CLOs

  • Key persons replaced

    Blackstone/GSO Debt Funds Europe has confirmed a couple of key-person replacements with respect to Habourmaster CLO 9. The firm says that Debra Anderson and Mark Moffat ceased to be involved in the daily and managerial activities of the collateral manager on 31 December 2012 and 15 April 2015 respectively.

    Pursuant to the collateral management agreement, if any two key persons .......

    Job Swaps 6 May 2015

  • CLOs post positive returns

    The total amount of CLOs paid down in JPMorgan's CLO index (CLOIE) since the March rebalance through end-April was US$4.39bn in par outstanding, split between US$2.26bn and US$2.12bn of pre-crisis and post-crisis CLOs. The post-crisis CLOIE added US$12.37bn across 156 tranches from 26 deals at the April rebalance.

    CLOIE experienced positive returns across all tranches last month, as well as .......

    News Round-up 5 May 2015

  • Uptick for European secondary

    With the UK public holiday the European secondary securitisation markets remained extremely quiet yesterday, but activity should see an uptick today.

    With the Greece story still rumbling on in the background, focus is, for now, on the two BWICs scheduled for trade today so far. One is the previously mentioned re-scheduled CLO list due at 14:30 London time; the other .......

    SCIWire 5 May 2015

  • CLOs to meet funding needs

    New and existing CLOs will play a large part in meeting US corporate funding needs as companies seek to refinance before a five-year high of speculative grade debt matures in 2019, says Moody's. Assuming that the financial system remains stable, transactions issued in 2015 and beyond will play a larger role than existing deals in meeting such demand.

    The agency .......

    News Round-up 1 May 2015

  • Operational assessment urged

    Fitch says that the broad array of US CLO managers means that focusing on risks and understanding the manager are even more important in the current environment. In particular, the agency notes that assessing the operational platform of a CLO manager is valuable for investors.

    "Business concentration and a smaller investor base can make newer CLO asset managers more vulnerable .......

    News Round-up 1 May 2015

  • Euro secondary on hold

    The European secondary securitisation markets are now effectively on hold until Tuesday.

    With European and/or UK public holidays today and Monday and another EU-Greece meeting tomorrow, unsurprisingly yesterday saw no major change in the patterns seen in recent days and looks set to remain the same today. Flows were again light yesterday, but spreads held up with the exception of .......

    SCIWire 1 May 2015

  • Euro CLOs keep 2.0 focus

    The European CLO secondary market continues to focus on 2.0 assets.

    "Overall, secondary activity is down a bit this week because some of the deals in primary are getting close to pricing," says one trader. "However, market focus is still very much about 1.0 versus 2.0 and if you can't get allocation on a new deal you come to secondary for .......

    SCIWire 30 April 2015

  • Risk retention agreement inked

    Kramer Van Kirk Credit Strategies has formed a strategic partnership with Public Pension Capital (PPC). Under the terms of the agreement, PPC's minority investment will allow KVK to meet anticipated risk retention requirements for new CLO issuance and expand its non-CLO investment strategies. Additionally, the investment from PPC will support the ongoing commercialisation of KVK Technology Solution's Mariana Credit Portfolio .......

    Job Swaps 30 April 2015

  • Calling it

    Euro CLO calls up sharply

    More European CLOs have been called already this year than in any previous full year. This is due to several factors, just one of which is the last legacy deals exiting their reinvestment periods.

    "The high number of calls so far this year is a function of the state of evolution of vintage CLOs and which part of the lifecycle .......

    News Analysis 30 April 2015

  • US CLOs drift sideways

    Activity in the US CLO secondary market has picked up today, but for the most part it is trading sideways with little conviction.

    "It's fairly busy day today, but from the week's perspective it still looks very quiet," says one trader. "Most stuff is trading sideways and everyone seems happy to follow one another."

    While market tone remains positive lack .......

    SCIWire 29 April 2015

  • CLO refis racking up

    US CLOs are being refinanced in ever greater numbers as the risk retention deadline draws nearer. While regulatory compliance and economic benefit provide incentive to equity holders, debt investors benefit through better transparency and performance, so demand for refinanced paper should remain high.

