CLOs

  • CLO secondary trading slows

    Primary CLO issuance is booming, although secondary market activity has dipped this year. The glut of refinancings seen earlier in the year appears to have played a significant part in this.

    In the primary market, almost US$12bn of US CLOs was issued in the first three weeks of August, enough to make the month the second busiest of the year. .......

    News 31 August 2017

  • Job swaps round-up - 25 August

    EMEA

    Fitch has appointed Marjan van der Weijden as global group head of structured finance and covered bonds, based in London. She has been with Fitch for 18 years and most recently served as head of EMEA structured finance since 2010. The agency has also appointed Kevin Duignan as global group head for financial institutions, based in New York. He .......

    Job Swaps 25 August 2017

  • Debut CRE CLO closed

    Hunt Mortgage Group has closed its inaugural US$349.3m CRE CLO, dubbed Hunt CRE 2017-FL1. The transaction is backed by 23 floating-rate mortgages secured by 36 transitional properties, with plans to stabilise and improve the asset value.

    Hunt's first CLO follows the recruitment of several staff with extensive securitisation expertise. This effort began nearly two years ago, with the hire of .......

    News 24 August 2017

  • Job swaps round-up - 18 August

    North America

    Redwood Trust has appointed Dashiell Robinson to the newly formed position of evp, overseeing the firm's financial and portfolio investment functions, as well as working with its ceo Marty Hughes and president Chris Abate in advancing its long-term business strategies. Robinson will begin at the firm in October, reporting to Abate, having previously served as head of mortgage .......

    Job Swaps 18 August 2017

  • CLO yen repacks prepped

    Three CLOs are being repackaged to issue the senior notes in Japanese yen, rather than US dollars, as the market prepares for the first repacks of resets. Repackaged CLO Series KK-2 will issue ¥25.172bn, Repackaged CLO Series KK-3 will issue ¥29.37bn and Repackaged CLO Series KK-4 will issue ¥27.72bn.

    The ¥25.172bn A notes of Repackaged CLO Series KK-2 have been formed by .......

    News 16 August 2017

  • Job swaps round-up - 11 August

    North America

    John DiRocco has joined CIFC as coo, overseeing non-investment functions, as well as the expansion of the firm's investment product offerings in the US and internationally. DiRocco previously served as coo and a founding member of Reef Road Capital, and before that was at Citadel Investment Group and Paloma Partners. He will be based in New York and ......

    Job Swaps 11 August 2017

    Premium Content

  • Innovative CRE CLO marketing

    Bancorp Bank is marketing a US$314.4m static commercial real estate CLO, backed by 24 floating-rate commercial mortgage loans secured by 31 properties. The transaction, dubbed Bancorp 2017-CRE 2, is structured as a REMIC trust and features several innovations, including not permitting a ramp-up or the acquisition/reinvestment of assets post-closing. The sponsor is also expected to sell the risk retention-compliant first-loss .......

    News 11 August 2017

  • Peripheral ABS playing catch-up

    Structured finance issuance in the European core has held up well over the summer, with spreads continuing to grind tighter. Although peripheral ABS spreads remain wide of the core, the periphery appears to be catching up.

    "Spreads throughout Europe - in both the core and periphery - have been going in the same direction for a while now, albeit at .......

    News Analysis 4 August 2017

  • Job swaps round-up - 4 August

    North America

    Hunton & Williams has promoted a pair of litigation lawyers with securitisation experience to counsel, based in New York. Michael Kruse focuses his practice on complex commercial litigation relating to financial services and structured finance. Robert Rich focuses primarily on representing corporate debtors, secured and unsecured creditors, indenture and securitisation trustees, lessors and other parties in interest in .......

    Job Swaps 4 August 2017

  • Reinsurance firm taps CLO market

    Nassau Re has priced an inaugural US$438m CLO. Dubbed Nassau 2017-I, the transaction is a broadly syndicated CLO managed by NCC CLO Manager, a wholly-owned subsidiary of Nassau Re affiliate Nassau Corporate Credit.

    Rated by Fitch and S&P, the transaction comprises US$231.3m AAA/AAA rated class A1A notes (which priced at three-month Libor plus 132bp), US$30m AAA/AAA A1Bs (3.28%), US$59.5m NR/AA .......

