CLOs

  • Euro secondary slow

    It's been slow start to the week so far for the European securitisation secondary markets.

    Participants look to have taken the opportunity of the US public holiday yesterday to catch their breath and there was little movement in terms of trading or levels. However, tone remains very strong across the board and volumes are likely to pick up as the .......

    SCIWire 17 January 2017

  • Bilateral CLN closed

    Further details have emerged of Deutsche Bank's recent capital relief trade, Gate 2016-1 (SCI 3 January). The €95m six-year bilateral CLN pays three-month Euribor plus 12.75% and references a €1bn portfolio of German SMEs.

    The investor is believed to be a buy-and-hold investor that is experienced in the German SME CRT market and was attracted by the opportunity to gain .......

    News 16 January 2017

  • Bank settles risk reporting charges

    BNY Mellon has agreed to pay the US SEC a US$6.6m penalty to settle CLO-related charges. The SEC accused BNY Mellon of miscalculating its risk-based capital ratios and risk-weighted assets reported to investors.

    The SEC found that BNY Mellon deviated from regulatory capital rules by excluding from its calculations around US$14bn in CLO assets that the firm consolidated onto its .......

    Job Swaps 13 January 2017

  • Rated warehouses proliferating

    CLO-like warehouse transactions are emerging as variations on traditional warehouse financing of CLOs (SCI 19 May 2016). Also called rated warehouses, they are structured to meet specific investor and arranger needs, while retaining many characteristics of the broadly syndicated loan or SME CLOs that they finance.

    "Warehouse transactions are similar in purpose, but different in structure to typical warehouses. Like .......

    News 13 January 2017

  • US CLOs on the up

    Activity and prices are on the up in the US CLO secondary market this week.

    "There's very a positive tone and everyone is bidding up paper," says one trader. "That's particularly the case in double-Bs, but there is strength across the capital structure."

    The trader continues: "People are looking to test the strength of the bid, which appears to be .......

    SCIWire 12 January 2017

  • Carlyle promotes structured pro

    The Carlyle Group has promoted 62 professionals to senior positions, including 13 new partners. Among these new partners is Justin Plouffe, who - along with Ronnie Jaber - has been named structured credit fund co-head.

    Plouffe is based in New York. He joined the company 10 years ago and was previously an attorney at Ropes & Gray.

    Jaber is also based in .......

    Job Swaps 12 January 2017

  • Record SRT deal launched

    Further details have emerged about Grafton CLO 2016-1, Santander's largest post-crisis corporate loan significant risk transfer deal and its second largest synthetic securitisation (SCI 3 January). The £1.25bn six-year CLN has a three-year replenishment period and provides protection for the first 8% of losses in the underlying portfolio.

    The deal is cash-collateralised. Steve Gandy, md at Santander Global Corporate Banking, .......

    News 12 January 2017

  • Euro CLOs start strongly

    The European CLO secondary market has had a busy start to 2017 backed by strong price moves.

    "Since the start of the year CLOs have shifted materially tighter across the board," says one trader. "That move is predominately a reflection of improving levels in other asset classes and most noticeable in triple- to single-Bs."

    The trader continues: "We've done quite .......

    SCIWire 12 January 2017

  • Dual-compliant vehicle launched

    GoldenTree Asset Management has closed on US$600m in commitments for GoldenTree Loan Management (GLM), after being oversubscribed. GLM was established to invest in and manage CLOs that are intended to be compliant with both US and European risk retention regulations.

    While the vehicle was created to address the global regulatory landscape, GoldenTree believes it will also improve the execution of .......

    News Round-up 11 January 2017

  • US CLOs picking up

    Activity in the US CLO secondary market is beginning to pick-up for 2017.

    "Today looks like we're finally going to get busy," says one trader. "Everyone is now back at their desks, dealt with year-end marks and so on and secondary supply is starting to build."

    The trader continues: "Action today is lower down the capital stack with close to 30 .......

    SCIWire 10 January 2017

  • Spread optimism highlighted

    With US CLO new issue triple-A spreads currently in the Libor plus 140bp-160bp range, respondents to JPMorgan's Q1 CLO survey appear optimistic on spreads for 2017. Many (42%) expect spreads to be in the Libor plus 120bp-130bp range by the end of the year.

