CLOs

  • Clean and replenish

    Optimistic outlook for US CRE market is welcome news for CMBS and CRE CLOs

    A rebound in activity in the US CRE market is pointing to brighter times ahead for both CMBS and CRE CLOs. Activity in the CMBS issuance market is a welcome sign after a prolonged down cycle, despite ongoing challenges in office and retail.

    “We are seeing a strong turnaround,” states Jodi Schwimmer, partner at Reed Smith. “The market .......

    News Analysis 1 November 2024

  • Tried and true

    Michelle Manuel and Michael Schewitz, portfolio managers at Investec, answer SCI's questions

    Q: What do you look for in a CLO manager?
    Michelle Manuel: With a 70% US middle market portfolio, we tend to look for managers who we know have been through a number of credit cycles. When we look at Europe, we choose managers we know or are comfortable with. However, we mainly tend to buy in Europe when the .......

    The Structured Credit Interview 28 October 2024

  • Summer in the city

    European ABS and CLO markets defy summer lull with €34bn Q3 issuance

    The European securitisation market saw significant activity through the third quarter of 2024, defying the typical summer slowdown, according to a market update issued by TwentyFour Asset Management.

    Aza Teeuwen, partner and portfolio manager at TwentyFour, attributes this to increased funding needs, tighter pricing and a rush to secure funding ahead of the upcoming US elections.

    "Volumes .......

    News Analysis 22 October 2024

  • Job swaps weekly: MidOcean boosts capital formation capabilities

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees MidOcean Partners strengthen its ranks with the appointment of Jon Fox as global head of capital formation. He brings several decades of leadership and alternative asset management experience that will help to expand the firm’s investor relationships globally.

    Fox was formerly president of Värde, having joined that firm nearly 11 .......

    Market Moves 18 October 2024

  • SCI In Conversation Podcast: Volker Gulde, Moody's Ratings

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI head of content Kenny Wastell speaks to Volker Gulde, senior vice president at Moody’s Ratings, about the European market for private credit CLOs. Gulde discusses why the asset class is yet to take off in the continent, when we might expect that situation to change, and more.

    Gulde says that, while there .......

    News Analysis 11 October 2024

  • CLO manager corner: Sculptor Capital Management

    Adeel Shafiqullah, head of European CLO management, discusse...

    The launch of Sculptor Capital Management’s captive CLO equity platform in April, secured by an anchor commitment from Rithm Capital Corp., is a “strong validation” of the firm's support of Sculptor’s CLO management business as well as the ability to be “opportunistic and nimble” with capital.

    Speaking to SCI, Adeel Shafiqullah, head of European CLO management at Sculptor, says: .......

    The Structured Credit Interview 19 September 2024

  • Breaking regulatory chains

    Calls for reform intensify as industry pushes to fuel growth and fund Europe's green transition

    The European securitisation market is “far too small and illiquid,” according to a recent report from True Sale International (TSI) and the Association of German Banks (BdB). The scale of the challenges could be having a negative impact on vital innovation across the continent’s economy.

    The report, titled ‘A strong, competitive Europe: unlocking the potential of securitisation’, underscores .......

    News Analysis 19 September 2024

  • In demand

    ETF CLO growth gathers pace as firms ramp up offerings

    Demand for floating rate assets with robust surplus yield outlook is driving ETF (exchange-traded fund) CLO growth, according to asset manager Janus Henderson, with firms ramping up their offerings.

    In July, Janus Henderson B-BBB CLO ETF (JBBB) surpassed $1 billion in AUM (SCI 15 July). This was followed two months later by Palmer Square Capital launching two .......

    News Analysis 19 September 2024

  • Silver lining

    Optimism around strong growth in RMBS and ABS at S&P conference

    Market participants shared widespread optimism at S&P Global Ratings' European Structured Finance conference, buoyed by robust growth and the resilience of the European and UK ABS and MBS markets. Despite global economic challenges, issuance in these markets is experiencing strong momentum, performing even more favourably than 2023.

    Panellists and attendees at the event noted that the primary beneficiaries .......

    News 13 September 2024

  • Ringing the bell for CLO ETFs

    Palmer Square Capital Management launches two CLO credit ETFs

    Asset manager Palmer Square Capital has launched two exchange traded funds (ETFs), both of which provide retail investors with access to structured credit markets. Palmer Square Credit Opportunities ETF (PSQO) and Palmer Square CLO Senior Debt ETF (PSQA) began trading today and the firm rang the opening bell at the New York Stock Exchange on Thursday to mark the .......

