CLOs

  • PRA and FCA confirm new UK securitisation rules

    Market updates and sector developments

    The Financial Conduct Authority’s (FCA) and Prudential Regulation Authority (PRA) have published policy statements on new securitisation rules. Alongside the UK Treasury’s draft statutory instrument on securitisation, which was published last week, the changes will come into force on 1 November and will replace EU securitisation regulations.

    The PRA’s statement was published alongside the Securitisation Instrument 2024 section of the PRA Rulebook.

    The .......

    Market Moves 2 May 2024

  • European CLO new issuance soars in Q1

    Primary new issuance reaches highest level since Russia's invasion of Ukraine

    European CLO primary new issuance has reached the highest level since the Russian invasion of Ukraine two years ago, which led to steep rises in inflation and central bank base rates. 

    The aggregate value of European deals reached €11.35bn in the first quarter of 2024, according to SCI data, the highest figure since the €12.97bn of new issuance .......

    News Analysis 30 April 2024

  • Rithm anchors captive CLO platform

    Market updates and sector developments

    Sculptor Capital Management has launched Sculptor Loan Financing Partners, the firm’s captive CLO equity investment platform, anchored by a commitment from Rithm Capital Corp. Sculptor Loan Financing Partners will manage investments in the equity tranches of Sculptor-managed CLOs in the US and Europe, and expands the firm’s institutional credit strategies business, which oversees approximately US$15bn in assets under management.

    Market Moves 19 April 2024

  • Job swaps weekly: A&O Shearman promotes two securitisation lawyers to partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees A&O Shearman announcing two new securitisation partners in its first wave of post-merger partner promotions, while an existing A&O partner leaves for Kirkland & Ellis. Elsewhere, Paul Hastings has lured two securitisation specialists from Weil Gotshal & Manges, while Campbells has added a partner in its Hong Kong practice.

    Allen .......

    Market Moves 12 April 2024

  • Real estate finance platform formed

    Market updates and sector developments

    Blue Owl Capital has launched a real estate finance strategy with the acquisition of Prima Capital Advisors for the aggregate consideration of US$170m. Jesse Hom, previously global head of real estate credit at GIC, will join Blue Owl to lead the newly created strategy as cio, reporting directly to Marc Zahr, co-president of Blue Owl and head of real .......

    Market Moves 11 April 2024

  • Blue Owl to form insurance solutions unit

    Market updates and sector developments

    Blue Owl Capital has entered into a definitive purchase agreement to acquire Kuvare Insurance Services (doing business as Kuvare Asset Management) (KAM) for US$750m. Separately, Blue Owl has made a long-term investment in Kuvare, purchasing US$250m of preferred equity. This investment is intended to create alignment between Blue Owl and Kuvare and provides growth capital to Kuvare’s insurance companies, each .......

    Market Moves 4 April 2024

  • AGL, Barclays ink cooperation agreement

    Market updates and sector developments

    AGL Credit Management and Barclays have launched a new private credit investment platform called AGL Private Credit (AGL PC). AGL PC combines AGL’s established credit competency with proprietary access to Barclays’ leading leveraged finance and investment banking origination capabilities through an exclusive long-term cooperation agreement.

    “Across our client base, there is a strong desire to work with a .......

    Market Moves 3 April 2024

  • EARN unveils 'strategic transformation'

    Market updates and sector developments

    The board of trustees of Ellington Residential Mortgage REIT (EARN) has unanimously approved a strategic transformation of its investment strategy to focus on corporate CLOs. The company intends to build upon its current US$44m CLO portfolio, with an emphasis on secondary CLO mezzanine debt and equity tranches.

    In connection with its strategic transformation, EARN has decided to revoke .......

    Market Moves 2 April 2024

  • Vintage matters

    Adam Castle, partner and portfolio manager at Lord Abbett, answers SCI's questions

    Q: When did Lord Abbett begin investing in securitised products? Was there a specific driver behind its decision to enter the market?
    A: Lord Abbett has been a multi-sector fixed income investor since the 1970s and we started investing in securitised products in the early 1990s, so the firm has a long history of evaluating opportunities in a wide range .......

    The Structured Credit Interview 14 March 2024

  • CLO strategic partnership inked

    Market updates and sector developments

    Global alternative asset manager Sagard has begun laying the groundwork to expand its presence in the US CLO market through a new strategic partnership with US CLO manager HalseyPoint. As part of this partnership, Sagard will acquire a 40% stake in the HalseyPoint CLO platform, which will now go by new co-branded platform name Sagard|HalseyPoint.

    Upon completion of the .......

