CLOs

  • Euro secondary still insulated

    The European securitisation secondary market continues to remain insulated from broader market volatility and has seen a boost in activity.

    Yesterday ended up being a busy day across asset classes with focus, as expected, surrounding the large number of BWICs. Secondary market tone remained firm as the BWIC supply was readily absorbed and spreads generally held up.

    In particular, prime .......

    SCIWire 8 January 2016

  • Trading head replaced

    Jim Buccola has taken over the responsibilities of CMBS and CLO trading for Credit Suisse, following the departure of previous head Chris Callahan. Buccola's role expands from his current role as head of private mortgage trading for the bank.

    .......

    Job Swaps 8 January 2016

  • US CLOs lack commitment

    The US CLO secondary market is suffering from a lack of investor commitment in all but the most liquid bonds.

    "It's a new year, but still the same themes," says one trader. "We keep switching back and forth between risk-on and risk-off primarily taking our cue from high yield spreads."

    The trader continues: "Right now, CLO secondary is not a .......

    SCIWire 7 January 2016

  • Collaboration targets upstream energy

    Rivington Securities has entered into an agreement with GSO Capital to assist the Blackstone credit arm in identifying, structuring, servicing and administering credit and equity co-investment opportunities in the middle market upstream energy sector. The pair will focus on companies with private equity sponsors.

    Structures provided by GSO through the Rivington relationship will include traditional debt, equity co-investments and structured .......

    Job Swaps 7 January 2016

  • DCM duo drafted in

    Cantor Fitzgerald has appointed Kevin Reynolds and Timothy Swift to lead its debt capital markets origination team. The pair join from Cowen and Company.

    Reynolds joins as md and will be responsible for bringing new issue debt products and developing a distribution-driven banking and financing practice for corporate issuers. He was head of capital markets origination at Cowen and has .......

    Job Swaps 7 January 2016

  • Distressed debt vet enlisted

    Cerberus Capital Management has appointed David Abrams as senior md of Cerberus UK Advisors. He will be based in London and focus on unique and compelling distressed opportunities in emerging markets, Europe and other sectors of interest.

    Abrams was most recently at Apollo Management, where he was the managing partner of the Apollo European Principal Finance Funds franchise. He has .......

    Job Swaps 7 January 2016

  • EM credit team spins off

    Argentem Creek Partners has completed a management buyout from Black River Asset Management. Argentem Creek is staffed by Black River's former emerging markets credit investment team and will focus on serving institutional investors.

    The new entity is employee-owned and led by ceo and cio Daniel Chapman, president and coo Charles Friedberg and global head of business development Angela Samfilippo Gorder. .......

    Job Swaps 7 January 2016

  • Euro secondary picks up

    After a lull for a holiday in many European jurisdictions yesterday, the European securitisation secondary market is picking up again today, at least in terms of BWICs.

    "We saw a pick-up in activity on Tuesday, but it slowed again yesterday as a lot of people were away," says one trader. "I expect flows to remain fairly quiet overall today as .......

    SCIWire 7 January 2016

  • European counterparty concerns resolved

    S&P has removed from creditwatch negative its ratings on 21 tranches in eight European CDOs and repack transactions. This consists of 15 tranches in four cashflow CLOs, two tranches in one cashflow ABS CDO and four tranches in three repackaging transactions.

    The rating agency took various actions on UK and German commercial banks in June 2015, following the introduction of .......

    News Round-up 6 January 2016

  • Euro secondary constructive

    A constructive tone is generating a good start to the year for the European securitisation secondary market.

    "The past few days have been relatively constructive, especially given weaker broader markets," says one trader. "We've seen quite a bit of activity across the board with investors coming back in to the market, especially real money."

    Buying interest has emerged in most .......

    SCIWire 6 January 2016

  • Bank sheds large NPL portfolio

    Banca Monte dei Paschi di Siena (BMPS) has sold a non-performing loan portfolio to Epicuro SPV, a securitisation vehicle financed by affiliates of Deutsche Bank. The portfolio is composed of just under 18,000 borrowers, with a total book value of around €1bn.

