CLOs

  • Triple-Bs dominate European CLO BWICs

    Triple-B paper dominates today's schedule as the European CLO BWIC market gets under way for this week with three auctions due today including the large list postponed from last Thursday.

    First up at 14:30 are two triple-B slices - €3m of GRENP 2006-1X D and €3.5m of RMFE IV-X IV-A. Neither of the bonds has traded on PriceABS in the .......

    SCIWire 21 October 2014

  • CLO manager replaced

    Clinton Group has assigned its rights and obligations as collateral manager for Shinnecock CLO 2006-1 to Crescent Capital Group. Under the terms of the assignment, Crescent agrees to assume all the responsibilities, duties and obligations of the collateral manager under the applicable terms of the indenture.

    Moody's has confirmed that performance of the activities contemplated therewith will not impact the .......

    Job Swaps 17 October 2014

  • CLOs quieter

    More than half of the CLOs on BWIC yesterday came back DNT, but that nearly half did trade is better than many anticipated. Nevertheless, today's CLO BWIC schedule is currently quieter than recent Fridays with only three lists lined up so far.

    First is a €77m single line of HARBM 8X A1 due at 14:30 London time. The bond hasn't .......

    SCIWire 17 October 2014

  • Divergent behaviour highlighted

    Two recent European loan restructurings have demonstrated how the CLO vote can create strong one-way flows. Citi credit strategists suggest that the different treatment of Autobar and PHS by CLO managers underlines the influence swap mechanics can have on sentiment.

    Autobar completed its restructuring late last week, when its term debt was cut from approximately €900m to €450m and the .......

    News Round-up 16 October 2014

  • Knock-on impact felt

    European ABS, CLO and MBS secondary markets are continuing to feel some knock-on impact from the current broad market volatility.

    Trading was patchy yesterday with most sectors trading wider as buyers continued to be harder to find. Hardest hit were non-ABSPP eligible bonds and UK non-conforming paper.

    Dutch RMBS also continued its recent decline on the back of high volumes of .......

    SCIWire 16 October 2014

  • Hefty CLO auction schedule

    Despite a slew of yesterday's CLO BWICs showing as DNT or TRD and plenty more with no colour released at all, there is once again a hefty programme of CLO auctions either side of the Atlantic today as sellers search for buyers amid broad market volatility.

    Eight lists are scheduled for today totalling 265+m of original face across 53 line .......

    SCIWire 16 October 2014

  • US CLOs get going

    After a quiet start to the shortened week on-BWIC yesterday, the US CLO auction market gets going today.

    There are already five lists scheduled for today totalling 25 lines and $245.93m in original face, albeit that figure is skewed by a $156m single line of APID 2007-CA A2A. Bonds across the capital structure in mixed vintages are on offer. However, .......

    SCIWire 15 October 2014

  • Euro CLOs shift up

    The European CLO BWIC pipeline shifts up a gear today with four lists already scheduled. There is a high percentage of 1.0 deals on offer, nevertheless buyer appetite will be tested amid increased broad market volatility.

    First up is a three line €4m equity list due at 14:00 London. DUCHS V-X F, CADOG 1 M and CADOG 2X M have .......

    SCIWire 15 October 2014

  • Euro mezz CLOs fail to trade

    A five line list of euro mezz CLOs due at 15:00 London failed to trade despite involving bonds in the recent sweet spot for the market - 1.0 double-Bs.

    No covers were given for the €17.6m list, which consisted of DRYD 2006-15X E, HEC 2006-2CX E, HEC 2007-3X E, QNST 2006-1X E and REGP 1X E. Thanks to the type .......

    SCIWire 14 October 2014

  • CLO investment fund listed

    Eagle Point Credit Company has launched an IPO on the NYSE of over 5.15 million shares at a price of US$20 per share. The company is a closed-end fund whose objective is to generate high current income and capital appreciation primarily through investment in equity and junior debt tranches of CLOs. The company is externally managed and advised by Eagle .......

    News Round-up 14 October 2014

  • Manager to spin off advisory groups

    Blackstone's board of directors has approved a plan to spin off its financial and strategic advisory services and its restructuring and reorganisation advisory services, as well as its Park Hill fund placement businesses. These businesses would then be combined with PJT Partners.