    News 12 September 2024

  • Strength on several fronts

    Ninety One's Barua answers SCI's questions

    New issuance CLO volumes are on course to challenge previous full-year records and the market is well-positioned to weather any recessionary fears, according to Rondeep Barua, securitised products analyst at Ninety One. Barua speaks to Camilla Vitanza about the asset class’s prospects and anticipated trends for the rest of the year

    Q: How would you summarise 2024 so .......

    The Structured Credit Interview 11 September 2024

  • MV Credit acquisition agreed

    Market updates and sector developments

    Clearlake Capital Group is set to acquire pan-European private credit specialist MV Credit from Natixis Investment Managers. Founded in 2000 and headquartered in London, MV Credit has US$5.1bn in assets under management and provides tailored fund solutions to investors across senior direct lending, subordinated direct lending, hybrid and CLO strategies.

    MV Credit has deployed more than US$11bn since .......

    Market Moves 3 September 2024

  • CLO manager corner: Antares Capital

    Katzenstein and Pitke discuss the firm's liquid credit platform and plans for the future

    Antares Capital’s liquid credit platform, which launched last year and today is a BSL CLO issuance platform, is a “natural extension” of its private credit CLO platform, allowing the company to offer a broader opportunity set of products to clients, according to the firm.  

    Speaking about its business plan, Seth Katzenstein, head of liquid credit at Antares tells .......

    The Structured Credit Interview 28 August 2024

  • CLO analytics firm eyes private credit

    Market updates and sector developments

    Siepe has raised US$30m in a Series B funding round led by WestCap, which will drive a multi-product roadmap, including the expansion of the firm’s AI and machine learning capabilities. In conjunction with the new funding, Siepe has appointed Mark Schultis – who joined the firm as an advisor in October 2023 – as president.

    The Siepe team .......

    Market Moves 22 August 2024

  • Resilient CLO market in July despite early August volatility

    Kartesia sees spreads tightening slightly across capital structure throughout the month

    The CLO market demonstrated continued strength in July, with spreads tightening slightly across the capital structure, according to Kartesia, a European specialist provider of capital solutions. 

    “Euro CLO triple-A spreads closed the month 2.5bps tighter in secondary, and 7bps in primary at DM+97.5/DM+130, respectively,” say head of CLOs Michael Htun and structured credit associate Panagiotis Dounavis in the .......

    News 20 August 2024

  • JHG bolsters private credit capabilities

    Market updates and sector developments

    Janus Henderson Group has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC). With a nearly two decade-long track record of providing customised private credit solutions to both established and emerging businesses, VPC complements Janus Henderson’s securitised credit franchise and expertise in public ABS markets.

    Founded in 2007 by Richard Levy .......

    Market Moves 12 August 2024

  • Angel in ETFs

    Angel Oak's active structured credit ETF takes off

    The Structured Credit Interview 7 August 2024

  • Reset boost

    Portfolio quality upgraded amid European CLO resets in H1 24

    The portfolio credit quality of European CLOs that were reset in the first half of 2024 were improved compared with the original transactions, according to Fitch Ratings’ latest Monthly European CLO Index report.

    “Before the resets, the portfolio average triple-C exposure was 2.8%, consistent with other Fitch-rated reinvesting EMEA CLOs, and with defaulted assets accounting for no more .......

    News 7 August 2024

  • Esoteric excellence

    Reed Smith doubling down on esoterics

    Top structured finance law firm Reed Smith has a developed esoteric practice, but is looking to beef up even more, says newcomer Jeffrey Stern.

    “This is one of the focuses within the structured finance practice, and I expect to .......

    The Structured Credit Interview 6 August 2024

  • Job swaps weekly: DWS boosts alts franchise

    People moves and key promotions in securitisation

    Market Moves 2 August 2024

  • BNPP set to acquire AXA IM

    Market updates and sector developments

    AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas for cash proceeds of €5.1bn. Under the terms of the proposed transaction, AXA and BNP Paribas would also enter into a long-term strategic partnership, under which BNP Paribas would provide investment management services to AXA.

    Additionally, AXA would receive .......

    Market Moves 1 August 2024
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