CLOs

  • Pricing data access for CLO platform

    Vichara Technologies has integrated its V* CLO solution with Markit's pricing services. Mutual clients will be able to access Markit's pricing service within Vichara's platform and Markit will provide daily pricing feeds for leveraged loans, corporate bonds, CLOs and loan mapping services within the V* CLO framework.

    The V* platform allows for forecasting, valuation and analysis of CLOs, CBOs, CDOs .......

    Job Swaps 5 December 2013

  • Credit platform coming together

    Covenant Credit Partners, the credit investment platform set up by Livermore Investments Group, has wasted little time assembling a team. The unit is led by Marc Boatwright (SCI 5 September) and is understood to be planning to issue a series of deals.

    Andrew Chung, Matt Raubach, Nick Lawson and Christopher Brogdon have all joined in analyst positions and will be .......

    Job Swaps 4 December 2013

  • BofE signals support for securitisation

    The Bank of England's Financial Policy Committee (FPC) signalled its support of the securitisation market in its latest Financial Stability Report. The committee says it intends to "assess and, where necessary, act to develop approaches to promote a better functioning securitisation market in the UK".

    In particular, the FPC says it will examine impediments to market-based finance, including securitisation markets .......

    News Round-up 29 November 2013

  • CLO attention turns to triple-Bs

    Thanksgiving has all but shut down secondary market activity on both sides of the Atlantic, but European CDO trading appeared to already be winding down. One bright spot is emerging in the form of CLO triple-B paper, however.

    "The number of BWICs has certainly decreased. There have been some ABS CDO lists, but in general the prices there are now .......

    Market Reports 28 November 2013

  • New home for Euro ABS trader

    Daniel Turner has joined Ellington Management Group as md in London. He takes responsibility for European ABS.

    Turner was previously a partner at Chenavari Investment Managers, where he focused on European ABS and RMBS. He has also worked at European Credit Management, ING and Capital Economics.

    .......

    Job Swaps 28 November 2013

  • Driving disintermediation

    Credit availability facing further headwinds?

    Global regulatory initiatives are fostering bank disintermediation in the securitisation market. But creeping oversight of the shadow banking system could also further reduce the availability of credit.

    The recession has played out unequally, according to Tamara Box, head of structured finance at Reed Smith. "If a borrower is in prime territory, they're fine; otherwise, they're not. Current monetary and economic .......

    News Analysis 28 November 2013

  • SCI conference line-up unveiled

    Final panellist line-ups have been announced for SCI's 7th Annual Seminar, which is taking place on 4 December in London. The event is being held at Reed Smith's offices at Broadgate Tower, 20 Primrose Street, EC2A 2RS.

    This conference will focus on the 'new normal' appearing in the structured credit markets as banks continue to dispose of risky assets and .......

    News Round-up 27 November 2013

  • Preplaced equity differentiates MJX CLO

    The recently priced US$614.5m Venture XV CLO is notable for the fact that the equity was preplaced. Lead manager and co-placement agent StormHarbour Securities also arranged a warehouse line (including warehouse equity) for the deal, thereby allowing the manager - MJX Asset Management - an extended period of time to ramp the portfolio. Mitsubishi UFJ Securities (USA) acted as co-lead .......

    News Round-up 26 November 2013

  • Sub tranches dominate CLO session

    US CLO secondary market trading saw a lot of sub tranches out for the bid yesterday. SCI's PriceABS data captured a number of names, with several achieving covers.

    Vintages varied, from 2006-vintage paper such as AMMC 2006-6A SUB (which was talked in the 20s and high-20s) to 2013-vintage paper such as LONGF 2013-1X SUB (which was talked in the .......

    Market Reports 21 November 2013

  • CLO managers sticking to the familiar?

    Positive asset selection trends are emerging among US CLO 2.0 transactions. However, individual managers appear to be re-using collateral across multiple deals, thereby increasing concentration risk.

    The average collateral overlap between any two 2012- or 2013-vintage CLO 2.0 deals is 22.8%, according to Morgan Stanley figures. That falls to an average of 22.4% for deals managed by different managers, but .......

    News 21 November 2013

  • Japanese mezz fund partnership formed

    Nomura and Intermediate Capital Group are forming a partnership to facilitate the structuring and distribution of Japanese domestic mezzanine investments and funds. The funds will be managed by a local fund management company, which will be established.

