CLOs

  • Virtus expands European arm

    Virtus Partners has made three senior hires as it expands its European activities. Dean Fletcher is hired as chief strategy officer, Dermot Caden as head of European Regulated Fund Administration and Jennifer Nolan as senior director of its Dublin arm.

    Nolan has over 15 years' industry experience, having previously worked at BNY Mellon Corporate Trust for nine years. She has .......

    Job Swaps 19 September 2016

  • Software firm acquires GFS

    SS&C Technologies has acquired Wells Fargo Global Fund Services (GFS), adding 250 employees to its business. They will serve over 130 global fund relationships and help build on the administrator's ability to handle complex asset classes.

    Both firms hope to benefit from the deal with SS&C gaining from GFS' fund administration expertise, which includes a wide range of complex strategies .......

    Job Swaps 16 September 2016

  • US CLOs easing up

    The US CLO secondary market rally is easing up ahead of next week's ABS East Conference, but activity still remains solid.

    "There's been around a 5bp tightening in the last few sessions in the triple-As to single-As, but it's slowed up a little with the Bs," says one trader. "Good names in double-Bs are hitting in and around the low .......

    SCIWire 15 September 2016

  • Euro CLOs stay active

    The European CLO secondary market is continuing to see healthy levels of activity.

    "There's been lots of secondary supply over the past week and we've seen some aggressive two-way trading in both 1.0s and 2.0s," says one trader. "However, 2.0 levels are still pretty much unchanged, though double-Bs have moved a little tighter despite the recent weakness in rates and .......

    SCIWire 15 September 2016

  • CLO UCITS fund debuts

    Fair Oaks Capital has launched the first UCITS fund to offer global access to senior secured corporate loans through investments in CLOs. The Fair Oaks Dynamic Credit Fund is actively managed, with a strong emphasis on bottom-up fundamental credit analysis.

    The fund primarily seeks exposure to investment grade rated CLO securities on a long-only basis, with no leverage used at .......

    News Round-up 14 September 2016

  • US CLOs keep busy

    The US CLO secondary market is continuing to see a healthy amount of lists in the lead up to the ABS East conference next week.

    "We're seeing a lot of volume today, which includes a large equity-dominated BWIC," says one trader. "I wouldn't expect everything to trade, but there are some interesting pieces in there that will likely go."

    Meanwhile .......

    SCIWire 13 September 2016

  • Chinese issuance gains momentum

    China's structured finance market will continue expanding in both scope and scale, with increased asset class diversification, says Fitch. A total of CNY193.4bn of Chinese structured finance transactions were issued in 2Q16, representing a 96% year-over-year increase.

    In its latest quarterly publication on Chinese structured finance, the rating agency says the increase in issuance was principally driven by 242% growth .......

    News Round-up 13 September 2016

  • Euro secondary unmoved

    The European securitisation secondary markets have been unmoved by recent broader market volatility.

    Tone continues to be positive across the board and secondary spreads were generally insulated from last week's wider market sell-off. Whereas, boosted by the stronger macro sentiment seen yesterday afternoon widespread tightening looked set to resume at this morning's open.

    Shortage of primary supply continues to be the .......

    SCIWire 13 September 2016

  • CIFC pair jump ship

    MidOcean Partners has hired Spencer Potts and Ruth Lane from CIFC, with the former coming in as head of business development and the latter as head of investor relations. They join following the recent announcement that FAB Group is set to acquire CIFC for approximately US$333m (SCI 23 August).

    Prior to joining MidOcean, Potts was head of business development at .......

    Job Swaps 9 September 2016

  • US CLOs still tightening

    The US CLO secondary market is continuing its summer surge into September.

    "The key theme is that spreads are continuing to tighten, particularly in the senior territory," says one trader. "Double-As and triple-As are trading either close to or above par. There is also a triple-A BWIC today that includes some decent names and should perform similarly."

    Meanwhile, the spread .......

    SCIWire 8 September 2016

  • Euro CLO rally continues

    The widespread tightening in the European CLO secondary market is continuing.

