CLOs

  • SCI Start the week - 16 September

    A review of securitisation activity over the past seven days

    Transaction of the week

    Alior Leasing has launched a 12 month revolving cash securitisation of auto leasing loans and leases extended to sole traders and SME obligors in Poland. Dubbed AL Poland Securitisation 01, the transaction is the first to receive a public rating by Moody's.

    Moody's has assigned a rating of Baa2 on the PLN359.9m floating rate secured notes, .......

    News 16 September 2019

  • ECB stimulus announced

    Sector developments and company hires

    ECB stimulus package outlined

    The ECB has announced that it is cutting the interest rate on the deposit facility will be decreased by 10 basis points to -0.50%. The interest rate on the main refinancing operations and the rate on the marginal lending facility will remain unchanged at their current levels of 0.00% and 0.25% respectively.  Additionally, net purchases will .......

    Market Moves 13 September 2019

  • CLO firm incorporates ESG approach

    Company hires and sector developments

    Cayman CLO first

    Maples Group has supported the first ever US CLO to issue out of the Cayman Island. The transaction was a US$501m middle market CLO from Natixis, which closed on 13 August 2019.

    ESG implementation

    THL Credit has developed and begun utilising a new investment framework for assessing environmental, social, and governance (ESG) factors .......

    Market Moves 11 September 2019

  • Performance questions

    CMV conflict concerns aired

    Scepticism about whether CLO managers and their investment affiliates can be truly independent of each other has accompanied the rise of CLOs anchored by risk retention capital raised via capitalised manager vehicles (CMVs). As the first iterations of these vehicles near the end of their reinvestment periods (SCI 26 June 2017), a better understanding of their performance could .......

    News Analysis 10 September 2019

  • Maltese benefits

    Jurisdiction especially suited to innovative transport ABS

    Malta provides a legal and tax framework that provides the same benefits for the establishment of SPVs as more well-known jurisdictions, such as Luxembourg and Ireland. Malta is also especially well suited to shipping and aviation securitisations, with several innovative transactions of this kind having been successfully completed through Maltese SPVs.

    A legal framework for securitisation was enacted in Malta .......

    News Analysis 10 September 2019

  • CLO firm bulks up

    Company hires and sector developments

    CLO firm bulks up

    Adrienne Dale has joined MidOcean Credit Partners a portfolio manager for its CLO strategies. She will report to Jim Wiant, who oversees MidOcean’s existing CLO business, as the firm looks to expand and scale the business further. Most recently, Dale held senior positions in Credit Suisse Asset Management’s credit investments group, where she spent the past .......

    Market Moves 9 September 2019

  • ILS deputy head hired

    Company hires and sector developments

    Blockchain standardisation steps taken

    The standardisation of blockchain technology, which the International Organisation for Standardisation (ISO) and others are promoting, will be credit positive for future securitisations that utilise the technology, says Moody’s. Although the technology itself has the potential to provide many benefits to the securitisation market, namely via interoperability and operational efficiencies, the current lack of .......

    Market Moves 6 September 2019

  • Ceo appointed

    Sector developments and company hires

    Analytics head nabbed

    Merion Square Capital has hired Jeff Fraser as head of analytics, based at the firm’s Ardmore, Pennsylvania headquarters. Fraser joins Merion Square from Chubb, where he was an avp of CAT Pricing and Systems, responsible for Chubb’s catastrophe pricing, portfolio optimisation and global risk aggregation platforms.

    Ceo appointed

    Cairn Capital Group has appointed .......

    Market Moves 5 September 2019

  • Navigating the new

    New European CLO investors must chart a steady course

    The remainder of the year looks set to be an active one for European CLOs. To sustain growth, the market needs to find new investors, but they have a challenging course to navigate.

    Some potential new CLO investors are understandably hesitant, given widely voiced regulatory concerns and related alarmist mainstream press reports about the next financial crisis being .......

    Talking Point 5 September 2019

  • Structured credit vets nabbed

    Sector developments and company hires

    EBA makes STS digital move

    The EBA has announced that it has added the STS Regulation to its online Interactive Single Rulebook and Q&A. It allows market participants to access the EBA’s guidelines, and it will also enable them to ask questions on any aspect of the criteria where it is felt require clarification under the EBA’s .......

    Market Moves 4 September 2019

  • Tesco portfolio disposal sealed

    Company developments and sector hires

    Auto deal debut

    Oodle Financial Services is marketing an inaugural static cash securitisation of auto receivables extended to obligors located in the UK. Dubbed Downson 2019-1, the £353.4m transaction is provisionally rated Aaa on the £229.8m class A notes, A2 on the £75.9m class Bs, Baa3 on the £15.9m class C notes, Ba3 on the £14.1m class Ds .......

