CLOs

  • Job swaps round-up - 7 July

    North America

    Mayer Brown has hired Jay Kallas as counsel in its Chicago office, focusing on structured insurance and reinsurance transactions. He was previously counsel at Drinker Biddle & Reath.

    Cadwalader has hired Peter Morreale as partner in the capital markets team in the Washington, DC office. He was previously at Goldman Sachs, where he was md and associate general .......

    Job Swaps 7 July 2017

  • Job swaps round-up - 30 June

    North America

    Alexander Popov has joined Carlyle Group as md to lead the credit opportunities business within the firm's global credit platform. Popov was previously md with HPS Investment Partners, formerly known as Highbridge Principal Strategies, and before that was svp at Oaktree Capital Management.

    Funding Circle has hired Joanna Karger as US head of capital markets. She has extensive .......

    Job Swaps 30 June 2017

  • US CLOs slow

    Activity in the US CLO secondary market is slow as the seasonal lull looks to have started early.

    "It's a summer market already and there's overall not much action in secondary while primary continues to roll on with refis and re-sets," says one trader. "There's not much connection from investors for the most part - they're only active here and .......

    SCIWire 29 June 2017

  • Euro secondary solid

    The European securitisation secondary market remains solid despite distractions from primary and month-end.

    "As has been the case over the past few weeks people are focused on primary, but secondary is still ticking over this week," says one trader. "Over the past couple of days we've seen a number of bid lists going through and trading at decent to very good levels."

    The .......

    SCIWire 29 June 2017

  • Refinancings spur trading reversal

    The CLO refinancing wave appears to have caused a reversal of trading trends for investment grade and non-investment grade tranches in the secondary market. Demand for refinanced paper - represented mainly by triple-A to triple-B tranches - has resulted in a -28% year-on-year pull-back in CLO BWICs and -47% in TRACE trading volumes for investment grade tranches, according to JPMorgan .......

    News 28 June 2017

  • Euro middle market CLOs on the cards

    Middle market CLO issuance is expanding in the US and emerging in Europe, with a variety of warehouse financing options for middle market loans and increasing variability. Increased middle market activity appears to be pressuring lenders, investors and arrangers, as demand exceeds available supply.

    Investors in the US have flooded the middle-market loan space with liquidity, according to DBRS, with .......

    News 27 June 2017

  • Atlas CLO debuts AMR feature

    Crescent Capital Group last week priced its latest broadly syndicated CLO. The US$413.7m Atlas Senior Secured Loan Fund VIII debuts an applicable margin reset (AMR) feature, which is designed to aid in the execution of CLO refinancings (SCI 5 September 2016).

    The AMR feature is classed as a redemption event under the transaction documents, whereby the notes can be redeemed .......

    News 27 June 2017

  • Euro secondary steps up

    Activity has started to step up across the European securitisation secondary market following an extended series of relatively quiet sessions.

    Flows continue to be thin, though there have be patches of increased activity seen in a variety of sectors since the end of last week and into this. At the same time, rotation activity combined with month- and half-end positioning .......

    SCIWire 27 June 2017

  • Risk-retention vehicle restructurings expected

    Appetite for European CLO risk-retention and warehouse investments is strong. Uncertainty post-Brexit around third-country provisions is proving a threat to the nascent development of CLO risk-retention vehicles, however.

    "Brexit is a live issue because it is occurring at the same time that any number of CLO risk-retention sponsor vehicles (as well as the CLOs they are holding risk-retention investments in) .......

    News Analysis 26 June 2017

  • Job swaps round-up - 23 June

    Auction

    Towd Point Master Funding has won the auction of 1,262 seasoned re-performing and moderately delinquent loans sold by Freddie Mac as part of its second Seasoned Loan Structured Transaction (SCI 19 May). The transaction involves the sale of loans via a competitive bidding process, subject to a securitisation term sheet, with the purchaser then securitising them. The US$291.6m pool .......

