CLOs

  • Leveraged vet joins credit manager

    Tom Newberry has joined CVC Credit Partners as senior md and head of the group's private funds business. He will be based in New York.

    Newberry joins from Credit Suisse, where he was head of global leveraged finance capital markets and syndicated loans. Before that he was at Donaldson, Lufkin & Jenrette as head of US loan capital markets and .......

    Job Swaps 10 September 2012

  • EOD for mezz SME CLO

    HEAT Mezzanine I-2005 class B1, B2 and junior notes remain unpaid on their scheduled maturities, with principal amounts outstanding of €3.41m, €1.13m and €28.50m respectively. As such, an event of default has been declared on the transaction.

    Class B1 and B2 noteholders now constitute the controlling class. The trustee currently doesn't intend to accelerate the notes or enforce security over .......

    News Round-up 7 September 2012

  • CLO manager fees recovering

    Moody's Analytics has published the first of a two-part series on US CLO fees. The study finds that fee levels have recovered post-crisis, following the resumption of active issuance in 2010.

    The study begins by analysing senior collateral management fees (SCMFs), which are typically received before the senior-most tranche but after administrative expenses and hedge payments. Moody's database of payments .......

    News 7 September 2012

  • Loan-level data services launched

    Sapient Global Markets has unveiled a new combination of services aimed at helping companies meet requirements for communicating loan-level performance data to the European DataWarehouse under the ECB's ABS loan-level initiative. The offering includes complex data mapping and enrichment, the conversion of data between formats required by different regulators and the streamlining of two-way communication between regulators and data users .......

    News Round-up 5 September 2012

  • Synthetic infrastructure trade completed

    NordLB has placed the mezzanine tranche of a risk transfer trade, dubbed Blue Rock, with a single institutional investor. The transaction provides credit protection on a £307m portfolio of 20 high grade UK infrastructure loans.

    "With Blue Rock, we are responding to the growing demand among institutional investors for asset-backed capital market products," comments Hinrich Holm, NordLB managing board member .......

    News Round-up 3 September 2012

  • CLO managers replaced

    Two European CLOs - Axius European CLO and Neptuno CLO III - have had changes made to their collateral management agreements. 3i Debt Management Investments has replaced Invesco Senior Secured Management as manager on the former deal, while Bankia has resigned as lead investment manager on the latter. Cohen & Company Financial (formerly known as EuroDekania Management), in its capacity .......

    Job Swaps 31 August 2012

  • FATCA implications examined

    The forthcoming US Foreign Account Tax Compliance Act (FATCA) could have wide-ranging implications for global structured finance transactions, Fitch says. In particular, the FATCA status of SPVs and counterparties handling payments will be a key issue. Under current plans, withholding tax would apply on relevant interest payments from January 2014 and relevant principal payments from January 2015.

    The Act is .......

    News Round-up 31 August 2012

  • CLO progress

    CLO 2.0 market booming as documentation evolves

    US CLO issuance this year is on course to reach double 2011's volume, having already matched it by the end of June. With the advent of 'CLO 2.0', evolution in CLO documentation is keeping pace.

    Although there have been many changes made for the new breed of so-called CLO 2.0 deals, they generally fall into the category of adjustments rather .......

    News Analysis 24 August 2012

  • Euro rating transitions examined

    By mid-2012, only 1.11% of European structured finance notes outstanding in mid-2007 had defaulted, according to S&P. Meanwhile, the 12-month rolling default rate edged only slightly higher to 0.5%.

    Even amid the deteriorating European economy, worsening collateral performance and the application of some updates to S&P's ratings criteria, the rise in the 12-month rolling downgrade rate slowed to only 30.8%. .......

    News Round-up 24 August 2012

  • CLO equity sees strong demand

    CLO equity has grabbed the attention of the secondary markets, after the subordinated notes of Madison Park Funding IV traded twice over the past two sessions at record levels, as shown in SCI's PriceABS BWIC data.

    A US$5m piece of MDPK 2007-4A SUB appeared on a list for trading on 20 August and was first talked in the .......