    Only 6% of respondents believe that triple-A spreads will be wider by the end of the .......

    News 10 January 2017

  • Firm nabs credit vet

    Ares Management has hired Scott Graves as a partner in the firm's private equity group, based in Los Angeles. Graves will lead the Ares special situations funds platform as portfolio manager and head of distressed.

    Graves' primary responsibilities will include overseeing investments within the special situations strategy and expanding Ares' distressed capabilities across the firm. Additionally, he will serve as a member .......

    Job Swaps 10 January 2017

  • Japan, China outlooks stable

    Moody's outlook for the performance of assets backing consumer-related ABS and RMBS in Japan is stable, with defaults and delinquencies to remain low and the credit quality of loans backing new deals expected to be strong. The credit quality of new ABS and RMBS in China should also be good, although there are grounds for concern.

    For Japanese ABS, low unemployment .......

    News Round-up 10 January 2017

  • Euro secondary sporadic

    Activity remains sporadic across the European securitisation secondary market.

    ABS/MBS continues to be as quiet as it was into year-end with only a few flash BWICs and patchy bilateral trading in major names being seen over the past week. However, positive sentiment and pent-up demand mean that spreads remain flat to slightly narrower in the year so far.

    CLOs have .......

    SCIWire 10 January 2017

  • Firm boosts SF sales team

    StormHarbour has hired Christos Danias as md of credit sales for ABS and CLOs. He joins from Cantor Fitzgerald, where he was md of structured credit for Europe, also focusing on ABS and CLO sales and trading. Prior to Cantor Fitzgerald, Danias was head of CDOs, Europe for BNP Paribas and before that worked in CDOs for Credit Suisse.

    .......

    Job Swaps 9 January 2017

  • Product development exec returns

    David Heilbrunn has joined Churchill Asset Management as senior md and head of product development and capital raising. He will report to Ken Kencel, president and ceo of Churchill.

    Heilbrunn has more than 25 years of experience in investment management, previously serving as an md with Fifth Street Asset Management, The Carlyle Group, Churchill Financial Group, Bear Stearns and JPMorgan. .......

    Job Swaps 9 January 2017

  • Rating agency swipes ABS vet

    Morningstar Credit Ratings has hired Norman Last as director of business development for ABS ratings services. He will head the agency's business development strategy for non-real estate ABS and CLOs.

    Last will be based in Morningstar's New York office and will report to the firm's coo Joe Petro. Most recently, he was md and head of ABS at Scotiabank, where .......

    Job Swaps 9 January 2017

  • Exchange offer prepped

    Tikehau Capital is set to reorganise its shareholding structure and governance, as well as those of its consolidated subsidiaries, in order to prepare for a new phase of development. As part of this initiative, the firm - which holds 58.8% of the share capital and 59.8% of the voting rights of Salvepar - has filed a principal proposed simplified public .......

    Job Swaps 9 January 2017

  • Early CLO redemption mooted

    Deutsche Bank is considering whether to exercise its option, as issuer, to redeem the Craft 2013-1 and Craft 2013-2 securities prior to their scheduled maturity date. Craft 2013-1 comprises US$840m floating rate notes due 2022 and Craft 2013-2 comprises €150m floating rate notes due 2022.

    According to the offering circular, in considering whether to exercise its option to redeem the .......

    News Round-up 6 January 2017

  • SF firm bulks out

    Brigade Capital Management has hired Tom O'Shea to its team in London. O'Shea previously worked for Castle Hill and before that was partner at GoldenTree. Brigade confirmed that O'Shea starts with the firm this month.

    .......

    Job Swaps 6 January 2017

  • Investment firm grabs boutique

    New York Life Investments has acquired Credit Value Partners (CVP), an investor in opportunistic and distressed debt and high yield corporate credit. The acquisition, which is subject to customary closing conditions, is expected to close in 1Q17 but terms of the transaction were not disclosed.

    The acquisition is part of New York Life's broadening of its investment offering, which now .......

    Job Swaps 6 January 2017
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