CLOs

  • Failed bank's assets acquired

    Triumph Capital Partners has acquired all the equity of Doral Money and certain related assets in connection with the FDIC auction process for Doral Bank. As a result, the firm has acquired the management contracts to two active CLOs consisting of approximately US$703m in AUM.

    The move brings Triumph Capital Advisors' outstanding AUM to approximately US$1.7bn. In addition to the .......

    Job Swaps 4 March 2015

  • CLO fund holding sold

    A fund advised by Coller Capital has purchased for US$32.3m a 20% stake in Fair Oaks Income Fund that was previously held by GLI Finance, with the entire holding accumulating to 34,298,425 ordinary shares. As the fund's largest shareholder, Coller has entered into a lock-in agreement under which it has agreed not to directly or indirectly transfer the legal and/or .......

    Job Swaps 4 March 2015

  • Euro secondary sees pockets of activity

    European secondary is still quiet overall, but there are pockets of activity

    "It continues to be very quiet this week, but the few trades going through are trading quite high," says one trader. "We've seen Dutch RMBS print in the mid-teens, for example."

    Strong trading is currently mainly macro driven, the trader says. "The positive tone was helped by the .......

    SCIWire 4 March 2015

  • US CLO rally continues

    US CLO secondary spreads are continuing to tighten on the back of healthy activity.

    "Everything in the cap stack from triple-B and above is tightening as it has over the past week or so and that's with decent February primary volume," says one trader. "Sellers are putting stuff out there confident it will go at decent levels and so far .......

    SCIWire 3 March 2015

  • Euro CLOs move target

    The recent large broad-based volumes seen in the European CLO secondary market have been replaced this week by a more targeted approach.

    "No one is focusing on generic runs, it's now about targeted offers," says one trader. "People want to see ideas and if you go out with them you will trade."

    In particular, interest surrounds specific European mezzanine tranches. .......

    SCIWire 3 March 2015

  • CLO recovery bands introduced

    S&P has introduced recovery bands - 'high' or 'low' - for recovery ratings on CLO loans in the '2' through '5' categories via its core ratings products to accommodate more granular recovery information. The move follows the agency's incorporation of additional recovery information into its analysis of CLO transactions (SCI 4 August 2014).

    The previous update included delineating whether the .......

    News Round-up 3 March 2015

  • Post-crisis CLOs outperform

    The total amount of CLOs paid down in JPMorgan's Collateralized Loan Obligation Index (CLOIE) since the January rebalance was US$1.55bn in par outstanding, split between US$1.514bn and US$340m of pre-crisis and post-crisis deals respectively. The post-crisis CLOIE added US$3.2bn of assets across 48 tranches from eight deals at the February rebalance.

    The post-crisis CLOIE last month experienced strong outperformance, specifically .......

    News Round-up 3 March 2015

  • Triple-Bs take the lead

    Triple-B paper is currently at the forefront of US CLO secondary market activity.

    Overall, triple-B tranches saw the strongest tightening in the CLO capital stack last week. Today sees the sector dominating a quiet BWIC calendar and also making up a significant proportion of the burgeoning auction schedule for the rest of this week.

    There are currently only two CLO .......

    SCIWire 2 March 2015

  • Euro secondary quieter

    It's a quieter start to the week and month in European secondary markets today.

    February closed out quietly too after hectic activity earlier in the week, but Friday's UK non-conforming list was in the end joined by another and both traded well. There was patchy but strong trading elsewhere in other sectors including CLOs Italian RMBS and that overall positive .......

    SCIWire 2 March 2015

  • Euro secondary absorbs BWICs

    Yesterday's spike in European BWIC volume was absorbed comfortably, but today looks to be quieter.

    "The lists yesterday traded well though many bonds were in reasonably small size so it's difficult to read too much into it," Says one trader. "It's quieter today as it's a Friday, but the overall tone remains positive."

    There are only a few BWICs circulating .......

    SCIWire 27 February 2015

  • CLO secondary buying continues

    Buyers are continuing to drive activity in the US CLO secondary market.