    Market Moves 13 March 2024

  • Job swaps weekly: Allen & Overy lures five from Milbank

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Allen & Overy hiring five structured finance professionals from Milbank, including a new partner, ahead of its merger with Shearman & Sterling. Elsewhere, Howden CAP has appointed a new head of execution to its tax and contingent risks team, while Winston & Strawn has added a transactions partner to its New .......

    Market Moves 23 February 2024

  • SCI In Conversation Podcast: Ian Wolkoff, Pretium Partners

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Ian Wolkoff, structured credit and CLO liabilities md at Pretium Partners, about the CLO market’s outlook for 2024. Wolkoff discusses the types of loans that are likely to see default rates tick upwards; refinancing challenges; the high levels of issuance seen .......

    News Analysis 23 February 2024

  • CLO 'stress indicator' launched

    Market updates and sector developments

    KopenTech has launched a multifactor measure designed to enhance the monitoring of secondary CLO market conditions. Called the K-Indicator, the tool combines five key factors: the did-not-trade (DNT) rate; colour rate; same-day BWIC rate; triple-A average traded price level; and triple-A average price talk deviation from colour (PTDC). Derived from analysing CLO BWIC volumes and granular CUSIP-level pricing data, .......

    Market Moves 21 February 2024

  • Job swaps weekly: Interpath poaches four from EY

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Interpath Advisory hiring four senior professionals from EY, including a securitisation-focused md. Elsewhere, Sumitomo Mitsui Banking Corporation (SMBC) has hired a new md and deputy head of Asia Pacific to oversee structured lending and private wealth, while Natixis has appointed a Paris-based global head of securitised product trading and expanded its real .......

    Market Moves 9 February 2024

  • Break in the clouds

    2024 investment opportunities eyed across Europe

    With brighter skies forecast for 2024 as some normalcy returns to the European economy, several interesting pockets of investment opportunities are opening up in the structured finance market. Indeed, the outlook for European ABS in the year ahead is markedly more hopeful than 12 months ago – with interesting opportunities for investors in the French, Italian and UK structured .......

    News Analysis 8 February 2024

  • Structured finance in private capital's pivot to hybrid fundraising

    Growth in CFOs and RNFs driven by ongoing demand from regulated investors

    Hybrid products including rated note feeders (RNF) and collateralised fund obligations (CFO) are growing in prominence, as private capital fund managers look to increasingly tap into demand from insurance investors. But uncertainty remains as to whether such instruments will ultimately be treated as securitisations by insurance regulators in the medium and long term.

    In a report released in .......

    News Analysis 6 February 2024

  • TCW launches ABF business

    Market updates and sector developments

    The TCW Group has launched a dedicated asset-backed finance (ABF) business that will be anchored with over US$1bn in capital commitments from TCW, partners and affiliates. Dylan Ross has joined the firm as md and portfolio manager to lead the asset-backed finance investment efforts.

    Ross brings to TCW almost 20 years of experience in alternative credit investing with .......

    Market Moves 26 January 2024

  • Job swaps weekly: Permira Credit promotes pair to lead expansion

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees Permira Credit appoint two new co-heads to lead the firm’s expansion. Elsewhere, Hildene Capital Management has snapped up a Jefferies executive as head of capital markets, while Axonic Capital has promoted its head of credit to the newly created role of co-cio. 

    David Hirschmann and Ariadna Stefanescu have been appointed .......

    Market Moves 19 January 2024

  • SCI In Conversation podcast: Andrew South and Alastair Bigley, S&P Global Ratings

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI's deputy editor Kenny Wastell speaks to S&P Global Ratings’ md and head of EMEA structured finance research Andrew South and Alastair Bigley, md and sector lead for European RMBS, about the year ahead. The ratings agency recently published its European Structured Finance Outlook for 2024, forecasting that issuance in Europe could .......

    News Analysis 16 January 2024

  • Reaching for the Starz

    Future of European CRE CLO market contemplated

    Despite no new issuance since Starz Realty Capital’s debut in 2021 (SCI 9 December 2021), the underlying message from those closest to the European CRE CLO market is simple: it’s better than the headlines are making it seem. With just one public deal closed in Europe thus far, CRE CLOs still stand up as a strong funding tool .......

    Talking Point 8 January 2024

  • Performance-related triggers RTS adopted

    Market updates and sector developments

    The European Commission has released a Commission Delegated Regulation supplementing the Securitisation Regulation with regard to regulatory technical standards (RTS) specifying performance-related triggers and the criteria for the calibration of those triggers in STS synthetic securitisations. The RTS specify the two mandatory triggers under point (a) of Article 26c(5) of the Securitisation Regulation, set out the additional mandatory backward-looking .......

    Market Moves 18 December 2023
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