CLOs

  • Back to business for Euro CLOs

    Secondary markets surged yesterday and the European CLO sector was no exception. Activity is picking up as the market moves into autumn, with a significant list circulating yesterday and another one planned for the start of next week.

    "An ABS CDO BWIC came out yesterday, which was really interesting. Some of the bonds on that list were very well bid," .......

    Market Reports 13 September 2013

  • CLO call, re-pricing risk discussed

    A manager's ability to reinvest - specifically regarding WAL tests - must be considered when analysing US CLO call and re-pricing risk, according to Wells Fargo structured products analysts. They believe that 2.0 deals already failing, or close to failing, WAL tests are more likely to be called - even if primary triple-A spread levels may suggest otherwise.

    "All else .......

    News Round-up 11 September 2013

  • Leveraged loan vet enlisted

    Shenkman Capital Management has appointed David Lerner as svp and portfolio manager for bank loans. He joins from Credit Suisse's credit investments group and will lead Shenkman's bank loan business.

    Lerner worked at Donaldson, Lufkin & Jenrette until its merger with Credit Suisse. Before that he worked at First Dominion Capital, in the leveraged finance group of Mitsubishi Trust and .......

    Job Swaps 11 September 2013

  • CLO chief joins investment manager

    Altum Capital has appointed Alexei Kroujiline as a senior analyst in London. He will focus on structured products, working alongside Cathy Price, head of Altum London. Kroujiline joins from Citi, where he traded CLOs, CDOs and other securitised products in London and New York.

    .......

    Job Swaps 6 September 2013

  • Risk retention to spark loan tiering?

    The re-proposed US risk retention rule (SCI 29 August) favours larger CLO managers and could result in a two-tiered loan market. Issuance is also expected to drop after the regulation takes effect, potentially raising borrowing costs for below-investment grade corporates.

    The minimum 5% risk retention requirement for CLOs is unchanged under the re-proposed rule, but is now based on fair .......

    News 5 September 2013

  • CLO pro to build credit platform

    Livermore Investments Group has recruited Marc Boatwright to launch a credit investment platform. He specialises in managing credit portfolios and distressed investments and moves over from ING Investment Management, where he was a portfolio manager and svp in the senior loan group.

    .......

    Job Swaps 5 September 2013

  • Agency seeks SME CLO comments

    DBRS has released an RFC on proposed changes to its methodology for rating and monitoring European SME CLOs. Comments are due by 30 September.

    The proposed methodology updates correlation assumptions and introduces a new diversity model. It also brings recovery assumptions in line with those used for the agency's large credit CDO and European RMBS methodologies and clarifies the methods .......

    News Round-up 29 August 2013

  • C tranches cause CLO market stir

    SCI's PriceABS data shows a mix of US CLO names out for the bid yesterday. Offered tranches were biased towards 2006- and 2012-vintage paper, with talk largely concentrated in the 80s and 90s.

    Many of the bonds circulating in Monday's session were C tranches or lower. ALM 2012-5A C and ALM 2012-6A C were talked at .......

    Market Reports 27 August 2013

  • Credit manager adds four

    CVC Credit Partners has strengthened its teams in Europe and the US with four new hires. Ran Landmann, Mitchell Glynn and Lucie Bonnieux join in London, while Caroline Benton is based in New York.

    Landmann, who was previously at Owl Creek Europe Management, the New York-based hedge fund covering distressed credit in Europe, joins as md. Before that he was .......

    Job Swaps 23 August 2013

  • Ratings reviewed on bank linkage

    Moody's has placed on review the ratings of a number of securities directly exposed to the credit quality of certain US banks, on which the agency took rating actions on 22 August. The action affects 20 tranches in 12 structured finance deals and 32 tranches in 18 structured credit deals.

    The move is driven by the linkage between the ratings .......

    News Round-up 23 August 2013

  • 'Passporting' framework recommended

    SFIG has submitted a comment letter to the EBA regarding its consultation paper on revised proposed EU securitisation regulations. To mitigate the costly and potentially preclusive impact of differing regulatory approaches on cross-border securitisation transactions, the association recommends that the EBA adopt a framework for 'passporting' that would permit non-EU sponsors to comply with a non-EU jurisdiction's risk retention requirements.

