, a Guernsey domiciled investment company. He was also on the board of Progressive Asset Management, an asset management group that manages a number of UK and emerging market funds.

    Job Swaps 18 May 2011

  • Balance sheet CLO performance praised

    Moody's has commented on the outstanding credit performance of bank balance sheet CLO transactions during the economic crisis between 2007 and 2010. Although investors continue to show interest in these transactions - which they view as offering stability, diversification and low credit risk - the supply from arranging banks is falling short of demand. This comes as a result of .......

    News Round-up 16 May 2011
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