CLOs

  • Independent directors named

    TICC Capital Corp has appointed two new independent directors - Richard Neu and George 'Chip' Stelljes - to its board. The appointments expand the number of directors on the TICC Capital board to seven, five of whom are independent. The pair will serve on the company's audit, nominating and corporate governance, valuation and compensation committees.

    Neu previously served as a .......

    Job Swaps 9 December 2016

  • Upstart firm poaches CRE vets

    World Class Capital Group has bolstered its team with several former Credit Suisse hires. The firm has brought on board Paul Smyth, Chris Callahan and Cary Williams, as well as bringing in Jeremy Stoler and Ed Mikus, who will both join in January.

    Smyth is now executive md for World Class Capital and was previously chief credit officer for Credit Suisse's .......

    Job Swaps 9 December 2016

  • US CLOs robust

    The US CLO secondary market remains robust.

    "Everyone is now back from the conference in California and the tone remains positive," says one trader. "Secondary spreads continue to be robust in the face strong new issuance."

    The trader continues: "In contrast to the headwinds we were facing after the conference last year people are now cautiously optimistic. The belief is .......

    SCIWire 8 December 2016

  • Euro secondary keeps positive

    Tone across the European securitisation secondary market continues to be positive.

    After a quiet start to the week, yesterday saw a flurry of BWICs from a range of sectors driving activity, most of which were easily absorbed and traded in line with expectations. Consequently, the bulk of secondary spreads remain unmoved.

    Today sees more supply from a variety of sectors, .......

    SCIWire 8 December 2016

  • Risk retention preparedness polled

    Maples Fiduciary has surveyed its US CLO manager clients to provide an update on manager strategies and preparedness for risk retention. The findings suggest that overall preparedness has increased, compared to the firm's last survey in February, while implemented or planned strategies have been refined ahead of the impending deadline.

    The Maples Fiduciary survey results show that 89% of respondents .......

    News Round-up 6 December 2016

  • Arrow enters Italian market

    Arrow Global Group is entering the Italian market with the acquisition of Zenith Service. It will purchase the servicing business for €17m, subject to regulatory approval by the Bank of Italy.

    Zenith is a leading master servicer in the €168bn Italian structured finance market and also services salary assignment loans (CQS). As of June 2016, the estimated stock of the .......

    Job Swaps 6 December 2016

  • North American outlook 'stable'

    Stability will likely remain for structured finance ratings in the US and Canada next year, although some modest asset-level deterioration is likely as performance in many sectors has peaked, says Fitch. The rating agency adds that annualised net losses for subprime auto ABS could reach 12% in 2017, particularly for less established sub-prime issuers Fitch does not rate.

    The rating agency .......

    News Round-up 6 December 2016

  • Euro secondary quiet

    The European securitisation secondary market has had another quiet start to the week.

    Italy was unsurprisingly the main focus yesterday, but as with broader markets securitisation secondary was little moved and flows were light. Italian paper has edged out a few basis points and there was some softening of tone in other peripherals, but for the most part ABS/MBS secondary .......

    SCIWire 6 December 2016

  • Chinese CLO outlook 'negative'

    The performance of assets backing Chinese auto loan ABS and RMBS will be stable throughout 2017, but negative for CLOs, according to Moody's. The rating agency adds that future deals with high exposures to China's lower-tier cities or industries facing overcapacity issues will underperform.

    Chinese auto ABS collateral is expected to be of good credit quality, so delinquencies will remain .......

    News Round-up 5 December 2016

  • CLO vet recruited

    Fifth Street Finance Corp has appointed Patrick Dalton as ceo and a member of the board, effective on 2 January 2017, succeeding Todd Owens. Concurrently, Ivelin Dimitrov will step down as president, cio and a member of the board.

    Dalton joins Fifth Street from Gordon Brothers Finance Company, where he served as president, ceo and chair of the investment committee .......

    Job Swaps 5 December 2016

  • Allianz absorbs credit manager

    Allianz Global Investors (AllianzGI) has added Sound Harbor Partners to its private debt platform. AllianzGI will acquire Sound Harbor's assets for an undisclosed sum and the Sound Harbor team will join AllianzGI.