    News Round-up 22 August 2013

  • Bank boosts CLO capabilities

    CLO specialist Adrian Radulescu is joining Barclays' US credit structuring team. He will be based in New York and report to head of US ABS and credit structuring Jaime Aldama.

    Radulescu most recently worked as a consultant for Credit Suisse in London. Before that he was at Lehman Brothers and SecondMarket in New York, following an earlier stint at Credit .......

    Job Swaps 16 August 2013

  • RFC issued on multi-country CLOs

    Moody's has published a request for comment on its proposed approach to assessing country risk in multi-country CLOs. Under the proposal, for a given size of exposure to countries with a local currency country risk ceiling (LCC) of A1 and lower, the rating agency would provide tables that indicate a portfolio par value haircut for tranches with target ratings higher .......

    News Round-up 15 August 2013

  • Fixed income PM appointed

    Jon Jonsson has joined Neuberger Berman as md. He is based in London and joins from JPMorgan, where he spent more than 15 years. Jonsson will serve as a portfolio manager on the firm's global fixed income team.

    .......

    Job Swaps 14 August 2013

  • Vintage impacts CLO equity returns

    Equity returns for US CLOs have been strong over the past year, but vintage significantly affects performance. Given current trends, 2007-vintage CLOs are expected to see the highest average cumulative equity distributions.

    The most significant drivers of CLO equity performance during a period of low leveraged loan default rates are the timing of the CLO's origination and the extent to .......

    News Round-up 12 August 2013

  • Greater flexibility for new CLO managers

    The CLO market has become more receptive to new managers, evident in the ability of some to issue multiple CLO 2.0 transactions, as well as the relaxation of reinvestment restrictions in their deals. However, Moody's notes in its latest CLO Interest report that some of the more recent entrants do not have investment professionals with substantial CLO or leveraged loan .......

    News Round-up 8 August 2013

  • CLO risk-retention features highlighted

    Moody's discusses in its latest CLO Interest publication a number of novel features contained in KKR Financial CLO 2013-1 that are intended to comply with both current and forthcoming European risk-retention rules. The US deal is structured so that the originator of the assets retains the equity, which provides incentives for European investors to purchase the deal's notes.

    In their .......

    News Round-up 7 August 2013

  • GSO/Blackstone retains top spot in CLOs

    Moody's has updated its CLO manager league tables, as of 30 June. The data are for only CLOs that the agency has publicly-rated and which consist of both broadly syndicated loan (BSL) CLOs and SME CLOs.

    In the US CIFC continues to lead the CLO market by deal count, with 30 CLOs and US$11.2bn assets under management, followed by GSO/Blackstone, .......

    News Round-up 7 August 2013

  • Survey blasts CLO retention rules

    The Loan Syndications and Trading Association has submitted a comment letter to the Fed, the OCC, the FDIC, the SEC, the FHA and the Department of Housing and Urban Development. The letter prominently features a new survey - polling 35 CLO managers that collectively manage US$228bn in 509 CLOs - conducted by the LSTA, which shows that new risk retention .......

    News Round-up 5 August 2013

  • Euro CLO supply 'exceeding expectations'

    European CLO issuance this year has already exceeded the majority of observers' expectations, S&P says in its 2Q13 European CLO Performance Index Report. So far in 2013, 10 European CLOs have priced, bringing total issuance for the year to €3.4bn. In addition, the agency estimates that the sector will see at least another €1.4bn of new issuance in Q3.

    However, .......

    News Round-up 2 August 2013

  • Ares unveils strategic partnership

    Ares Management and Alleghany Corporation have announced a new strategic partnership. Under the agreement, Alleghany invested US$250m for a 6.25% equity ownership interest in Ares and committed to invest up to US$1bn of capital in various existing and new Ares investment strategies.

    Through its relationship with Ares, Alleghany seeks both to participate in Ares' strong business prospects and to enhance .......

    Job Swaps 2 August 2013
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