CLOs

  • Job swaps round-up - 24 November

    EMEA

    Alvin Wong has been hired as director at United Overseas Bank (UOB). Previously he was svp at DBS bank where he was involved in structured finance and securitisation transactions.

    North America

    Ally Financial has hired Josh Wilsusen as md for public policy and government affairs. Wilsusen was previously at Morgan Stanley where he was executive director of government relations and .......

    Job Swaps 24 November 2017

  • CLO managers 'can benefit' from 2018 volatility

    Increasing corporate sector volatility will test European CLO managers next year, believe structured finance analysts at Bank of America Merrill Lynch. While the recent price volatility in major CLO exposures seen across Europe is set to continue, managers who can rise to the challenge will be able to really set themselves apart.

    European CLOs have been exposed to volatility in .......

    News 23 November 2017

  • Mixed portfolio SRT printed

    NatWest has originated a capital relief trade dubbed Nightingale Securities 2017-1. Unusually, the £390.2m CLN references a mixed portfolio of asset classes. It is also the first DBRS-rated synthetic securitisation for the RBS Group.

    The synthetic securitisation, structured in the form of a financial guarantee (SCI 18 April), was priced in the typical 9%-12% range for these trades. It features .......

    News Analysis 21 November 2017

  • CLO with euro, dollar seniors prices

    Black Diamond Capital Management last week priced a CLO with both euro-denominated and US dollar-denominated notes. The senior notes of Black Diamond 2017-2 have been rated triple-A by S&P.

    The €142m A1 notes and US$55.8m A2 notes priced at plus 0.86% and plus 1.3%. Both classes of notes were rated triple-A by S&P, as were the €30m A3 notes and .......

    News 17 November 2017

  • Middle market boost?

    Two significant trends are emerging in middle market CLOs that are expected to boost diversity across the sector. However, it remains unclear whether these developments will ultimately translate into increased volumes.

    According to DBRS md and head of structured credit Jerry van Koolbergen, one trend is the emergence of US insurance company interest in the space and the other is .......

    News Analysis 15 November 2017

  • Job swaps round-up - 10 November

    EMEA

    Ares Management has hired Rory McHugh as md. McHugh was previously md, head of alternative finance, specialist lenders and fintech at RBS. Prior to that he was head of structured finance derivatives and automated treasury solutions also at RBS.

    Scope has founded Scope Investor Services to support institutional investors in the selection of fund managers and investment vehicles across .......

    Job Swaps 10 November 2017

  • Manager BWIC activity highlighted

    A new JPMorgan study sheds light on the relationship between BWIC activity by US CLO manager versus AUM. The analysis suggests that managers with higher outstandings tend to see higher BWIC volumes on a notional basis.

    The JPMorgan study includes all post-crisis issued US CLO BWIC data from 2012-2017, as of 29 September. US$72.66bn in aggregated BWIC volume was recorded .......

    News 7 November 2017

  • Equity-friendly features on the rise

    Demand for CLO paper and an unintended consequence of risk retention rules have led to a rise of equity-friendly features in US CLO indentures, according to Fitch. The agency suggests that the trend also reflects the growing influence of CLO equity investors as CLO debt becomes more broadly distributed.

    "Compliance with risk retention rules has stimulated CLO asset managers either .......

    News 6 November 2017

  • Job swaps round-up - 3 November

    EMEA

    The Carlyle Group is set to reorganise its executive leadership, effective from 1 January 2018. Deputy cio Kewsong Lee and president/coo Glenn Youngkin will replace David Rubenstein and William Conway as co-ceos of the firm, while deputy cio Peter Clare will become co-cio alongside current cio Conway, with the trio also joining the board of directors. Rubenstein and Conway .......

    Job Swaps 3 November 2017

  • Secured warehouse use broadens

    Be-Spoke Loan Funding (SCI 3 October), a direct lending warehouse facility set up as a cashflow securitisation, exemplifies one of the ways in which secured warehouse financing continues to evolve. While the sector has already demonstrated adaptability, rising interest rates could pose a significant challenge.

    Warehouse funding is mainly used as either an acquisition bridge facility, a private facility for .......

    News Analysis 1 November 2017

  • US CLO stand-off

    The US CLO secondary market is caught in a supply-demand stand-off.