    The acquisition will allow AllianzGI's clients to access US private credit investment funds managed by a team with a track record of outperformance. The Sound Harbor team, led .......

    Job Swaps 5 December 2016

  • SMART CLO objections flagged up

    The potential disposal of non-performing assets, as previously proposed by SMART SME CLO 2006-1, has been opposed by noteholders who assert that it would be in breach of the terms of a CDS between the issuer and swap counterparty, Deutsche Bank Frankfurt. As well as problems with the CDS, the noteholders have identified issues with the bank account agreement.

    The .......

    News Round-up 5 December 2016

  • Euro CLO involvement to broaden

    The European CLO investor base should broaden in 2017, with some interest from institutions in east Asia, says Moody's. The agency anticipates €13bn-€15bn of new European CLO issuance across 30-35 new transactions, compared to €14.6bn from 37 transactions in 2016 so far.

    "We expect US CLO managers to enter the European market. That said, investor interest in multi-currency deals will .......

    News Round-up 2 December 2016

  • Post-crisis single-Bs outperform

    The total amount of CLOs paid down in JPMorgan's Collateralised Loan Obligation Index (CLOIE) since the October rebalance through 30 November was US$9.62bn in par outstanding, split between US$1.96bn and US$7.66bn of pre-crisis and post-crisis CLOs. US$17.3bn was added to the post-crisis CLOIE across 182 tranches from 40 deals at the November rebalance.

    CLOIE extended a streak of five straight .......

    News Round-up 2 December 2016

  • US CLOs keep busy

    The busy end to November has continued into December for the US CLO secondary market.

    "Secondary is a little busier than it has been," says one trader. "Trading desks have had a very good year and are now looking to position themselves for next year."

    This week's pick-up in secondary volumes is being assisted by a couple of additional factors, .......

    SCIWire 1 December 2016

  • Recovery analysis RFC issued

    S&P is requesting feedback on its structured finance recovery analysis of US RMBS, US and Canadian CMBS and global CLOs. The rating agency's intention is to provide information that looks beyond its first-dollar-of-loss credit ratings in cases where its credit ratings are limited because of timeliness of payments, and to facilitate greater credit differentiation within its existing credit rating categories.

    News Round-up 30 November 2016

  • CLO performance predicted

    US CLO performance should be stable in 2017 as corporate defaults recede, says Moody's. Despite a weak macro outlook, European CLO performance should also be stable.

    The credit quality of loans in new US CLOs is anticipated to weaken, despite regulatory discipline, as investor demand for loans outstrips supply. CLO credit quality is not expected to change substantially, with the .......

    News Round-up 30 November 2016

  • US CLOs pick-up

    US CLO BWIC volumes are picking up post-Thanksgiving.

    "We're seeing a spike in BWIC volume over the next few days, which isn't unusual after a long holiday-related gap in activity," says one trader. "Today primarily involves single-As and some double-As driven by a long list from a large insurance company testing the market; while tomorrow's highlight is a sizeable equity .......

    SCIWire 29 November 2016

  • Euro secondary surge

    There is a surge in activity throughout the European securitisation secondary market.

    Activity has picked up across the board following the US holiday last Thursday and this week is seeing a notable pick-up in BWICs either side of month-end. Until now the buying bias remains and spreads have held up in the majority of sectors. However, continuing concern around the .......

    SCIWire 29 November 2016

  • Digging deeper

    US CLOs becoming 'riskier', but investors remain optimistic

    A recent JPMorgan study of 48 US CLOs shows that from 2013 to date there has been an average increase in WARF score from 2,719 to 2,899, while yields have decreased on average 48bp. The findings suggest that investors are not being adequately compensated, but market participants remain optimistic about the sector.

    Mike Terwilliger, md and global portfolio manager for .......

    News Analysis 28 November 2016

  • French firm makes senior hire

    Cartesia has hired Jérôme Anglade as partner and md. He will be in charge of the CLO and structured credit business, working alongside Tanguy Boullet and Hadrien Carré.

    Anglade has 20 years' experience in structured credit, including 11 years at Morgan Stanley in London, where he was responsible for the European structured credit business. He also has experience in marketplace .......

    Job Swaps 28 November 2016
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