CLOs

  • 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

  • AIMCO equity acquired

    Fair Oaks Income Fund has entered into binding contracts to acquire, in the primary market, US$25m notional of AIMCO CLO Series 2015-A equity notes. The investment represents 78% of the transaction's total equity.

    The manager of the CLO is Allstate subsidiary AIMCO. The deal's current target portfolio has a principal value of US$500m across an expected 200 unique bank loan .......

    Job Swaps 9 November 2015

  • Euro secondary quiet

    The European securitisation secondary market closed last week quietly and looks set to start today in the same vein.

    Secondary volumes dropped again on Friday as the primary market drew investor attention and secondary spreads for the most part were unchanged despite continued broader market positivity. A few sectors did however see some uptick in prices - notably CMBS and .......

    SCIWire 9 November 2015

  • Volcker compliance sought

    Separate meetings of St Paul's CLO IV noteholders have been convened for 26 November to consider and, if thought fit, pass an extraordinary resolution. The issuer wishes to amend the investment management agreement (IMA) to comply with the Volcker Rule.

    The proposed amendments will provide noteholders with the option to hold notes with different voting rights in respect of resolutions .......

    News Round-up 6 November 2015

  • CLO-driven offering closes

    CIFC Asset Management has closed an offering of US$40m in aggregate principal of unsecured senior notes. Proceeds from the offering will be used by the firm, together with short-term investments and cash currently on its balance sheet, to comply with future CLO risk retention obligations.

    The notes will pay interest semi-annually at a rate of 8.5% per annum and will .......

    News Round-up 6 November 2015

  • CLO manager acquired

    Conning has agreed to acquire CLO and high yield bond specialist Octagon Credit Investors, taking over management of its US$12bn in assets. Andy Gordon will continue as Octagon's ceo, and the firm's existing investment and business teams will remain in place.

    The acquisition will enable Conning to expand its expertise by inheriting Octagon's experience in below-investment grade assets. These assets span across .......

    Job Swaps 6 November 2015

  • Euro secondary firms up

    Tone in the European securitisation secondary market continues to firm up.

    Despite the large number of BWICs yesterday, pricing levels held up across the majority of sectors and the majority of bonds in for the bid traded in line with expectations. CMBS, peripherals and UK non-conforming continue to improve, while UK and Dutch prime remain solid. Auto ABS were the .......

    SCIWire 6 November 2015

  • CLO specialist poached

    Golub Capital has hired Joseph Wilson as md to expand the firm's existing distribution capabilities. His responsibilities include managing and expanding relationships with buyers of leveraged loans.

    Wilson is additionally tasked with identifying and executing secondary market opportunities within and outside the current Golub Capital portfolio. He will also provide insights on underwriting and financial structures for LBOs, recapitalisations and refinancings.

    Job Swaps 5 November 2015

  • Euro secondary improves

    Yesterday saw further improvement in the European securitisation secondary market, but it is still yet to take off.

    "We've got what we wanted at last - stability in broader markets - but our space isn't picking up massively," says one trader. "Tone is generally better and we are seeing a pick-up in high beta paper in particular."

    The trader continues: "CMBS .......

    SCIWire 5 November 2015

  • Debut CLO equity fund closes

    American Capital says it has closed its new US$450m CLO equity fund. American Capital CLO Fund I, comprised entirely of third-party investors, has US$150m of investment capacity after the fund previously purchased US$300m of American Capital's existing equity portfolio at its fair value (SCI 10 September).

    "This is our first fund dedicated to CLO equity and it diversifies our asset .......

    News Round-up 4 November 2015

  • Euro secondary strengthens

    The positive tone in the European securitisation secondary market continues to build.

    "Overall, we're strengthening, but still lagging the positive tone in broader markets," says one trader. "We're seeing something of a pick-up and flows are better especially in some of the recently quiet sectors."

    The trader continues: "We're not seeing much in prime, but Portuguese RMBS and UK non-conforming .......