    News 1 August 2017

  • Libor gives CLOs pause

    UK FCA ceo Andrew Bailey last week suggested that financial markets should transition away from Libor benchmarks to transactional-based reference rates by end-2021. His speech caught the attention of the CLO industry in particular, given Libor's central role as a reference rate to calculate interest income on debt tranches, as well as on the majority of underlying loan collateral.

    "The .......

    News 31 July 2017

  • Job swaps round-up - 28 July

    North America

    Ashurst is cutting its CLO practice because it sees it as "less relevant" to its global structured finance practice. It says "it will not be replacing the CLO team," many of whom have moved to Chapman and Cutler. The five partners joining Chapman and Cutler are Pat Quill, David Nirenberg, Steve Kopp, Doug Bird and Tom Glushko.

    Hunt .......

    Job Swaps 28 July 2017

  • US CLOs on the up

    Activity in the US CLO secondary market is currently on the increase after a quiet July.

    "It's been pretty slow for the last few weeks, but it has picked up a bit this week," says one trader. "Overall, the secondary market is very strong and is now trading through primary."

    The trader continues: "The relative lack of new issuance is .......

    SCIWire 27 July 2017

  • Euro secondary staves off summer

    The European securitisation secondary market has not yet quite shutdown for summer with a pick-up in activity seen yesterday.

    For the first time in a while more than minimal secondary activity was seen across ABS/MBS sectors yesterday. A mixture of the slowing primary market and final pre-August positioning drove increased trading from both investors and the Street.

    The session saw a flurry .......

    SCIWire 27 July 2017

  • Job swaps round-up - 21 July

    Acquisitions

    BGC Partners     has acquired commercial real estate finance company Berkeley Point Financial for US$875m, subject to certain adjustments at closing. Berkeley Point focuses on the origination and sale of multifamily and other CRE loans through government-sponsored and government-funded loan programmes, as well as the servicing of CRE loans, including those it originates. The company is set to become part of .......

    Job Swaps 21 July 2017

  • Euro CLOs carry on

    The European CLO secondary market is carrying on in the face of the earlier than usual secondary market summer slowdown across other securitisation asset classes either side of the Atlantic.

    "Overall things are ticking along and given it's the summer we're still doing decent volumes this month so far," says one trader. "However, the market remains dominated by primary in .......

    SCIWire 20 July 2017

  • 'Brighter year' for securitisation recruitment

    The structured finance industry has seen one of its best years in terms of hiring since the financial crisis, according to recruiters. While ABS was the standout sector for recruitment in the US in 1H17, CLO hiring activity continued to be strong in Europe.

    One headhunter believes that 2017 has been particularly buoyant for the UK and Europe. "In various .......

    News Analysis 19 July 2017

  • Expensive valuations concern CLO investors

    The biggest concern for the CLO market is expensive valuations, according to the latest quarterly survey by JPMorgan. Over half of survey respondents identified expensive valuations as a key concern.

    Conversations with JPMorgan clients suggest there is still value in the CLO trade for the carry, but CLOs are not expected to tighten meaningfully in the near term. New issue .......

    News 18 July 2017

  • Job swaps round-up - 14 July

    North America

    Mortgage Capital Trading has hired Bill Berliner to the newly created role of director of analytics. He was previously mortgage community manager at Thomson Reuters.

    BlueMountain Capital Management has hired Lee Kempler as coo for investments. He was previously md at Blackrock.

    FS Investments has hired Michael Carter as evp, head of strategy. He will be based in .......

    Job Swaps 14 July 2017

  • Demand drives Euro CLO portfolio loosening

    With demand for high-yielding assets outstripping supply, more European CLOs are being issued with atypical, looser portfolios. While investors may be taking on greater risk as a result, spreads are not reflecting this, leaving some wondering whether the compensation is adequate.

    Neil Desai, portfolio manager at Highland Capital, says he has seen several European CLOs that have pushed the envelope .......

    News Analysis 14 July 2017

  • Job swaps round-up - 7 July

    North America

    Mayer Brown has hired Jay Kallas as counsel in its Chicago office, focusing on structured insurance and reinsurance transactions. He was previously counsel at Drinker Biddle & Reath.

    Cadwalader has hired Peter Morreale as partner in the capital markets team in the Washington, DC office. He was previously at Goldman Sachs, where he was md and associate general .......

    Job Swaps 7 July 2017
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