CLOs

  • 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

  • CLO strategy head leaves bank

    Kenneth Kroszner has joined Bayview Asset Management as a CLO analyst and trader. He was previously head of CLO strategy at RBS, having joined the bank in July 2011.

    .......

    Job Swaps 3 October 2014

  • Cantor adds CLO trader

    Cantor Fitzgerald has appointed Ervin Pilku as an md. He will be based in New York and focus on trading CLOs, CDOs and Trups.

    Pilku was previously head of fixed income trading at White, Weld & Co. Before that he traded CLOs, CDOs and ABS at Tejas Securities Group and he has held a range of structured products posts at .......

    Job Swaps 2 October 2014

  • Madison Capital pair to lead new team

    Angelo Gordon has recruited Chris Williams and Trevor Clark to establish a new middle market direct lending business. The new team expects to launch the business in 1Q15 and collaborate extensively with the corporate credit team.

    The pair co-founded and built the direct lending business at Madison Capital. Clark has held a number of loan underwriting and origination roles, including .......

    Job Swaps 2 October 2014

  • Triple-As mixed

    Yesterday's triple-A CLO BWICs either side of the Atlantic had mixed fortunes with 1.0 deals faring best, which reflects secondary appetite more broadly. Nevertheless, there are more triple-A bonds of a range of vintages out for bid today.

    The three line 15:00 euro list traded strongly with covers as follows: CORDA 2006-1X A1 99a, CORDA 2007-1X A1F h98 and CADOG .......

    SCIWire 2 October 2014

  • SF impairments hit post-crisis low

    The global structured finance 2013 new impairment count declined to 1,138 from 2,189 in 2012, according to Moody's. This marks the lowest number of new impairments observed since 2007.

    Moody's findings are based on ratings, impairment and loss information for over 72,000 global structured finance tranches from roughly 11,500 deals. "The performance of structured finance securities, as measured by impairment .......

    News Round-up 2 October 2014

  • Sizeable triple-A supply for US CLOs

    As in Europe, triple-A paper is central to the US CLO market today with three sizeable BWICs currently circulating on the back of persistent spread tightening in top-rated paper over the past few days.

    At 10:00 New York a $200m nine line list is due, which contains: BABSN 2013-IA A, BALLY 2013-1A A, BSMC 2013-1A A1, CAVY 2A A, OZLMF .......

    SCIWire 1 October 2014

  • Halcyon beefs up in Europe

    Daniele Benatoff and Damien Miller have been appointed co-heads of Halcyon Asset Management (UK). Benatoff has been with Halcyon since May and focuses on European mergers and special situation strategies, while Miller focuses on European credit and will join the firm by year-end. The two co-heads will also be among the portfolio managers for Halcyon funds dedicated to investing in .......

    Job Swaps 1 October 2014

  • Differing day ahead for euro CLOs and ABS

    The European CLO market should see a continuation of recent healthy levels of activity today, while a relatively quiet day is expected in European ABS and MBS.

    Traders report a continuation of two-way flows and strong execution in the European CLO secondary market this week, with the expectation that this will continue right up to tomorrow's ABSPP announcement. There are .......

    SCIWire 1 October 2014

  • Senior euro CLOs stay strong

    Continued demand for senior euro CLO paper was evidenced by the strong execution of a three line BWIC this morning. More activity in such bonds is expected throughout the week.

    €5m of BACCH 2007-1 A covered at 99.7, €5.5m of HARVT III-X B at 97.66 and €3m of NWEST III-X A at 99.55. All levels were at or above talk.

    SCIWire 30 September 2014

  • ECB Thursday looms

    The general spread tightening seen in European ABS, CLOs and MBS over last week is expected to hold firm or increase in the run-up to the ECB meeting and promised further details on ABSPP on Thursday. Given current levels the possibility now looms that anything other than entirely positive news from the ECB could send prices lower across the board.

    SCIWire 29 September 2014

  • SME CLO delinquencies stabilising

    Fitch-rated Spanish SME CLO delinquency rates have stabilised over the last 12 months. Stabilisation of delinquencies at high levels is in line with the agency's expectations, which take account of the country's economic recovery but see collateral performance under pressure following almost five years of economic contraction.

    Delinquencies have fallen to an average of 3.9% over the last 12 months, .......

    News Round-up 26 September 2014

  • Trading picks up again

    Trading in Europe has exceeded expectations as today has worn on with BWIC lists being added for all deal types and continued bilateral activity. The US markets are seeing similar moves.

    "There have been quite a number of lists added, which is something of surprise - we all thought it was going to stay quiet today," says one trader. However, .......

    SCIWire 26 September 2014

  • European markets quieter

    It's a quieter day today so far across European structured finance secondary markets.

    There is only one euro CLO lists scheduled for today so far, though there is continuing interest in bonds in the bilateral market. A flurry of ABS and MBS BWICs are circulating today, inevitably including a significant proportion of peripheral names, but not in as large a .......

    SCIWire 26 September 2014

  • Manager adds marketing pro

    3i Debt Management has appointed Shane Miller as a marketing director in its New York office. He was previously at Angelo Gordon and has also worked at Bear Stearns and Lehman Brothers.

    .......

    Job Swaps 26 September 2014

  • Euro peripheral action continues

    Peripherals continue to be a strong focus today as interest in non-core paper continues in the European ABS/MBS markets.

    This morning's €54.2m five line peripheral seniors list traded strongly at 9:00, with all bonds trading above talk levels, following on from the similar success of yesterday's peripheral mezz auction. The BWIC results are expected to bring out further peripheral lists .......

    SCIWire 25 September 2014

  • Mixed performance for Euro SME CLOs

    Fitch reports in its latest European SME CLO Performance Tracker that ratings in the sector have remained stable in the face of mixed performance across jurisdictions. At the same time, average credit enhancement has increased over the last 12 months for transactions in all European jurisdictions covered by the agency.

    For pre-crisis transactions, deleveraging was typically caused by the end .......

    News Round-up 25 September 2014

  • Slow return for US CLOs

    Many US CLO traders are back at their desks following ABS East but the late start to the week combined with a Jewish holiday tomorrow and Friday means the market is yet to build back to a full head of steam.

    "It's pretty quiet in secondary, though we have seen some opportunistic selling today," says one CLO trader. Nevertheless there .......

    SCIWire 24 September 2014

  • Early start for European CLOs

    As all structured finance asset classes look to get back into full stride today, European CLOs are taking the lead with four BWIC lists already scheduled.

    The first is a small list of four lines of senior paper totalling €1.92m due at 9:00 London today. It comprises: CELF 2005-1X B, CELF 2005-2X B1, DALRA 1-X B and DALRA 3-X A2.

    SCIWire 24 September 2014

  • US CLO, loan outlook stable

    US CLOs and the leveraged loans in them will remain on a stable footing heading into next year, according to Fitch's newest quarterly index. Meanwhile the maturity wall has moved out from 2017-2020 to 2019-2021.

    Leveraged loan credit quality has been stable over the last year and this will continue, while the benign credit environment has helped to improve senior .......

    News Round-up 23 September 2014

  • Analytics portal strengthened

    Moody's Analytics is expanding the coverage of its Structured Finance Portal to include auto, credit card and student loan ABS. The service offers innovative content and analytics, delivered in real-time in an easy-to-use web-based format.

    Initially focused on CLOs, the portal includes loan-level data to show which deals and managers are most exposed to a loan and who has been .......

    News Round-up 23 September 2014
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