    The demand for Japanese mezzanine debt is expected to rise as a result of the government's economic initiatives. Any funds structured as a .......

    Job Swaps 21 November 2013

  • Prepayments drive Euro CLO upgrades

    Moody's has upgraded the ratings on 66 tranches in 29 European CLOs, totalling approximately €1.9bn outstanding. The move is primarily a result of the substantial deleveraging of senior notes and increases in the overcollateralisation levels in the affected CLOs, which improved the credit enhancement levels of outstanding tranches.

    The magnitude of the upgrades range generally between one and three notches. .......

    News Round-up 15 November 2013

  • Mid-market financing firm adds three

    NXT Capital has grown its direct originations team by hiring Doug Vitek, John Mills and Daniel Green. They will focus on providing structured finance solutions to the middle-market.

    Vitek was most recently svp at Dougherty & Company in Minneapolis. He has also worked for GE Capital and Norwest Bank Minnesota.

    Mills joins from JPMorgan Chase in Kansas City. He has .......

    Job Swaps 15 November 2013

  • Maintaining momentum

    Borrowers benefit from increasing high-yield bond, loan and direct lending opportunities

    Over the past 12 months leveraged borrowers in search of finance have found a positive environment in which the high-yield bond market has had a bumper year, leveraged loan origination has been rising and the direct lending market continues to be attracting new business. Although there are many buy- and sell-side opportunities in this sector, there are also challenges that .......

    News Analysis 14 November 2013

  • Structured salesman joins in NY

    Brian Bowes has joined StormHarbour Securities in a structured products sales role in New York. He covers ABS, CLOs, CMBS and RMBS in the US as well as ABS and RMBS in Europe.

    Bowes was previously head of non-agency mortgage trading at KGS-Alpha Capital Markets. He has also worked for Hexagon Securities and UBS, where he focused on residential mortgages.

    .......

    Job Swaps 14 November 2013

  • Golub adds executive director

    Ross Van der Linden has joined Golub Capital as an executive director, based in Charlotte, North Carolina. He was previously at StormHarbour Securities and spent over a decade at Wachovia. He specialises in securitisation, derivatives, CDOs and CLOs.

    .......

    Job Swaps 14 November 2013

  • Euro CLO 1.0 call candidates highlighted

    With over 80% of Moody's-rated European CLO 1.0 deals entering their reinvestment periods by the end of this year, diminishing equity returns and strong leveraged loan performance are expected to motivate equity holders to call transactions. In its latest CLO Interest publication, Moody's has identified 11 CLO 1.0 deals that are currently prime candidates for such redemptions.

    For its analysis, .......

    News Round-up 12 November 2013

  • CLO chief moves on

    Florian Bita has joined RBC Capital Markets in New York as a trader, specialising in CDOs and CLOs. He was previously head of CLO trading at Cantor Fitzgerald (SCI 16 May) and before that held a similar role at UBS. He has also worked for Deutsche Bank, Goldman Sachs and Salomon Brothers.

    .......

    Job Swaps 12 November 2013

  • TRACE expansion proposed

    FINRA last week filed a proposed rule change with the US SEC to amend the TRACE dissemination protocols to include additional ABS transactions and to reduce the reporting periods for such securities. The agency also proposes to re-name as 'securitised products' the broad group of securities currently defined as 'asset-backed securities' and to redefine the term asset-backed security more narrowly. .......

    News Round-up 5 November 2013

  • CLO risk retention alternative mooted

    The LSTA has submitted comments to federal regulators objecting to the re-proposed risk retention rules on CLOs. The association has suggested alternative solutions that would prevent the harmful consequences the current re-proposal poses to the CLO market and the broader economy.

    A survey of top CLO managers has indicated that the imposition of risk retention would reduce CLO formation by .......

    News Round-up 1 November 2013

  • Ringing the changes

    CLO risk retention to open door for BDCs

    Risk retention proposals for US CLOs will bring significant changes in the market. The regulatory requirements are set to affect not only the issuer base, but also how deals are structured.

    "The risk retention requirements are not perhaps being embraced by investors, but they are understood. In some ways CLOs are collateral damage here, but regulators have decided that by .......

    News Analysis 1 November 2013
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