CLOs

  • Post-crisis single-A outperformed

    The total amount of CLOs paid down in JPMorgan's CLO index (CLOIE) since the April rebalance through 31 May was US$3.83bn in par outstanding, split between US$3.65bn and US$180m of pre-crisis and post-crisis CLOs respectively. US$3.4bn across 53 tranches from 11 deals was added to the post-crisis CLOIE at the May rebalance.

    The CLOIE total index saw total returns of .......

    News Round-up 2 June 2016

  • Euro CLOs strong

    Activity and sentiment in the European CLO secondary market is strong.

    "Overall tone is very positive and the latest bout of price appreciation has been very, very fast," says one trader. "That speed could be a concern, but people have realised that even though we're now at recent tights we're still wider than a year ago, which has led to .......

    SCIWire 1 June 2016

  • Real estate platform strengthened

    C-III Capital Partners is set to acquire Resource America, following a comprehensive review of strategic and financial alternatives that the latter company announced in January. Under the terms of the agreement, Resource America stockholders will receive US$9.78 per share in cash, or a total of approximately US$207m. The price per share represents a premium of over 128% from Resource America's .......

    Job Swaps 31 May 2016

  • Ex-SEC counsel joins law firm

    BakerHostetler has added Walter Van Dorn to its New York office as a partner. He was most recently at Dentons and has also worked at Thacher Proffitt & Wood, Clifford Chance and the US SEC. Van Dorn has worked in London, Hong Kong and Washington and focuses his practice on corporate securities law, including ABS.

    .......

    Job Swaps 31 May 2016

  • US CLOs still bearish

    The US CLO secondary market continues to show bearish tendencies this week as traders wait and prep for a busy summer ahead.

    "There's some money waiting to come into the market, but there's currently a broad consensus that a correction is taking place," says one trader. "At the same time, secondary activity has increased beyond BWICs and we're seeing a .......

    SCIWire 26 May 2016

  • Structured credit effort strengthened

    Alexey Dronov has rejoined MARV Capital as md and head of structured credit sales and trading. He will lead the sales team and expand the firm's initiatives in the structured credit market, especially the secondary CLO market.

    Dronov was previously a trader and an associate portfolio manager at Highland Capital, where he helped manage a portfolio of CLOs. Along with .......

    Job Swaps 26 May 2016

  • Euro secondary strengthens

    The European securitisation secondary market is continuing to strengthen.

    "Market tone continues to be strong in our market thanks in part to the current positive wider credit environment," says one trader. "However, it remains difficult to source paper as everybody is holding on to what they have."

    The trader continues: "Flows are still thin, while primary and secondary supply is falling .......

    SCIWire 26 May 2016

  • BDC buys out rival

    Ares Capital is set to acquire American Capital in a deal that will form a combined company worth more than US$13bn of investments. The board of directors for both companies unanimously approved the merger, with American Capital shareholders set to receive US$3.43bn in cash and stock consideration as a result.

    The announcement coincides with a separate decision for American Capital .......

    Job Swaps 25 May 2016

  • US CLOs seeking stability

    The US CLO secondary market is still trying to find a more stable footing following the conclusion of the IMN conference early last week.

    "The market has slowed recently, but it's been moderately active so far today," says one trader. "There are a fair number of auctions today, including a chunky triple-A list."

    The trader continues: "Investors have taken a .......

    SCIWire 24 May 2016

  • Middle-market mix to revert

    CLOs, private equity firms, hedge funds and banks are expected to play a larger role in financing middle-market (MM) companies as the bulk of middle-market loans mature in 2016-2020. Moody's suggests in its latest CLO Interest publication that this mix of lenders will be more representative of the mix that was in place prior to 2007, before business development companies .......

    News Round-up 24 May 2016

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains very patchy.

    Despite a positive end to last week that saw spreads tick in and a continuing strong tone in to this, ABS/MBS continues to see highly selective trading. While there is little BWIC activity, what flows there are have so far this week been focused on prime assets.