    The new entity would be an independent company led by PJT Partners' founder Paul Taubman. Before founding PJT .......

    Job Swaps 13 October 2014

  • 1.0 CLOs hold sway

    Despite the swathe of DNTs on yesterday's BWICs, the US CLO market is up for more today. Four lists are scheduled so far and with a majority of 1.0 deals the auctions are likely to trade strongly.

    Yesterday's high proportion of DNTs revolved around 2.0 and 3.0 deals while 1.0 deals fared far better. It is, however, not entirely clear .......

    SCIWire 10 October 2014

  • CLO secondary supply surges

    After a relatively quiet few days on-BWIC the European and US CLO markets have a hefty volume of lists to contend with today, though indications from activity so far this week suggest demand will be there.

    As one trader notes: "The CLO market has continued to trade very, very well this week, particularly in the senior space." Further he is .......

    SCIWire 9 October 2014

  • CLO manager expands to Europe

    Onex Credit Partners has added Stephen Baker as it establishes a London office and expands the platform to Europe. Initially, the platform will focus on placement of European CLOs.

    Prior to joining Onex, Baker was as a senior portfolio manager with CQS, where he grew the firm's leveraged credit business to US$2bn in less than two years. He has also .......

    Job Swaps 9 October 2014

  • CLO partnership agreed

    Credit Value Partners and Macquarie Group have agreed to work together to create a series of CLO funds. Macquarie will provide equity capital, warehouse financing facilities and structured credit expertise toward the creation of the CLOs, which are expected to be comprised mainly of institutional leveraged loans and will be managed by CVP.

    CVP is led by managing partner Don .......

    Job Swaps 9 October 2014

  • CLO diversity surveyed

    CDO strategists at JPMorgan have examined single name exposures within and between pre- and post-crisis US CLOs to gain a sense of diversification across the sector. They surveyed 357 1.0 and 325 2.0 broadly-syndicated CLOs issued from 2001 to 2014, representing over US$220bn in loan collateral.

    When comparing the top 50 names between 1.0 and 2.0 CLOs, there are 22 .......

    News Round-up 8 October 2014

  • Only loans

    Loan-only CLOs defy convention

    This summer's €525m Harvest CLO IX and €415m Avoca CLO XII were each backed by loan-only portfolios. The European CLO market's traditional reliance on bond buckets now appears to be subject to re-evaluation.

    The Volcker Rule has spurred the rise of CLO 3.0 structures, with loan-only deals following one path to regulatory compliance in the US. The fact that European .......

    News Analysis 8 October 2014

  • Downgrades expected on sovereign update

    S&P has updated its methodology for rating single-jurisdiction securitisation tranches above the underlying sovereign rating, following a year-long consultation process (SCI 15 October 2013). The main change from the previous criteria is the reduction of the maximum rating differential between securitisations and sovereign to four notches from six notches, unless the tranches meet certain conditions based on structural features and .......

    News Round-up 7 October 2014

  • Portuguese RMBS flash BWIC circulating

    A BWIC of €12.5m of Portuguese RMBS ATLAM 2 A has begun circulating for trade at 17:00 London today. The bond hasn't traded on PriceABS before and price talk is yet to be seen for this auction.

    Elsewhere, aside from some patchy bilateral trading the European markets have stayed quiet today, as is the case with US ABS, CMBS and .......

    SCIWire 6 October 2014

  • Triple-A tiering trend continues

    Yesterday's triple-A US CLO BWICs saw the same result as the day before - 2.0 deals did not trade and 1.0 deals traded strongly, in some cases twice. Today sees only one triple-A CLO out for bid so far and it's a 1.0 deal.

    All the bonds on yesterday's seven line $160.5m 2.0 list failed to trade. Conversely, the four .......

    SCIWire 3 October 2014

  • Investment manager purchase prepped

    Neuberger Berman has agreed to purchase Ramius' interest in Orchard Square Partners. Terms of the deal have not been disclosed but the transacion is expected to close on 31 December.

    Orchard Square is led by Norman Milner, Rick Dowdle, Darren Carter and Itai Baron, who have worked together for over eight years. The team is supported by seven professionals who .......

    Job Swaps 3 October 2014
×