CLOs

  • Review shows limited use of CDO buckets

    A new report published by S&P indicates that most US collateral managers have not fully utilised the CDO buckets in their CLO transactions. The finding is based on a review of the agency's CDO collateral database.

    The report suggests that only 327 CLOs, representing 52% of the US CLOs rated by S&P, hold CDO notes in their collateral portfolios. Of .......

    News Round-up 29 September 2010

  • Primus divests CLO subsidiary

    Primus Guaranty is to sell CypressTree Investment Management, its third-party asset management subsidiary that it acquired in July 2009 (see SCI issue 145), to Commercial Industrial Finance Corp (CIFC). Terms of the transaction were not disclosed.

    CypressTree manages or sub-advises approximately US$2.8bn of high yield and leveraged loan assets in eight CLOs - Primus CLO I and II, and Hewett's .......

    Job Swaps 29 September 2010

  • German balance sheet CLOs stabilising

    The performance of 12 Fitch-rated German balance sheet CLOs appears to be stabilising. This trend, the agency notes, corresponds to the improving economic environment in Germany this year.

    Although Fitch has observed new defaults in almost all 12 transactions since the beginning of 2010, the extent of such deterioration has been moderate. Average new defaults have amounted to 0.4% of .......

    News Round-up 29 September 2010

  • Residual value

    Non-performing CLO equity in demand

    CLO equity is in demand: fund managers are recording substantial increases in equity valuations, while traders report that residuals of certain deals are pricing as high as 70c or 80c on the dollar. Investor attention is now being turned to non-performing equity in the anticipation that improving deal metrics will result in the resumption of cashflows for those assets.

    Non-performing .......

    News Analysis 24 March 2010

  • Illiquid solution

    Celestino Amore, md and founder of IlliquidX, answers SCI's questions

    Q: How and when did IlliquidX become involved in the structured credit market?
    A: IlliquidX is a financial services boutique providing innovative solutions to professional investors that include institutional, corporate and high net worth clients. We enable our clients to effectively price and trade illiquid securities, such as high yield and distressed debt, bankruptcy claims, NPLs, MBS, CLOs, CDOs and CSOs. .......

    Provider Profile 10 February 2010

  • Asian CLOs ramp up

    Deals in China, Malaysia and Singapore emerge

    

    CLO issuance across the Asia Pacific region is on the rise once more following a hiatus in recent months, with transactions in the works in China, Malaysia and Singapore.

    "All of a sudden, it seems everywhere you look across the region deals are being prepped. We are hearing about CLOs either in more unusual places - notably China and .......

    News 6 December 2006
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