    "The secondary market has effectively reached stalemate," says one trader. "Levels are such that for many buyers prices are too high, but holders aren't seeing enough value or alternatives to warrant selling, so it has been very quiet over the past few weeks."

    The trader continues: "That said, the .......

    SCIWire 31 October 2017

  • Euro secondary strengthens

    Levels continue to strengthen across the European securitisation secondary market.

    October has been another month of more of the same and November looks unlikely to differ in the short term as technicals still hold sway and volumes remain relatively light. Demand continues to outstrip supply with holders unwilling to release seemingly ever-improving paper and other participants, especially dealers, very keen .......

    SCIWire 31 October 2017

  • Job swaps round-up - 27 October

    Australia

    RMS has hired Pierre Wiart as md to its Sydney office, working on client relationships and market development. He was previously principal at Convergence Partners in Sydney.

    EMEA

    Goldman Sachs has hired Alex Snow as md to its structured finance division. He was also previously md at RBS in structured finance.

    North America

    Axis Capital has hired Brad Livingstone .......

    Job Swaps 27 October 2017

  • Fresh yen repack prepped

    Another CLO is being repackaged to issue the senior notes in Japanese yen rather than US dollars. There were three repacks in August arranged by Mitsubishi UFJ Morgan Stanley Securities (SCI 16 August 2017).

    The repackaging effectively converts the repack portion of the Fortress class A notes into Japanese yen-denominated securities from US dollar-denominated securities. The expected closing date is .......

    News 25 October 2017

  • Libor replacement a "steep challenge"

    A transition to a replacement reference rate away from Libor by 2021 will be a "steep challenge" within structured finance documentation, according to S&P. The rating agency says the ultimate impact will depend on a number of factors, including whether current IBORs will be maintained for existing transactions until final maturity or whether existing transactions need to shift benchmarks.

    There .......

    News 24 October 2017

  • ABS rating effect explored

    Rating changes can have a significant impact on an ABS bond's price and value. While investors are less reliant on ratings than they were before the financial crisis, rating agencies continue to play a significant role in bond pricing.

    An analysis by TwentyFour Asset Management of the 10-year Portugal sovereign bond reveals that larger rating changes correlate to larger spread .......

    News 24 October 2017

  • ESNs 'not needed yet'

    European Structured Notes (ESNs) have been on the radar for some time and a recent Moody's analysis praises their potential to offer an additional funding tool to banks. However, it remains far from clear that the banks themselves are pushing for this new type of collateralised bond to be introduced.

    In response to the European Commission's call to find new ways .......

    News Analysis 23 October 2017

  • Job swaps round-up - 20 October

    Australia

    Baker McKenzie has recruited Duncan McGrath as a partner in its corporate group in Sydney. McGrath was previously a partner at Gilbert + Tobin, where he established and headed the firm's DCM and securitisation practice. His experience includes leveraged and general finance, peer-to-peer lending, insolvency and restructuring, blockchain and smart contracts.

    EMEA

    Orchard Global Asset Management has hired Shawn .......

    Job Swaps 20 October 2017

  • Interest growing in infrastructure

    Deutsche Asset Management subsidiary RREEF America has closed a US$431.3m managed project finance CDO, dubbed RIN. While the deal may signal growing investor interest in infrastructure and project finance debt, lack of homogeneity could hamper the growth of the asset class.

    Moody's has rated the transaction's US$262m class A notes (which priced at three-month Libor plus 150bp) Aaa, US$49.6m class .......

    News Analysis 20 October 2017

  • Swap downgrades 'justified, necessary'

    Fitch downgraded Deutsche Bank's ratings last month, stating that the bank is no longer a suitable counterparty for top rated securitisations. While the downgrade was prompted by issues relating to that bank specifically, other bank downgrades could - and, it is argued, should - follow.

    Deutsche Bank's long-term issuer default rating (IDR) was downgraded from single-A minus to triple-B plus .......

    News Analysis 20 October 2017

  • Job swaps round-up - 13 October

    Acquisition

    Navient has entered into an agreement to acquire online student lender Earnest for US$155m in cash. Earnest will continue to operate under its current brand and be led by its current management team. Navient has suspended its remaining share repurchase programme through year-end 2018 to allocate capital towards growing its education lending business and building book value. Closing of .......

    Job Swaps 13 October 2017
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