    SCIWire 4 November 2015

  • US CLOs stay light

    Volumes are still low in the US CLO secondary market, but there are patches of activity and also some action in Trups CDOs.
    "CLO trading is pretty light at the moment as people are still calibrating the market after their month-end marks," says one trader. "However, there is activity here and there."

    For example, the trader reports: "There's been some hedge .......

    SCIWire 3 November 2015

  • Pre-crisis double-Bs outperform

    The total amount of CLOs paid down in JPMorgan's Collateralised Loan Obligation Index (CLOIE) since the September rebalance through 30 October was US$3.74bn in par outstanding, split between US$2.41bn and US$1.33bn of pre-crisis and post-crisis CLOs. The post-crisis index added US$4.3bn across 57 tranches from 10 deals at the October rebalance.

    Pre- and post-crisis triple-A discount margins each widened by .......

    News Round-up 3 November 2015

  • CLO equity investment disclosed

    Fair Oaks Income Fund has entered into binding contracts to acquire, in the primary market, US$25.5m notional of equity notes and US$10m of class F notes of Neuberger Berman CLO XX. The purchase represents 66% of the total equity of the transaction.

    Managed by Neuberger Berman, the CLO's current target portfolio has a principal value of US$500m across an expected .......

    Job Swaps 3 November 2015

  • Euro secondary refocuses

    After a couple of quiet sessions the European securitisation secondary market looks set to refocus in the days ahead.

    "After a very busy week last week on our side at least it was pretty quiet yesterday and one or two data points were enough to distract the market," says one trader. "However, there are a couple of big BWICs today, .......

    SCIWire 3 November 2015

  • CMBS criteria updated

    Moody's has updated its methodology for rating multi-borrower large loan and single-asset/single-borrower (LL/SASB) CMBS. The changes incorporate previous proposals from two request for comments that the agency sent out in August and September (SCI passim).

    The main changes to the methodology include updated LTV targets for US, Canadian and Japanese LL/SASB CMBS. The agency has also refined adjustments that it makes to .......

    News Round-up 2 November 2015

  • Euro secondary rolls on

    The bulk of the European securitisation secondary market took month end in its stride and continues to roll on at a solid if unremarkable pace.

    Friday was quieter than earlier in the week, but saw relatively healthy flows for month-end. Overall, tone remained positive and spreads were little moved.

    The main area of buying focus was once again UK prime .......

    SCIWire 2 November 2015

  • SF team bolstered

    Ashurst has recruited partners Scott Pierpont and Lee Ann Anderson to its structured finance team, based in New York and Washington, DC respectively. In a separate move, Eric Bothwell has been appointed partner in New York and Cameron Saylor has been appointed partner in the London office.

    Pierpont joins the firm from Jones Day and has experience in structured finance, .......

    Job Swaps 30 October 2015

  • Law firm expands in California

    Baker Botts is opening an office in San Francisco. It will be the firm's second office in California and it is expected to work closely with the team already established in Palo Alto.

    Patricia Stanton, chair of the firm's real estate practice, will move from its Dallas office to take the role of partner-in-charge in San Francisco. The firm expects to grow .......

    Job Swaps 30 October 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes, though tone continues to improve overall and some sectors are getting ever-more active.

    UK non-conforming continues to lead the way with healthy activity on- and off-BWIC yesterday. Flows are strong in both directions, so spreads for now remain broadly unchanged.

    The pick-up in peripherals is continuing with trades going through .......

    SCIWire 30 October 2015

  • CRE CLO initiative set up

    CRE lender Hunt Mortgage Group has hired Amy Shah to help launch and build a CLO platform for the firm. She joins as vp in the proprietary lending team and will report to Hunt director Michael Becktel.

    "In addition to establishing a CLO programme for Hunt Mortgage Group, Amy will also focus heavily on placing bridge loans and will work .......

    Job Swaps 29 October 2015
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