    Market Moves 3 September 2019

  • Structured credit head steps down

    Company hires and sector developments

    BUMF 6 claim filed

    Business Mortgage Finance 6 has issued a claim against Roundstone Technologies (RTL) in the London High Court of Justice stating, among other things, that the purported sale and purchase agreement between the issuer and RTL is void and that RTL has acquired no right to act for or on behalf of the issuer pursuant to a .......

    Market Moves 29 August 2019

  • Ceo replaced

    Sector developments and company hires

    New ceo appointed

    Oaktree Specialty Lending has announced that ceo and cio Edgar Lee has resigned from the company for personal reasons, effective 30 September 2019. He is to be replaced by Armen Panossian who will take over both roles. Panossian is currently md and head of Oaktree’s Performing Credit organisation and has spent 12 years at the .......

    Market Moves 27 August 2019

  • Euro CLOs strong

    Market maintaining positive path

    The European CLO market has had a strong 2019 so far. That strength looks set to continue in the months ahead.

    Figures from JPMorgan CLO research published last Friday note that in Europe, the primary market is up 5% from last year’s record post-crisis year. Indeed, 60 Euro CLOs have priced totalling €24.2bn – comprising €19.7bn across 47 .......

    News 27 August 2019

  • Broker charged over mispricing

    Sector developments and company hires

    Broker charged over mispricing

    The US SEC has charged New York-based broker-dealer AOC Securities and its former ceo Ronaldo Gonzalez with failing to supervise AOC broker Frank Dinucci, who provided inflated price quotes to Premium Point Investments (PPI). The orders find that PPI traders dictated to Dinucci the prices at which he should value certain MBS in PPI .......

    Market Moves 23 August 2019

  • Counterintuitive results

    EBA consultation incentivises unfunded SRT format

    The EBA’s consultation on the determination of the weighted average maturity of a securitisation tranche (SCI 2 August) is seen as a positive step for synthetic securitisations, since it takes into account the conditional payments of the underlying assets. However, by not recognising the effect of prepayments and pool amortisations, the proposal creates counterintuitive results that incentivise banks .......

    News Analysis 23 August 2019

  • Warehouse line closed

    Company hires and sector developments

    CRE appointments

    Arbor Realty Trust has appointed Danny van der Reis as evp, structured asset management, reporting to Arbor president and ceo Ivan Kaufman. In this newly developed role, van der Reis will be responsible for managing the structured asset management department and loan restructurings for all of Arbor's balance sheet loans, as well as strategically developing and expanding the .......

    Market Moves 22 August 2019

  • Volcker rule amended

    Company hires and sector developments

    Aviation firm appoints treasurer

    Wings Capital Partners has hired Jakob Gallagher as vp, treasurer and capital markets. Prior to joining Wings, Gallagher served as vp on the MUFG aviation team who covered originations for the Americas. Prior to joining MUFG, he worked at Aircastle where he focused on capital markets and joint ventures. Jakob raised secured and unsecured .......

    Market Moves 21 August 2019

  • CLO ESG impact assessed

    Sector developments and company hires

    ESG impact assessed

    The credit impact of environmental, social and governance (ESG) investment criteria on CLOs rated by Moody’s remains neutral, the agency says in a report. The firm adds that while restricting the pool of CLO eligible collateral has the potential to be credit negative, CLOs limited exposure to the industries subject to ESG restrictions largely mitigates .......

    Market Moves 19 August 2019

  • Whole biz downgrade announced

    Company developments and company hires

    Acquisitions

    Crescent Capital BDC is set to acquire Alcentra Capital Corp, a middle-market BDC. The transaction is the result of Alcentra Capital’s previously announced review of strategic alternatives led by an independent director committee. Under the terms of the transaction, in exchange for approximately 12.9 million shares of Alcentra Capital common stock, Alcentra Capital’s stockholders will receive approximately .......

    Market Moves 16 August 2019

  • Consent challenges

    Transactions losing value without Libor fallback language

    Investors are working with an asset registry and communication platform to obtain noteholder consent in order to insert Libor fallback language in certain securitisations, ahead of the 2021 deadline. This is driven by concerns that transactions without fallback language are losing value compared to newer deals with the necessary language to transition to a new reference rate.

    DealVector has been .......

    News 16 August 2019
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