CLOs

  • Static CLO closed

    KKR Financial Holdings has closed a US$400m static CLO dubbed KKR Financial CLO 2011-1. The transaction involved a privately negotiated financing agreement with an undisclosed third-party senior lender that accounts for the US$300m senior tranche, which priced at 135bp over three-month Libor. KKR retained a US$100m residual interest, consisting of US$20m mezzanine notes and US$80m subordinated notes.

    The CLO matures .......

    News Round-up 1 April 2011

  • AIB unloads its CLOs

    GSO Capital Partners has acquired AIB Capital Markets' €1.7bn collateral management business. Under the agreement, it has entered into amended and restated investment management agreements for the Skellig Rock, Boyne Valley, Tara Hill and Clare Island CLOs.

     

    .......

    Job Swaps 31 March 2011

  • Investment manager completes acquisition

    Man Group has entered into a definitive agreement to take full ownership of Ore Hill Partners and Ore Hill Partners Capital Management for a predominantly share-based consideration. Completion of the acquisition is scheduled for the second quarter.

    The strategic relationship with Ore Hill dates from 2008, when Man acquired a stake of approximately 50% (see SCI issue 89) - the .......

    Job Swaps 30 March 2011

  • India credit head appointed

    ACPI Investments has appointed Karan Singh Chadha as head of specialist credit, responsible for expanding its hedge fund strategies and fund launches in arbitrage Indian fixed income securities. He will oversee investments in illiquid credits, reporting to ACPI co-ceo Alok Oberoi.

    Chadha was previously a senior portfolio manager with Aladdin Capital Management, where he was responsible for credit products in high .......

    Job Swaps 29 March 2011

  • CLO's key-man provisions updated

    The trustee for Alpstar CLO 2 has approved a change in the transaction's key-man documentation. Nicolas Bravard, head of credit investments at Alpstar, is now designated as the sole key person on the deal.

    .......

    News Round-up 25 March 2011

  • Portfolio management pair moves on

    Elizabeth MacLean and Jason Duko are joining PIMCO next month. They will become members of the firm's bank loan portfolio management team and be based in Newport Beach, reporting to Marc Seidner, md and senior member of the portfolio management group.

    MacLean joins PIMCO as evp and portfolio manager. She moves from Lord Abbett, where she oversaw bank loans and .......

    Job Swaps 25 March 2011

  • RFC issued on CLO rating changes

    Moody's is seeking comment from market participants regarding proposed changes to its modelling framework for cashflow CLOs. The changes have the aggregate effect of changing the credit enhancement levels for a rating category above the levels prior to the financial crisis, but slightly below levels during the crisis, the agency says.

    Additionally, if these changes are implemented, the agency anticipates .......

    News Round-up 23 March 2011

  • Investment manager adds partner

    Tikehau Investment Management has appointed Fabrice Damien as partner. The move sees the firm further expanding into the primary credit and private debt markets.

    Damien was most recently with Bank of America Merrill Lynch in France, where he was responsible for corporate and leveraged finance. Prior to this, he worked for RBS and Morgan Stanley in their high yield origination .......

    Job Swaps 23 March 2011

  • Successor CLO manager proposed

    Octagon Credit Investors has given notice of its resignation as investment manager of the OCI Euro Fund I CLO. Ares Management has been proposed as the successor investment manager, conditional upon a number of criteria being satisfied.

    The controlling class of noteholders and the class F subordinated noteholders can veto the appointment of Ares as successor investment manager on or .......

    Job Swaps 17 March 2011

  • US CLO upgrades continue apace

    US cashflow CLO performance continues to exhibit the strong credit performance of the second half of last year, according to S&P. The notable credit strength in the transactions' underlying asset portfolios has contributed to a steady flow of upgrades and positive credit watch placements in the early part of 2011, the agency says.

    "Through February, we had upgraded 131 tranches .......

    News Round-up 15 March 2011

  • Fund manager adds client relationship md

    Oak Hill Advisors has appointed Chris Cereghino as md in its client coverage team. He will be responsible for business development and relationship management, while helping to broaden the firm's existing relationships with investors globally. Based in New York, Cereghino will report to Oak Hill senior partner Bill Bohnsack.