    The previous quarter saw six 2012-2013 vintage deals refinanced and another two in the market, bringing the number .......

    News 29 April 2015

  • Euro secondary takes back seat

    Activity is on the rise in European securitisation secondary markets this week so far, but the primary market is still traders' main focus.

    "BWICs picked up a bit yesterday and flows were reasonable," says one trader. "ABS/MBS Secondary is still taking a little bit of a back seat to primary where the Warwick print was the main talking point yesterday .......

    SCIWire 29 April 2015

  • Euro CLOs tighten

    The European CLO secondary market continues to see tightening spreads amid strong execution and healthy volumes on- and off-BWIC.

    Secondary spreads edged in further yesterday, particularly in 2.0 mezz, as the demand for European CLO product continued unabated. Narrower spreads are encouraging additional sellers to market, but for now at least are not discouraging buyers.

    There are three CLO BWICs .......

    SCIWire 28 April 2015

  • No immediate upswing for US CLOs

    Despite hopes of an upswing in activity after last week's conference diminished volumes, it looks like a slow start to this week for the US CLO secondary market.

    The BWIC schedule currently only shows three lists for this week, one of which is due today. Meanwhile, spreads are broadly unchanged on light volume this morning from the firm levels seen across .......

    SCIWire 27 April 2015

  • Euribor goes below zero

    Last week, three-month Euribor entered negative territory for the first time. As one-month Euribor was already negative, more than half of the available distributed European ABS market is now affected by negative interest reference rates.

    The three-month reference rate is now -0.002. One-month Euribor is -0.034, while six-month and 12-month both remain positive, at 0.066 and 0.173, respectively.

    As interest .......

    News 27 April 2015

  • CLO stake purchased

    Fair Oaks Income Fund has acquired, on the primary market, US$21.5m notional of equity notes (representing 52% of the total equity) and US$11m notional of class F notes of TICP CLO IV. The manager of the CLO is TPG Institutional Credit Partners.

    The CLO's current target portfolio has a principal value of US$500m across an expected 125 unique bank loan .......

    Job Swaps 27 April 2015

  • Euro CLO BWIC bandwagon rumbles on

    As expected Friday was a comparatively quiet day across European secondary securitisation markets, but today sees the European CLO BWIC schedule take the lead once more.

    The end of week drop in European BWIC volume had a knock on effect in flow trading - diminishing volumes there as well. Nevertheless, the usual pockets of activity surrounding autos, CLOs and prime .......

    SCIWire 27 April 2015

  • US CLOs look ahead

    Today sees a quiet end to a quiet week in the US CLO secondary market, which is giving traders the opportunity to look ahead.

    "It was a little busier yesterday, but still not enough going through," says one trader. "Today is even quieter with many people still away from their desks following the conference earlier in the week."

    Those that .......

    SCIWire 24 April 2015

  • SME issuance faces obstacles

    Public issuance of European SME CLOs is currently hindered by two main obstacles, says Scope Ratings. One of these is the regulatory framework surrounding capital charges and liquidity coverage ratios, which make SME CLOs less appealing to institutional real money investors than other products, such as covered bonds.

    In addition, the ECB eligibility rules under the repo collateral framework favour .......

    News Round-up 24 April 2015

  • Shifting investor base drives supply

    Post-crisis record highs were set in both the US CLO secondary and primary markets in March. US$15bn of new issuance priced during the month (totalling US$39.2bn for the quarter, including refinancings), while BWIC volume hit US$3.5bn (US$7.5bn for the quarter), according to Citi figures. In comparison, CLO BWIC volume in 1Q14 reached US$4.9bn and the monthly average since 2013 has .......

    News 24 April 2015

  • Euro secondary staid but stable

    Yesterday was quieter in European secondary securitisation markets than previous days and spreads remained stable. Today looks set to be the same with a limited total volume on the BWIC calendar and the market opening flat this morning.

    Yesterday's quieter day was partly a result of very heavy focus on the previously mentioned 14:00 peripheral BWIC, for which the covers .......

    SCIWire 24 April 2015
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