CLOs

  • Sullivan names new partner

    Sullivan & Cromwell has elected six new partners, including Ari Blaut. His corporate practice provides a particular focus on leveraged finance and acquisition finance transactions involving syndicated institutional loans, asset-based loans and issuances of secured and unsecured high yield debt securities. Blaut also regularly acts in direct lending and distressed lending transactions.

    .......

    Job Swaps 17 November 2015

  • Euro secondary still slow

    It has been a typically slow start to the week in the European securitisation secondary market.

    "Yesterday was a typical Monday - a little bit slow going," says one trader. "There wasn't much on BWIC either, though the action around the two CHAPE bonds was interesting and they covered at 15 and 32."

    At the same time, the trader says: .......

    SCIWire 17 November 2015

  • US CLO surge

    The US CLO secondary market is seeing a surge in BWIC volume today.

    "It's unusually busy for a Monday," says one trader. "Certainly in terms of the number of sellers, if not the total volume being traded."

    The trader continues: "Activity has increased following the market going wider across the capital stack last week. The biggest moves were in the .......

    SCIWire 16 November 2015

  • Law firm adds CLO pro

    Ashurst has appointed Lawrence Berkovich as a partner in its US CLO team. He joins from Mayer Brown and specialises in complex structured finance transactions.

    Berkovich has a particular focus on broadly syndicated and middle-market CLOs, first mortgage and mezzanine CRE loan securitisations and rated and unrated leveraged loan and CRE loan warehouse facilities. He also has extensive experience with .......

    Job Swaps 16 November 2015

  • Euro secondary solid

    The European securitisation secondary market remained solid into last week's close.

    Reasonable flows across the board on Friday once again evidenced the slow rise in secondary liquidity and spreads remained stable. Activity was once again strongest in UK non-conforming and Dutch prime. UK prime was relatively quiet following the news on Granite and Portuguese paper continues to suffer from political concerns.

    SCIWire 16 November 2015

  • Israeli securitisation plan set out

    A joint report has been published by a number of Israeli government organisations which calls for the promotion of securitisation in Israel, albeit in a 'cautious' and 'measured fashion'. It concentrates on obstacles in areas such as taxation, regulation and accounting, and cites various recommendations to remove them.

    The report was released by the Bank of Israel, the Israel Securities Authority, .......

    News Round-up 13 November 2015

  • Euro CLOs stymied

    New issue activity is pulling focus away from the European CLO secondary market.

    "There's not much happening in secondary - we've only done a handful of trades this week," says one trader. "It's all about primary at the moment as we're in one of those windows in which new issues can price most easily and that's taking the focus away .......

    SCIWire 13 November 2015

  • CLO credit quality drops

    In contrast to their European counterparts, the credit quality of US CLOs slipped during 3Q15, says Moody's. The agency believes the drop was due largely to woes among energy-sector corporate issuers.

    This is evident in the higher proportions of both collateral on review for downgrade and low-rated CLO assets. In addition, recovery rate expectations for US CLO collateral - particularly CLO 2.0s .......

    News Round-up 13 November 2015

  • DMS names SF chief

    DMS Offshore Investment Services has appointed Murray McGregor as global head of structured finance. He brings over 15 years of structured finance and asset finance experience and will also serve DMS as an independent director on the boards of structured finance vehicles, other special purpose entities and hedge funds.

    McGregor was previously structured finance and asset finance md at Citco .......

    Job Swaps 13 November 2015

  • Public ratings up credit quality

    The substantial increase in the share of publicly rated collateral from rated pre-crisis European CLOs to their post-crisis counterparts is credit positive, reports Moody's. European CLO 2.0s have a 75% share in publicly rated collateral, in contrast to less than 25% in CLO 1.0s.

    "For the high yield market issuers that make up CLO 2.0 portfolios, we have observed that a high share of companies .......

    News Round-up 12 November 2015

  • Amicus builds commercial group

    Amicus Finance is launching a commercial finance business dedicated to serving the small business and professional services communities. Amicus Commercial Finance will be led by John Wilde and David Hogg.