    Prior to joining Oak Hill, Cereghino was md at GoldenTree Asset .......

    Job Swaps 25 February 2011

  • TFG sued by former director

    Six Tetragon Financial Group (TFG) directors have been served with proceedings in the Royal Court of Guernsey, instigated by former TFG director Alexander Jackson. Jackson was given notice to vacate office as a director on 24 January (see SCI 25 January).

    Under the proceedings, Jackson is seeking to impugn TFG decision of 29 July to enter into a joint venture .......

    Job Swaps 24 February 2011

  • CLO management expansion agreed

    Resource Capital has entered into a definitive agreement to expand its investment in broadly syndicated bank loans. A subsidiary of the firm has agreed to purchase 100% of the ownership interests in Churchill Pacific Asset Management (CPAM) from Churchill Financial Holdings for US$22.5m.

    Under the agreement, Resource Capital will be entitled to collect senior, subordinated and incentive fees related to .......

    Job Swaps 16 February 2011

  • CLO manager hires ahead of capital raise

    Avoca Capital Holdings has appointed Robert Burns as director for sales and marketing based in the London office. This move forms part of the firm's growth strategy to expand its business by raising money for new funds globally.

    Burns has over twenty years of sales experience working in major financial institutions. He joins Avoca from Citi, where he was director .......

    Job Swaps 9 February 2011

  • US CLOs see improving maturity profile

    The maturity profiles of most rated US cashflow CLO transactions have improved over the course of the past year, according to S&P. Questions about the impact of a significant amount of loan maturities in the coming quarters have been readily discussed, yet a recent review suggests that refinancing risk may be moderating, the agency says.

    "In particular, many market participants have .......

    News Round-up 8 February 2011

  • CLO deferrable note impact examined

    While recent financial dislocation caused many rated US cashflow CLOs to defer interest on some subordinate notes, most have resumed making current interest payments, with much of the deferred interest being repaid in full, S&P says.

    The agency recently analysed interest payment information for 611 rated US cashflow CLOs between 2008 and 2010. "We chose this period because we believe .......

    News Round-up 4 February 2011

  • CLO rating process enhanced

    Fitch has enhanced its rating process for US CLOs by working more closely with its leveraged finance team to render credit opinions and recovery ratings on portfolio assets that are shadow rated. By increasing its coverage on the portfolio, the agency's CLO analysis will be less reliant on external ratings.

    "Augmenting our structural analysis with corporate credit opinions, which we .......

    News Round-up 2 February 2011

  • Permacap acquisition completed

    Greenwich Loan Income Fund (GLIF) has completed the acquisition of Asset Management Investment Co (see SCI 26 October). In addition, it has confirmed the admission of the enlarged group to the official list of the CISX. 11,333,610 new GLIF shares were admitted to trading on AIM at the same time.

    .......

    Job Swaps 1 February 2011

  • Euro CLO performance stabilising

    Fitch reports that the performance of European CLOs continues to stabilise. The triple-C exposure of the CLO portfolios has remained stable at 7.4% since October.

    All senior overcollateralisation (OC) tests are being passed with an average level of 135%, according to the agency. 11 transactions have equity and subordinated management fees shut-off, compared with 13 transactions in October.

    However, the .......

    News Round-up 28 January 2011

  • Transferred CLO renamed

    Intermediate Capital Managers has renamed Resource Europe CLO I as St Paul's CLO I, as of 13 January 2011. This follows the assignment and delegation by the original investment manager (Resource Europe) of all of its rights and responsibilities under the management agreement to ICM (SCI passim).

     

    .......

    Job Swaps 27 January 2011

  • Full-year securitisation league tables released

    SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets. The figures show that in December JP Morgan in Europe and Barclays Capital in the US held on to their top spots. The leaders participated in over €28bn and US$77bn worth of qualifying deals throughout 2010.

    The tables are intended .......

    News Round-up 24 January 2011
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