    Similarly, tone remain .......

    SCIWire 24 May 2016

  • CLO amendments implemented

    The transaction documents of Richmond Park CLO have been amended in order to allow the rated notes to be held in any one of three sub-classes. The amendments were implemented last week and help to bring the deal into compliance with the Volcker Rule.

    Each currently existing class of rated notes has been deemed to be in the form of .......

    News Round-up 23 May 2016

  • US CLOs weaken

    The late start to the week for the US CLO secondary market saw signs of weakness yesterday and tone will be tested further today.

    "There's a little bit of caution coming back into the market as volatility creeps back into broader markets and consequently ours," says one trader. "We've got a large number of lists today, which may well start .......

    SCIWire 19 May 2016

  • Collateral concerns cause downgrades

    The ratings on the class E notes of Mountain Hawk I CLO and on the class D and E notes of Mountain Hawk II CLO have been downgraded by S&P. Mountain Hawk I has been affected by a decline in supporting collateral and increase in triple-C rated or defaulted assets, while Mountain Hawk II has also suffered significant par loss.

    The .......

    News 19 May 2016

  • CDO trading abuses alleged

    Megan Messina, a Bank of America md and co-head of structured credit products, has filed a discrimination lawsuit against the bank that includes allegations surrounding its supposed role in misleading CLO trading partners and clients. In particular, the lawsuit highlights the alleged role that Messina's colleague and co-head of global structured credit products David Trepanier played in the supposed abuse .......

    News 19 May 2016

  • Middle-market warehouses analysed

    Investment in middle-market CLO warehouses is on the rise, according to DBRS. These facilities share similarities with typical bank loan and middle-market CLOs, but have key structural elements that differ in order to match the characteristics and typical lifecycle of lending to middle-market borrowers.

    Warehouse securitisation facilities have historically been funded by banks, clubs of investors or ABCP conduits without .......

    News Round-up 19 May 2016

  • Euro secondary strong but slow

    Sentiment remains strong across the bulk of the European securitisation secondary market but away from CLOs activity remains very slow.

    ABS/MBS secondary continues to be hampered by lack of supply as BWICs have remained thin on the ground this week. Meanwhile, flows are highly selective and almost exclusively dealer-driven.

    There is more activity being seen in the CLO space, however. .......

    SCIWire 19 May 2016

  • SFIG adds advocacy leader

    SFIG has named Thomas McCrocklin as director of advocacy. He will report directly to executive director Richard Johns and will lead the group's interactions with regulators and legislators.

    McCrocklin was most recently vp and head of federal affairs at Zurich North America. He has also served as senior counsel on the US House of Representatives Committee on Financial Services and was .......

    Job Swaps 18 May 2016

  • Fund targets new structured opportunities

    Semper Capital Management is prepping a new alternative asset strategy to seize new opportunities in structured credit resulting from a combination of post-crisis regulatory changes and disruptive technology. The firm has begun making investments in target assets and will officially launch the fund on 1 June.

    "New, previously impossible products are being created as a result of big data and .......

    Job Swaps 18 May 2016

  • Dynamic appointment approved

    The controlling class of Strawinsky I CLO, acting by ordinary resolution, has not disapproved the appointment of Dynamic Credit Partners Europe as successor investment manager. Dynamic will therefore, subject to the other conditions of the master investment manager terms, be appointed as successor investment manager for the transaction. The move follows the objection of a class B noteholder to the .......

    Job Swaps 18 May 2016

  • US CLOs still becalmed

    The US CLO secondary market remains becalmed this week so far.

    After a fairly quiet end to last week, CLO BWIC activity is yet to get going this week with a conference in New York yesterday and today encouraging sellers to hold off until tomorrow. Indeed, Wednesday's auction calendar is already building strongly.

    For today, there are currently no US .......

    SCIWire 17 May 2016
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