CLOs

  • Loan mapping tool unveiled

    Codean has released Codean Open Loan Mapping (Codean OLM), an open database of leveraged loans - including industries, spreads, maturities and alternative obligor names - for held by CLOs. Free registration provides access to all data, except for CLO holding information, which is available to paid subscribers.

    Peter Jasko, Codean md, comments: "Loans often trade under a variety of names .......

    News Round-up 10 April 2013

  • Bank names structured products vet EMEA ceo

    Nomura has named Jeremy Bennett as ceo for EMEA. Scott Bugie has also been made head of the financial institutions group's ratings advisory division for the region.

    Bennett has held non-executive director positions within Nomura's European businesses since 2010. His background is in structured products and derivatives and previous roles include global head of structuring at Credit Suisse and head .......

    Job Swaps 10 April 2013

  • Palmer Square boosts credit capabilities

    Jeffrey Fox has joined Palmer Square Capital Management from Sandler O'Neill, where he was md responsible for structuring and selling CLOs. He becomes executive director and takes on key responsibilities for Palmer Square's structured credit and CLO platform.

    Prior to Sandler O'Neill, Fox was at Société Générale, where he was part of the US CDO, CLO and RMBS credit advisory .......

    Job Swaps 10 April 2013

  • BoJ boost for CLOs, MBS

    The stronger-than-expected quantitative easing announced last week by the Bank of Japan is likely to boost the US securitisation market. Of the US$200bn in incremental demand that the BoJ has signalled, over half is forecast to spill into US fixed income over the course of the year, with CLOs and MBS in particular anticipated to benefit.

    Several Japanese banks have .......

    News Round-up 9 April 2013

  • Primary issuance hotly anticipated

    With the European secondary markets subdued in the wake of Easter holidays, focus has turned to the CLO space. A few ABS bid-lists have kept the market ticking over and have been well received, but it is the anticipated forthcoming CLO primary issuance that is really garnering attention.

    The €306.5m ALME Loan Funding 2013-1 and the €300m Dryden CLO XXVII .......

    Market Reports 9 April 2013

  • CLO risk retention plan proposed

    In a comment letter to US federal agencies, the Loan Syndications and Trading Association last week proposed a new risk retention plan for CLOs that meets the requirements embodied in the Dodd-Frank Act, while also preserving the ability of market participants to originate new CLOs and continue a vital credit flow to financial markets and the US economy. The LSTA .......

    News Round-up 9 April 2013

  • Lack of collateral concerns CLO investors

    Limited collateral and a lack of arbitrage emerged as the two stand-out concerns for respondents to JPMorgan's Q2 CLO client survey. Overall, US CLO 2.0 triple-A spreads are anticipated to move below 100bp by year-end, with European spreads also expected to tighten.

    US high-yield loan re-pricing and lack of European high-yield loan supply are weighing on market participants' minds, according .......

    News 9 April 2013

  • Dryden Euro CLO nears

    Further details have emerged on Pramerica Investment Management's forthcoming European CLO - the €249m Dryden XXVII Euro CLO 2013. Guidance on the senior triple-A rated tranche is three-month Euribor plus 135bp area, a touch tighter than Cairn CLO III's senior print (see SCI's primary issuance database).

    The transaction comprises seven classes of notes, with preliminary ratings assigned by .......

    News Round-up 8 April 2013

  • SME CLO criteria updated

    Fitch has updated its global rating criteria for SME CLOs, largely to reflect increased market value decline (MVD) expectations. The changes aren't expected to have a systematic ratings impact, however.

    Fitch has updated its MVD expectations for commercial properties located in Spain by up to 10% as a result of further recent increased volatility observed in the market. Commercial MVD .......

    News Round-up 3 April 2013

  • CLO pro joins law firm

    Appleby has added George Bashforth to its Cayman team as head of directorship services for Appleby Trust. He was previously svp at MaplesFS where he managed a portfolio of investment fund and structured finance directorships and before that spent eight years with Goldman Sachs in London.

    Bashforth has extensive structured finance experience including CLOs, note programmes and repackagings. He will .......

    Job Swaps 3 April 2013

  • Negative rating transitions 'less pervasive'

    Credit quality for global structured finance securities fell for the sixth consecutive year in 2012, again led by US RMBS, S&P reports. But downgrades were less pervasive and, with marginally improving global economic prospects and easing risks, the agency expects 2013 to mark a turning point for more stable credit performance.