    Market Reports 22 August 2012

  • Suits expected

    Libor-related litigation analyses prepped

    The impact of Libor rigging on the securitisation market is difficult to quantify, with the scandal representing yet another pause for the industry as it re-emerges post-financial crisis. Certainly, a wave of litigation activity is expected to be triggered in its wake.

    Indeed, preparatory litigation analyses are already being undertaken across all securitised asset classes as a result of the .......

    News Analysis 21 August 2012

  • CDO supply still running high

    Yesterday proved to be another busy session for BWICs. Supply has remained elevated across asset classes, with SCI's PriceABS data showing 133 CDO line items on Wednesday and 136 on Thursday.

    A few familiar European names were circulated, such as Wood Street CLO II. The WODST II-X D tranche, which was covered at 50 back on 16 May, .......

    News 10 August 2012

  • Mixed messages for Euro CLOs

    The European CLO market appears to be slightly subdued, following a couple of days of strongly contrasting BWIC activity. After beginning the month slightly weakly, the market tightened remarkably on Thursday.

    "This week the market has not been very busy, but we know we may be missing things. There are some BWICs from banks that only deal with dealers, for .......

    Market Reports 8 August 2012

  • Enhanced granularity offered

    Interactive Data Corporation has enhanced the FINRA-Interactive Data structured trading aggregate reports available in Vantage, its web application. With additional layers of granularity, financial institutions can now obtain a more complete view of trading activity related to securitised products, the company says.

    A new agency hybrid ARMS trade reporting summary and more granular trading tables are now available via Vantage. .......

    News Round-up 7 August 2012

  • CLO analyst moves on

    Justin Pauley has joined Brigade Capital Management as an investment analyst. He was most recently at RBS, where he was a CLO analyst, and before that he worked at Wachovia as a CDO research vp.

    .......

    Job Swaps 7 August 2012

  • Middle-market CLOs touted

    A recent Wells Fargo study suggests that on average middle-market CLO senior notes have amortised by more than 33% within one year of the conclusion of the reinvestment period. Senior notes from middle-market CLOs that are between one and two years beyond the reinvestment period are almost all paid down by more than 75%.

    The study further shows that the .......

    News Round-up 2 August 2012

  • Spanish counterparties replaced

    Counterparty exposures following the downgrade of Spanish banks have dominated rating actions in the SME sector over the past month, according to Fitch's latest SME CLO Compare publication. As a result of the bank downgrades, many Spanish SME transactions were left exposed to direct support counterparties that were ineligible to support ratings up to double-A minus, the highest rating achievable .......

    News Round-up 2 August 2012

  • US debt partnership announced

    3i Group has announced a strategic transaction with WCAS Fraser Sullivan Investment Management to establish 3i's US debt management platform. The transaction builds on 3i's existing European business and provides access to the US credit markets, although the CLO funds currently managed by Fraser Sullivan and FS COA Management will be unaffected.

    Following completion of the transaction, all new US .......

    Job Swaps 2 August 2012

  • Uncertainty weighs on European structured finance

    The marked divergence seen either side of the Atlantic in structured finance issuance volume trends in 1Q12 continued throughout Q2, according to the latest SCI league tables for bank arrangers in the structured credit and ABS markets.

    The 2Q12 SCI league tables show that sovereign and economic uncertainty are continuing to hold back supply and demand for European paper. Half-year .......

    News Round-up 1 August 2012

  • Middle market group formed

    Babson Capital Management has set up a new middle market lending group in Chicago. Ian Fowler, Brian Baldwin and Mark Flessner each join the group as mds having previously worked together at Freeport Financial and GE Capital.

    The new group will focus on companies owned by private equity firms or outstanding management teams. It will complement Babson's existing mezzanine and .......

    Job Swaps 1 August 2012

  • New Navigator manager named

    CIFC Corp is entering into a five-year strategic relationship with GE Capital. As part of the agreement, CIFC Asset Management will take over from GE Capital Debt Advisors as collateral manager for four Navigator CLOs, representing approximately US$700m.

    Under the agreement a commercial council comprised of senior members of both GE Capital and CIFC will be formed to discuss business .......

    Job Swaps 1 August 2012
×