CLOs

  • CDO tender offers proposed

    RBS is seeking to modify the terms and conditions of Skye CLO 1, Solar Funding I and Lunar Funding I to allow it to purchase all of the notes outstanding before 31 January. The bank has announced a tender offer for the notes, with the amount to be paid for the notes determined via a modified Dutch auction procedure. A .......

    News Round-up 25 November 2011

  • Euro CLO review completed

    Moody's has completed its review of all European CLOs, which the rating agency initiated on 22 June in relation to its global CLO methodology update. The agency analysed 1067 tranches from 171 European CLO transactions originally totalling €46bn and upgraded 969 tranches originally totalling €40bn.

    Of the 969 tranches that were upgraded, the average magnitude of upgrades was a little .......

    News Round-up 22 November 2011

  • New asset management business formed

    Aladdin Capital Holdings is selling part of its asset management business to Mitsubishi Corporation (MC). The businesses and assets being sold will form the core businesses of a new company, MC Asset Management Holdings (MCAMH).

    The new company will be jointly owned by MC and Aminkhan Aladin, Aladdin founding chairman and ceo. MC will own 80%, with Aladin holding the .......

    Job Swaps 21 November 2011

  • CLO management team acquired

    The Carlyle Group has purchased Churchill Financial from Olympus Partners. A team of 13 investment professionals, led by Ken Kencel, has joined Carlyle's global market strategies business as part of the transaction.

    Kencel becomes md at Carlyle and now reports to Mitch Petrick, md and head of Carlyle's global market strategies business. Kencel's Churchill team will continue to manage existing .......

    Job Swaps 21 November 2011

  • Euro CLO manager purchase confirmed

    Black Diamond Capital Management has confirmed its acquisition of GSC Group's London team. Black Diamond's European office will be headed by Nick Petrusic, who, along with the other London based team members, will oversee its European Mezzanine and European CLO businesses.

    Established in 2000, the UK-based business acquired from GSC Group has been a significant investor in the European leverage .......

    Job Swaps 4 November 2011

  • CLO team reshuffle will not harm ratings

    The proposed replacement of the key persons defined by Harbourmaster CLO's transaction documents in the wake of GSO Capital Partners' purchase of Harbourmaster Capital (SCI 6 October), will not affect its ratings, according to Fitch. GSO has purchased 100% of the share capital of Harbourmaster Capital.

    The proposed key persons to replace Fabio Salvalaggio, Stewart Wilkinson and (where relevant) Anna .......

    Job Swaps 4 November 2011

  • Euro fears slow US CLO issuance

    The European unrest has had a negative impact on US CLO issuance despite a strong first half of the year, according to Fitch. However, the rating agency sees encouraging signs for the market going forward.

    Six CLOs have come to the market during 3Q11, although only two have priced since August. Meanwhile, CDS spreads on those triple-As have widened 20bp-30bp .......

    News Round-up 4 November 2011

  • Oak Hill management stake increases

    An investor group composed of General Atlantic, Robert Bass and senior management has made an investment in Oak Hill Advisors, purchasing the minority stake held by iStar Financial. The transaction increases the management team's majority interest in Oak Hill Advisors and brings GA as a minority investor into the company. Bass co-founded Oak Hill Advisors' first investment fund and has .......

    Job Swaps 27 October 2011

  • Gulf Stream key persons confirmed

    Apollo Global Management has named the approved replacements to the key persons in the collateral management agreements for the 10 CLOs it acquired via its purchase of Gulf Stream Asset Management (SCI 8 July).

    James Zelter, Anthony Civale, Joe Morroney and Stephen Riddell are the approved replacements on the Gulf Stream-Compass CLO 2002-I, 2003-I, 2004-1, 2005-1, 2005-II and 2007, as .......

    Job Swaps 24 October 2011

  • Crescent Capital beefs up in Europe

    Crescent Capital Group has launched a new European credit strategy, which will focus on credit opportunities across Europe from the firm's newly formed office in London. Christine Vanden Beukel joins as md to lead Crescent Credit Europe and its investment strategy across the continent.

    Prior to joining Crescent Capital, Vanden Beukel served as a senior md in the London office .......