    Wilde and Hogg previously founded SME Invoice Finance, which was sold to Metro Bank two years ago. Amicus Commercial Finance aims to begin operating in January 2016 and will provide .......

    Job Swaps 12 November 2015

  • Credit assessment standards proposed

    The EBA, EIOPA and ESMA have jointly published two draft implementing technical standards (ITS) on credit assessments by external credit assessment institutions (ECAIs). The standards are intended to ensure sound credit assessments and thus contribute to financial stability in the EU.

    The standards are part of the EU Single Rulebook for banking and insurance. The supervisory bodies aim to ensure .......

    News Round-up 12 November 2015

  • Euro secondary slow

    As expected, yesterday was a slow day in the European securitisation secondary market and today has begun quietly.

    With the US and parts of Europe out yesterday liquidity thinned further across the secondary market and only patchy trading was seen. Nevertheless, tone remains broadly constructive and spreads were unchanged to slightly tighter into the close.

    Appetite for selected names across .......

    SCIWire 12 November 2015

  • Insurer capital 'credit positive'

    Moody's suggests that Conning's acquisition of Octagon Credit Investors (SCI 6 November) is credit positive for Octagon CLOs because Conning's financial support will help keep Octagon's CLO platform stable after US risk-retention rules go into effect in December 2016. The agency says that the purchase shows insurance companies can be a key provider of capital to enable manager compliance with .......

    News Round-up 11 November 2015

  • New moniker for investment manager

    Pramerica Investment Management will change its name to PGIM from 4 January 2016. It is also launching PGIM Funds, a UCITS platform serving the UK and Europe.

    The firm's name-change coincides with the expansion of the business around the world and reflects its position as one of the world's largest asset managers, says the firm. Pramerica's businesses operate in 16 .......

    Job Swaps 11 November 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday saw another stable if sluggish day across secondary flows. BWICs took the lead and most lists saw reasonable execution.

    Fast and real money continue to look to add in the UK non-conforming space both on- and off-BWIC, though spreads across the sector remain broadly unchanged to very slightly tighter. Prime assets .......

    SCIWire 11 November 2015

  • US CLOs challenged

    The US CLO secondary market continues to face challenges.

    "There's not much going on in secondary today apart from a handful of BWICs," says one trader. "People are taking advantage of tomorrow's bond market holiday to step out of what continues to be a challenging environment."

    The trader continues: "It's been pretty tough to get trades done as external factors .......

    SCIWire 10 November 2015

  • CLOs feeling commodity impact

    CLO performance is feeling an adverse effect from the ongoing struggles in the commodities sector, according to Fitch's latest index results for the sector. The number of CLOs reporting defaults more than doubled in 3Q15 to 41 from 19 in the previous quarter.

    Fitch believes that the ongoing stress in commodities will lead to an increase in CLO exposure to distressed .......

    News Round-up 10 November 2015

  • Euro secondary stays positive

    Market tone remains broadly positive in the European securitisation secondary market.

    "Tone remains pretty good despite a weaker day yesterday in broader credit markets," says one trader. "Overall, secondary spreads aren't gapping in but continue to grind tighter in many sectors."

    The trader continues: "We saw quite a bit of activity in UK non-conforming yesterday and senior buy-to-let in particular .......

    SCIWire 10 November 2015

  • US CLOs ticking along

    The US CLO secondary market activity looks set to continue to follow its recent pattern.

    "It was a little bit busier last week, but activity continues to be no more than light to moderate and I expect this week to be the same," says one trader. "In terms of spreads, there's no obvious catalyst to move us out of the .......

    SCIWire 9 November 2015

  • Purpose test amendments adopted

    The retention undertaking letters for Castle Park CLO, Orwell Park CLO, Dartry Park CLO, Phoenix Park CLO and Sorrento Park CLO have been amended to include two further representations made by their manager GSO/Blackstone, which aim to comply with the 'purpose test', as envisaged under the European Commission's Capital Requirements Regulation proposals (SCI 2 October). The amendments state that the .......

    News Round-up 9 November 2015
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