    Job Swaps 23 June 2017

  • Job swaps round-up - 16 June

    Acquisitions

    The Competition and Markets Authority (CMA) has announced an initial decision in relation to the anticipated acquisition by Heineken UK of Punch Taverns, including Punch Securitisation A. The CMA has decided that the merger may result in a substantial lessening of competition within markets in the UK. The merger will be referred for a Phase 2 investigation, unless the .......

    Job Swaps 16 June 2017

  • Treasury reports on regulatory impact

    The US Treasury has issued a first report in a series regarding regulation of the financial system in a manner consistent with an executive order issued by President Trump back in February. The report addresses the regulation of the depositary system and makes several findings and recommendations which could impact the future regulation of securitisations.

    The report criticises certain regulatory .......

    News 15 June 2017

  • US CLOs similar

    Focus and activity in the US CLO secondary market continue to be similar to recent sessions.

    BWIC volumes have remained light this week and predominantly revolve around the lower part of the stack. At the same time, bilateral trading is still patchy with little paper on offer. As a result, the bonds that do appear continue to trade well and .......

    SCIWire 15 June 2017

  • China innovation paves way for securitised products

    US dollar-denominated notes backed by Chinese regional and local government (RLG) bonds have debuted in China and provide a new opportunity for offshore investment in securities traded on China's interbank bond market. Moody's believes further similar deals backed by Chinese collateral could follow, including CLOs, ABS and RMBS.

    Such US dollar-denominated bonds issued by Chinese RLGs are the first of .......

    News 15 June 2017

  • Prosecutors probe valuations process

    US prosecutors, after years spent studying the sell-side, appear to be turning their attentions to the buy-side, as investigations have begun into whether structured credit hedge funds inflated the value of debt securities for their portfolios. The probe is particularly concerned with whether brokers were encouraged to give dishonest valuations for month-end marks.

    The reasons for a fund to seek .......

    News Analysis 14 June 2017

  • Loan refis to increase CLO pressures

    US CLO managers are increasingly constrained by WAS tests in the current environment of declining loan spreads and elevated loan repricings. Half of CLOs within their reinvestment periods have a WAS cushion of less than 10bp, so managers may need to look at WARF and diversity scores.

    CLO managers cannot typically reinvest sales and redemption proceeds without meeting WAS tests. .......

    News 14 June 2017

  • US CLO demand continues

    Demand for paper across the capital structure continues unabated in the US CLO secondary market.

    "There's not a whole lot going on right now," says one trader. "However, we are still seeing good demand across the board."

    The trader continues: "The BWICs that do appear are trading very well. Of late they have involved lower rated paper, which is mainly .......

    SCIWire 13 June 2017

  • Euro secondary flickers

    The European securitisation secondary market is slowly flickering back to life.

    Overall, all ABS/MBS and CLO sectors remain insulated from broader market moves with tone and secondary spreads still solid. Nevertheless, flows have been thin over the past two sessions as the market slowly finds its feet post the Barcelona conference and UK election.

    There has, however, been a flurry .......

    SCIWire 13 June 2017

  • Spanish EFSI deal debuts

    The EIF has closed its second European Fund for Strategic Investments (EFSI) deal, providing BBVA with a €143bn mezzanine guarantee facility. The transaction references a €3bn portfolio of Spanish SME loans and is the first Spanish synthetic securitisation under the Investment Plan for Europe.

    The Investment Plan allows the EIB Group to fund investment projects that - due to their .......

    News 12 June 2017

  • Job swaps round-up - 9 June

    North America

    Brian Ford has been appointed head of structured finance research at Kroll Bond Rating Agency, starting the role in New York next week. He previously spent five years at the rating agency, but was most recently at Barclays, where he was credit strategy vp. He has also worked at Citi and began his career at Eaton Vance.

    Hudson .......

    Job Swaps 9 June 2017

  • CHOICE Act passes in House

    The US House of Representatives has passed the Financial CHOICE Act. The legislation aims to replace much of the Dodd-Frank Act, specifically criticising Dodd-Frank's "one size fits all" approach to securitisation and doing away with risk retention requirements for all asset classes except RMBS.

    The Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act (SCI passim) intends to provide .......

    News 9 June 2017
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