CLOs

  • 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

  • Euro secondary stays slow

    The European securitisation secondary market saw another slow session yesterday, but tone continues to slowly improve.

    Activity remains patchy across secondary markets but most sectors are now seeing a buying bias. Consequently, spreads are broadly flat to slightly tighter over the past day or so.

    Primary activity is continuing to distract participants, but secondary supply continues to tick over. For .......

    SCIWire 29 October 2015

  • CLO ratings continue to rise

    Upgrades continued to dominate the US CLO market in 3Q15, reports S&P. The rating agency raised 141 ratings from 42 transactions, while there were no downgrades.

    "Several of these upgraded US CLOs benefited from liability paydowns, which have increased the overcollateralisation ratios. These conditions and the CLOs' low exposure to defaulting and distressed issuers have increased the credit support available .......

    News Round-up 28 October 2015

  • Euro secondary pauses

    The nascent revival in the European securitisation secondary market has come to a halt once again.

    "The last few days have been a bit better in line with global markets and the impact of Draghi's comments was finally trickling through to ABS," says one trader. "However, yesterday broader markets took a pause and that immediately fed through to us and .......

    SCIWire 28 October 2015

  • US CLOs lagging

    The US CLO secondary market is lagging behind the rally being seen in broader markets.

    "Equities and high yield have rallied, but in cash bonds and CLOs there's no firm tone and they are not really trading that well," says one trader. "The bid-ask is just getting wider and people are sitting on the sidelines - there's no real impetus .......

    SCIWire 27 October 2015

  • Investment manager makes changes

    Mariner Investment Group has agreed to a number of strategic changes with majority stakeholder ORIX USA, including a reorganisation of its management structure. Mariner will continue to expand its lines of business, including the onboarding of some of ORIX USA's investment teams to develop new asset management opportunities for its clients.

    The objective is to allow ORIX USA to leverage .......

    Job Swaps 27 October 2015

  • Euro secondary edges up

    Activity and some prices are edging up in the European securitisation secondary market, but trading remains patchy and could prove to be short-lived.

    Despite another slow session yesterday, where spreads were once again primarily unchanged there are signs of some small increases in secondary activity and prices. Trading continues to be highly selective but the sectors attracting investors are broadening.

    SCIWire 27 October 2015

  • SF head restored

    William Moretti has been appointed md and head of MetLife's structured finance group for the second time. His role includes monitoring ABS/CMBS structures, opening new asset classes for investment and acquiring/selling public and private securities across all ABS sub-sectors, CMBS and CLOs.

    Moretti most recently led a team of technical derivatives specialists/quantitative analysts after his first stint as structured finance .......

    Job Swaps 26 October 2015

  • Euro patterns persist

    The trading patterns seen over the past week or so in the European securitisation secondary market look set to continue.

    Friday again saw a reasonably positive tone across the board, but liquidity and price movements remain limited. Activity remains focused on selected names and sectors, with prime, UK non-conforming and CMBS assets experiencing a slight buying bias, while peripherals are .......

    SCIWire 26 October 2015

  • Euro secondary solid

    The recent solid performance in the European securitisation secondary market is continuing.

    Yesterday's ECB press conference went down well in broader markets and that fed through to ABS/MBS where tone improved still further, though activity remains unspectacular. Where trading is occurring bonds are going through at or above expectations, but liquidity still remains thin across the board.

    After the surge .......

    SCIWire 23 October 2015

  • Euro secondary still strong

    The European securitisation secondary market is continuing to see a strong BWIC calendar and market tone, but little overall price movement as liquidity remains thin.

    Despite the continuing positive tone and yesterday's BWICs trading well, secondary spreads are broadly unchanged. Away from lists flows remain light with peripherals notably quiet ahead of today's ECB meeting.

    The UK non-conforming space continues .......

    SCIWire 22 October 2015

  • Euro secondary retains BWIC focus

    BWICs are continuing to dominate the European securitisation secondary market.

    Thanks in part to a relatively quiet primary market, secondary auctions saw increased interest yesterday. Most bonds in for the bid traded in line with expectations and tone across most sectors firmed a little. The notable exception is CLOs where any potential rally is being hampered by strong primary and secondary supply.

    SCIWire 21 October 2015

  • US CLOs show stabilisation signs

    US CLO secondary spreads are showing the early signs of stabilising.

    "The last month has been challenging and we've been widening for the past four weeks," says one trader. "However, it now feels like the widening could be coming to an end, though prices are not yet firming up by any stretch of the imagination there is a sense they might .......

    SCIWire 20 October 2015

  • CLO expert recruited

    CIFC has brought in Robert Klein as senior portfolio manager and md in structured products, leading the firm's structured products portfolios. He reports to co-presidents Oliver Wriedt and Steve Vaccaro and will also join the firm's operating committee.

    Klein joins from Prospect Capital Management, where he was the lead portfolio manager and founder of the firm's CLO business. Prior to .......

    Job Swaps 20 October 2015

  • Firms pay price for CDS decision

    A pair of UBS advisory firms have agreed to settle US SEC charges that they failed to disclose a change in investment strategy by UBS Willow Fund. UBS Willow Management and UBS Fund Advisor will pay US$17.5m to settle the charges, more than US$13m of which will be returned to investors.

    UBS Willow Management marketed the UBS Willow Fund as .......

    Job Swaps 20 October 2015

  • Innovative community bank CLO closed

    StoneCastle Financial has closed Community Funding CLO, believed to be the first pooled bank credit securitisation to print since 2008. Citi arranged the transaction.

    The deal comprises two tranches: US$205m class A notes (rated A3 by Moody's), which priced with a fixed rate coupon of 5.75%; and US$45.5m unrated preferred shares, which were retained by StoneCastle. The collateral has an .......

    News Round-up 20 October 2015

  • Euro secondary picking up?

    After a quiet start to the week, the European securitisation secondary market looks to be picking up.

    "Yesterday was very quiet both on- and off-BWIC," says one trader. "The highlight was probably the deep mezz UK non-conforming auction, which on the face of it was pretty interesting and saw strong client interest. But as is the case with many BWICs .......

    SCIWire 20 October 2015

  • CLO default rise expected

    US CLO pool default rates are expected to rise at some point in 2016 or 2017, according to JPMorgan's 4Q15 client survey. Responses were varied as to how the credit cycle will play out, with some respondents believing that upcoming credit stress will be idiosyncratic, while others expected more broad-based scenarios.

    JPMorgan CLO analysts note that a systemic rise in default rates .......

    News Round-up 19 October 2015

  • European credit team bolstered

    Jeffrey Soar has joined Blackrock's European fundamental credit team as a director, as the firm prepares to establish a European CLO business. Soar arrives from Rothschild, where he was a director. He focused on debt advisory for the asset manager, before moving to its leveraged finance team.

    .......

    Job Swaps 19 October 2015

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains patchy.

    Friday saw a slight dip in volumes and liquidity remains thin overall. Activity continues to be patchy across sectors and selective within them. However, spreads remained broadly stable amid broader market positivity.

    Prime assets and UK non-conforming continue to attract the most attention and look strongest. Meanwhile, peripherals and CLOs are .......

    SCIWire 19 October 2015

  • Commodities weigh on CLOs

    US CLO 2.0 notes are being weighed down by oil and gas  and metals and mining exposures, says S&P. As of end-3Q15, four deals with exposure to the industries have notes containing market value overcollateralisation ratios of under 100%.

    The four deals are: a 2013 vintage double-B rated note, a 2013 single-B note and two 2014 single-B notes. In addition to exposure to the .......

    News Round-up 16 October 2015
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