    Going forward, S&P anticipates overall downgrade and default rates .......

    News Round-up 2 April 2013

  • Pair join new credit manager

    Gibran Mahmud and Kurt Plumer have joined the newly-formed Triumph Capital Advisors, which has been launched by Triumph Bancorp. The new firm's initial strategy for growth will be to focus on CLO issuance.

    Mahmud will serve as senior md and cio and Plumer will serve as md and portfolio manager. Triumph ceo Aaron Graft will serve as chairman of the .......

    Job Swaps 2 April 2013

  • Derivatives, CLO pro joins SIFMA

    Matt Nevins has joined SIFMA as md and associate general counsel within the asset management group (AMG). He joins from Fidelity Investments, where was vp and associate general counsel.

    Nevins has served as chairman of the SIFMA AMG derivatives committee for the last two years. In his new position he will focus on facilitating AMG's advocacy efforts on regulatory reform .......

    Job Swaps 28 March 2013

  • CLO chief brought in

    TPG has appointed Douglas Paolillo to run its CLO desk in New York. He was previously md at GSO Capital Partners.

    Paolillo spent a decade at Blackstone Group, where he worked in the corporate debt division. Previously he was a director at CIBC World Markets where he served as senior investment analyst for the SIVs managed by Trimaran Advisors and .......

    Job Swaps 22 March 2013

  • Providence affiliate adds credit pro

    Richard Byrne is joining Providence Equity Capital Markets' credit unit, Benefit Street Partners, next month as president. He will be based in Benefit Street's New York office, reporting to Providence Equity ceo Thomas Gahan.

    Byrne was most recently ceo at Deutsche Bank Securities and before that was co-head of global capital markets at Deutsche Bank. He has also worked as .......

    Job Swaps 21 March 2013

  • CLO subs steal the show

    A flurry of US CLO subordinate tranches were out for the bid yesterday. Several more senior tranches were also among the 125 CLO line items picked up by SCI's PriceABS data for the session, although names from the top of the capital structure were not so common.

    The US$24.99m CIFC 2012-1X SUB tranche was the largest subordinated tranche .......

    Market Reports 20 March 2013

  • Loan specialist enlisted

    Cutwater Asset Management has appointed Alex Jackson as md and head of its bank loan group. He will help expand the firm's leveraged loan and high yield capabilities and build out a related products suite, including CLO management.

    Jackson was most recently deputy cio and CLO portfolio manager at CIFC Corp. Before that, he served as portfolio manager at JH .......

    Job Swaps 20 March 2013

  • CLO market faces FDIC re-think

    Additional regulatory changes coming into force on 1 April are set to impact the CLO market. The changes concern how US CLOs and leveraged loans are treated when computing FDIC assessments against bank deposits.

    The changes will apply to large and highly complex institutions, which are defined as having more than US$10bn and US$400bn in assets respectively. Under the new .......

    News 19 March 2013

  • Mid-market APAC lending opportunities targeted

    Olympus Capital Asia has launched Olympus Capital Asia Credit (OCA Credit) in Singapore and recruited structured credit veterans Nitish Agarwal and Gary Stead to lead the new business. The lender believes there is a growing opportunity in the region as many international banks are pulling back because of regulatory capital constraints.

    Agarwal joins from Barclays and has been made md .......

    Job Swaps 15 March 2013

  • CIP securitisation agreement signed

    The European Investment Fund, UniCredit and Federconfidi have signed the first Competitiveness and Innovation Programme (CIP) securitisation agreement to support SMEs in Italy. The transaction will facilitate SME access to an additional €60m of loans. Within the framework of the CIP, the EIF has been allocated €1.1bn to be split between venture capital (under the High Growth and Innovative SME .......

    News Round-up 14 March 2013

  • Cajamar brings first tender of the year

    Cajamar Caja Rural has announced a tender offer for nine RMBS bonds and one SME CLO bond, launching the first ABS/RMBS tender of the year. No maximum purchase amount has been disclosed, with €1.6bn currently outstanding across the 10 tranches, according to Barclays Capital figures.

    All of the bonds offered in the latest tender were previously offered in March 2012. .......

    News Round-up 14 March 2013
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