    The loans are mainly unsecured and related to corporate counterparties, with the majority having become non-performing before 2009. .......

    News Round-up 5 January 2016

  • Slow start for US CLOs

    The New Year is starting slowly for the US CLO secondary market.

    "The market is starting back up after the holidays," says one trader. "Everyone is getting settled back in, but it is very slow."

    The trader continues: "That may not change for a while with no forced sellers appearing yet and a lower volume of new issuance expected this .......

    SCIWire 5 January 2016

  • Direct lender launches UK fund

    Beechbrook Capital has completed the first close of its inaugural UK SME Credit Fund with commitments of more than £100m. A second close is expected to be held in 2Q16, with a target fund size of up to £200m.

    Institutional investors that made commitments to the fund include the British Business Bank and European Investment Fund. The fund will provide .......

    News Round-up 5 January 2016

  • Euro secondary eases in

    The European securitisation secondary market is easing in to the New Year despite broader market volatility.

    The first trading day of 2016 saw thin liquidity but strong market tone as securitisation asset classes remained insulated from the weakening in wider credit yesterday. Secondary spreads held up across the board as levels echoed those seen at the end of December and there .......

    SCIWire 5 January 2016

  • ED hires for growth

    The European DataWarehouse (ED) has appointed Christian Thun as coo and deputy ceo, effective from the start of this year. He takes responsibility for key operational areas such as data management, customer account management and research.

    Thun previously spent 14 years at Moody's Analytics while he has also worked at Baetge & Partner and was also involved in structured finance .......

    Job Swaps 4 January 2016

  • Rating agencies making progress

    The US SEC has issued its two annual staff reports on credit rating agencies registered as nationally recognised statistical rating organisations (NRSROs). The reports show the NRSROs have made operational improvements and have enhanced process accountability, controls and governance.

    The SEC says that its reports show that all NRSROs have enhanced their understanding of their obligations as regulated entities and .......

    News Round-up 4 January 2016

  • Volcker amendments agreed

    An extraordinary resolution has been passed by St Paul's CLO II noteholders that amends the investment management agreement to comply with the Volcker Rule. Under the amendments, noteholders have the option to hold notes with different voting rights in respect of resolutions to remove or replace the CLO manager. This involves splitting each class of rated notes into three separate .......

    News Round-up 24 December 2015

  • US, Euro CLO BWIC activity up

    CLO BWIC volumes grew significantly in the US this year, while also rising modestly in Europe. US CLO BWIC volume for 2015 has been 50% higher than the previous year, while European BWIC volumes grew 6% to reach a new high.

    By original notional rather than amount traded, US CLO BWIC volume has reached US$35.51bn this year, according to JPMorgan .......

    News 23 December 2015

  • Electra anchors CLO

    Electra Partners has invested £13m in a new CLO managed by Blackstone/GSO Debt Funds Management Europe - an affiliate of GSO Capital Partners. The transaction is Tymon Park, a €414m CLO that invests in leveraged loans issued by predominantly private equity-backed companies in the US and Europe.

    The CLO has a 13-year life and is invested in more than 80 .......

    News Round-up 22 December 2015

  • RMBS, CLO fraud admitted

    A former co-head of US ABS, RMBS and CMBS trading at RBS Securities has waived his right to indictment and pleaded guilty to participating in a multimillion dollar securities fraud scheme. Adam Siegel admitted that he and colleagues conspired to increase RBS's profits on CLO and RMBS trades at the expense of customers.

    Siegel held the role at RBS from .......

    Job Swaps 22 December 2015

  • EBA makes synthetic STS suggestion

    The EBA supports the limited extension of the prudential treatment granted to simple, transparent and standardised (STS) securitisations to banks that originate and retain certain SME balance sheet synthetic securitisation positions. The authority has published criteria to determine transaction eligibility.

    The EBA has examined the synthetic securitisation market and, based on its findings, supports the extension of STS capital requirements .......

    News Round-up 21 December 2015
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