    "General investor demand for CLOs is undiminished," says one trader. "We're being consistently lifted out of bonds and it's getting more and more difficult to replace them."

    In the last couple of days prices have only been going one way. "We've seen CLOs trade over par and that's .......

    SCIWire 26 February 2015

  • Expanded CLO tool launched

    Thetica Systems has launched an expanded portfolio analysis tool that is designed to enable users to analyse and price lists of CLO bonds using personal insights, preferences and scenarios. New module functions include: the power to price the entire CLO universe daily per scenarios and discount margin/yield levels as customers choose; the ability to run quick risk and exposure analysis .......

    News Round-up 26 February 2015

  • European BWIC boom

    After a quieter day on the BWIC front yesterday European securitisation markets are set for a boom in auction activity today.

    While there were fewer BWICs yesterday than in previous days clearing levels remained strong and most recently popular sectors continue to be well-bid. However, UK non-conforming RMBS have softened a little on the back of increased primary activity.

    Today .......

    SCIWire 26 February 2015

  • US CLOs firm further

    Yesterday's positive moves in the US CLO secondary market have continued into today.

    "There's definitely a firmer tone - things feel tighter across the board," says one trader. "Today's lists are trading well and we're now seeing sellers testing that strength."

    Activity continues to revolve around the double-A to double-B section of the capital stack. "We're not really seeing any equity, .......

    SCIWire 25 February 2015

  • Euro ABS/MBS keeps active

    The European ABS/MBS secondary markets continue to be active across an increasing range of sectors.

    "Yesterday was busy again especially in prime, but we're seeing good two-way flows across a growing number of well-supported markets," says one trader. "That continues to involve Dutch and UK prime and Italian RMBS, but we're also seeing increased activity in UK non-conforming, where real .......

    SCIWire 25 February 2015

  • Supply and demand for US CLOs

    After a quiet day yesterday the US CLO secondary market has picked up today with a healthy number of BWICs circulating and quite a few already scheduled for tomorrow.

    "The market is benefitting from a positive tone following on from last week and activity in primary," says one trader. "We're seeing 29 bonds on BWIC today with a good distribution .......

    SCIWire 24 February 2015

  • BWICs drive European secondary

    BWICs held sway once more in European secondary markets yesterday as spreads ground ever tighter and today looks set to be similar.

    "We saw seven lists yesterday afternoon and they all traded well," says one trader. "Greece continues to dominate the broader market, but ABS remains insulated from the volatility and the tone continues to be stable and strong on .......

    SCIWire 24 February 2015

  • Belle Haven list circulating

    It's a quiet start to the week for the US CDO/CLO BWIC market, but today does include a list consisting of four pieces of a Belle Haven CDO.

    Due at 16:00 New York time today the list represents $349.17m of current face from the multi-sector ABS CDO. It is made up of two first pays and two second pays - .......

    SCIWire 23 February 2015

  • Euro secondary stays strong

    European secondary securitisation markets continue to trade well despite the Greek rollercoaster impacting other markets.

    A flurry of BWICs added to the calendar on Friday took market attention, but further strong prints were seen across deal types and jurisdictions. There has even been an upswing for some Greek RMBS names - for example, dealer quotes for GRIF 1 A have .......

    SCIWire 23 February 2015

  • US CLOs see direction

    US CLO secondary activity picked up after a slow start yesterday and found some direction for oil-related assets.

    "In the end, yesterday was pretty active in terms of lists as it has been over the previous few days," says one trader. "We're seeing a lot more double-Bs out there and getting a lot more prints on those with high energy .......

    SCIWire 20 February 2015

  • Euro secondary closes quietly

    European secondary securitisation markets continue to remain insulated from broader market volatility and after a busy week look set to close it out quietly.

    BWIC activity dominated across the board yesterday with bilateral trading taking a back seat. The majority of ABS, CLOs and MBS on lists saw strong execution once more.

    Today's European auction schedule is considerably quieter with only .......

    SCIWire 20 February 2015
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