    "We saw the rally accelerating in the second half of August and that's kept going in September so far," says one trader. "Tightening hasn't been the usual summer result of just a handful of trades - there were a lot of flow trades in August and that's carried on .......

    SCIWire 8 September 2016

  • CLO expert joins Dentons

    Dentons has recruited Martin Sharkey as a partner to its banking and finance practice in London. He joins from Clifford Chance, where he led its European CLO practice, which included advising on ABS products, portfolio sales and structured finance transactions. Sharkey's clients include banks, global investment management firms, asset managers, financial institutions, private equity firms and insurance companies.

    .......

    Job Swaps 6 September 2016

  • Euro secondary stays positive

    The positive tone continues across the European securitisation secondary market.

    Although the US public holiday has hampered activity so far this month, secondary spreads across European ABS/MBS and CLOs have continued to edge in since 1 September. UK non-conforming paper continues to lead the way boosted by the dearth of primary supply and the upcoming Aire Valley refinancing, combined with the .......

    SCIWire 6 September 2016

  • BlueBay adds senior analyst

    BlueBay Asset Management has hired Marcus Maier-King as a senior credit analyst. In this role, he will leverage his experience in direct investment, mid-market financing, mezzanine, and CLO investments and restructuring. He joins BlueBay from European Capital Financial Services, where he was an investment director.

    .......

    Job Swaps 5 September 2016

  • Retention relief granted

    The US SEC last week provided Sancus Capital Management with a no-action letter in connection with an 'applicable margin reset' (AMR) procedure featuring in its proposed forthcoming CLO. The Commission stated that certain AMR procedures, as described by Sancus, would not constitute an "offer and sale of ABS by an issuing entity" within the meaning of Regulation RR (17 CFR .......

    News Round-up 5 September 2016

  • CLO pay-downs slow

    CLO pay-downs in JPMorgan's CLO index (CLOIE) dropped since the July rebalance through 31 August to US$5.36bn, after a dramatic rise the previous month. This was split between US$3.94bn and US$1.43bn of pre-crisis and post-crisis CLOs.

    The post-crisis CLOs added US$5.5bn with 75 tranches from 15 deals at the July rebalance. Meanwhile, the pre-crisis index returned 1.15%, outperforming its post-crisis .......

    News Round-up 2 September 2016

  • Triple crown

    Rising rates spur CLO resets, equity squeeze

    Rising interest rates are having a three-pronged effect on the US CLO market. Not only are step-up coupons increasingly being refinanced, but CLO debt holders are also benefitting from wider spreads, while CLO equity holders are being squeezed by Libor floors.

    CLO 2.0s structured with triple-A note interest rates that step up over time account for ten of the 13 .......

    News Analysis 2 September 2016

  • Ashurst trio poached

    Paul Hastings has recruited a trio of structured finance partners - Michael Smith, Diala Minott and Cameron Saylor - from Ashurst in London.

    Smith focuses on structured finance, securitisation, capital markets, credit funds and derivatives. He has been involved in the structured finance market for over 20 years and has had a key role in the development of several financial .......

    Job Swaps 2 September 2016

  • US CLOs power on

    The US CLO secondary market powered on through August while most other securitisation sectors experienced something of a summer lull.

    The patterns of activity seen at the start of the month continued through to its close with the CLO rally keeping its momentum amid fairly stable broader markets and sellers still able to find buyers despite high secondary supply volumes. .......

    SCIWire 1 September 2016

  • August boost as CLO activity drops

    Secondary CLO activity in 2016 so far is down on 2015 in both TRACE reported volume and BWICs. However, the traditional summer slowdown trend has been bucked, with JPMorgan CLO analysts noting significant activity in August.

    Along with January and November, August has consistently been a quiet month for secondary trading since 2012. In fact, since 2013 it has been .......

    News 1 September 2016

  • Euro secondary stable

    The European securitisation secondary market remained stable throughout August and that looks unlikely to change in the run up to the US holiday on Monday.

    For the most part 2016 followed a traditional pattern in August across ABS/MBS - liquidity was thin and activity was patchy, with BWICs few and far between. UK non-conforming/buy-to-let paper saw the most demand, which .......

    SCIWire 1 September 2016
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