    Job Swaps 13 October 2011

  • Euro CLO overlap examined

    A renewed pick-up in defaults is likely to put downward pressure on European CLO ratings, according to S&P. This comes as the agency releases its study on the degree of overlap between different portfolios and concentration risk within them, based on a sample of 211 CLO portfolios on which it conducts regular surveillance.

    "We have observed a significant overlap between .......

    News Round-up 11 October 2011

  • Euro CLOs face 'increasing pressure'

    Fitch says that European leveraged loan CLOs are likely to come under increasing pressure in 4Q11.

    The agency's newly-published October 2011 European Leveraged Loan CLO Tracker reveals that the triple-C bucket has increased to 8.7% from 7.4% in January 2011 and two new defaults were recorded in 3Q11. At the same time, the average triple-A OC test cushion - excluding .......

    News Round-up 10 October 2011

  • Credit manager plots European growth

    Stone Tower Capital has formed Stone Tower Europe, headquartered in Dublin, to enable the firm to expand its European operations and serve its growing investor base. Tim Richards has been appointed md to oversee the firm's European expansion, along with Alan Kelly as a director.

    Richards joins from LBBW Asset Management Ireland, where he held the role of ceo from .......

    Job Swaps 10 October 2011

  • CLO manifest error corrected

    An investor notice was released yesterday advising of a manifest error in the documentation for the recently priced Mesena CLO 2011-1 (see SCI CDO database). The error is contained in the sections entitled 'Article 122a of the Capital Requirements Directive' and 'Description of the Portfolio Servicing Agreement' of the prospectus, dated 27 September.

    These sections state .......

    News Round-up 7 October 2011

  • Financing platform enhanced

    H.I.G. Capital has acquired certain assets of WhiteHorse Capital, a Dallas-based CLO manager with assets under management of over US$1.7bn, and formed H.I.G. WhiteHorse to provide flexible financing solutions to profitable and performing small and middle market companies.

    With more than US$1bn of capital available to deploy into businesses in the US and Europe, H.I.G. WhiteHorse has a broad mandate .......

    Job Swaps 7 October 2011

  • CLO manager acquired

    GSO Capital Partners has acquired Harbourmaster Capital, which manages and advises on approximately €8bn of assets, including a number of CLOs. The Harbourmaster Capital Dublin-based team will continue to support the Harbourmaster funds and will form a combined platform with GSO's existing European leveraged loan business to develop new European-focused funds for their global investor base. The combined European leveraged .......

    Job Swaps 6 October 2011

  • SME programme proposed

    The UK government unveiled at its party conference preliminary details of an initiative aimed at bolstering lending to SMEs. This stimulus is intended to focus directly on corporate sector funding, in contrast to the Bank of England's earlier quantitative easing, which involved government bond purchases. Since most SMEs do not issue bonds, an alternative may be pooling banks' SME loans .......

    News Round-up 5 October 2011

  • CLO transfer consent requested

    Nomura Corporate Research and Asset Management has filed fifth amended and restated notices of proposed assignment of the investment management agreement for Clydesdale Strategic CLO I and Clydesdale CLO 2005. It has also requested consent from subordinated notes and rated notes, as well as a waiver from the rated notes. The manager is seeking to transfer its rights, duties and .......

    Job Swaps 5 October 2011

  • Opportunity fund prepped

    3i Debt Management has recruited Rob Reynolds as the head of its new credit opportunity fund (COF), reporting to Andrew Golding, 3iDM md. Reynolds was previously md and cio of Resource Europe.

    The COF - seeded by 3i Group with €50m - will form the foundation of a new fund initiative by 3iDM, targeting flexible investment in credit primarily in .......

    Job Swaps 29 September 2011

  • Key man clause triggered

    A key personnel event has been declared on the PULS CDO 2006-1 and PULS CDO 2007-1 SME CLOs. The clause was triggered by Manfred Gabriel ceasing to be a member of the board of the portfolio manager, Capital Securities Group, with effect from 23 September.

    .......

    Job Swaps 28 September 2011

  • Third CLO sold

    Nomura Corporate Research and Asset Management has sold another CLO - Clydesdale CLO 2006 - to Ares Management. The transaction has been renamed Ares XXI CLO. Moody's has determined that the move will not result in the reduction or withdrawal of the deal's current ratings.

    .......

    Job Swaps 28 September 2011
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