CLOs

  • Euro secondary still selective

    The European securitisation secondary market continues to see trading across the board, but only on selected names.

    Secondary spreads closed unchanged yesterday on, once again, patchy activity on- and off-BWIC. Most sectors saw some action, but prime assets remain the strongest performer. Autos were much quieter than the previous session with only the German programmes edging wider.

    There are currently .......

    SCIWire 24 September 2015

  • Real return for US CLOs

    US CLO secondary market activity is experiencing something of a real return to form following the extended summer lull.

    "We are finally returning to something like normal post-Miami," says on trader. "However, people are still reflecting on the Fed and that will continue to hang over the market for some time."

    Nevertheless, the trader adds: "There's now a fair amount .......

    SCIWire 23 September 2015

  • Euro secondary picks up

    The European securitisation secondary market is seeing a pick-up in activity.

    Amid a spike in broader market volatility and the evolving Volkswagen story, secondary activity and client enquiries grew significantly from recent levels yesterday. Inevitably attention was focused around auto ABS with a flurry of bonds across European jurisdictions offered for sale, most traded but transparency on pricing levels was .......

    SCIWire 23 September 2015

  • US CLO flurry

    The US CLO secondary market is experiencing a flurry of activity today, but looks set to quieten down again for the rest of the week.

    "We're seeing a burst of activity today post-conference," says one trader. "But with the Jewish holiday over the next two days and Friday being effectively a half day I don't expect to see much more .......

    SCIWire 22 September 2015

  • Euro secondary solid

    The European securitisation secondary market is staying solid despite distractions from elsewhere.

    Broader market volatility thanks to the Volkswagen story failed to feed through into the ABS market as autos for the most part held firm yesterday. VCL bonds edged wider by only a couple of points while spreads across the remainder of the auto sector were unchanged with buyers .......

    SCIWire 22 September 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes amid thin liquidity.

    It was another mixed day on Friday with some ABS/MBS sectors, notably Portugal, ending the week softer as broader market tone weakened, while CLOs continued to lack direction. However, relatively strong flows were seen in UK prime and Greek RMBS benefitted from pre-election interest. This morning's open .......

    SCIWire 21 September 2015

  • Euro secondary keeps quiet

    The European securitisation secondary market was once again quiet yesterday and looks likely to stay the same today.

    Secondary spreads remained fairly stable yesterday, though some softening of tone continues in the peripheral space. Volumes remained low in both flow and BWIC trading across the board in advance of the Fed announcement. On a Friday amid slightly weaker broader markets .......

    SCIWire 18 September 2015

  • NewStar buys CLO manager

    NewStar Financial has agreed to acquire Feingold O'Keeffe Capital (FOC) Partners. The transaction will close in 4Q15.

    FOC Partners is an alternative asset management firm based in Boston, established in 2001 by PIMCO high yield pair Andrea Feingold and Ian O'Keeffe. The firm manages six CLOs and two hedge fund strategies.

    NewStar will retain FOC Partners' investment team and support .......

    Job Swaps 17 September 2015

  • Non-bank lending risks noted

    Moody's says that non-banks can aid European policymaker initiatives to fund small businesses by packaging their loans into structured deals. However, the agency warns that information asymmetry can expose such deals to a potential misalignment of interest between investors and portfolio managers.

    In light of recent efforts by European policymakers' efforts to grow the non-bank lending market, Moody's expects securitisation .......

    News Round-up 17 September 2015

  • CLO equity acquired

    Fair Oaks Income Fund has entered into binding contracts to acquire, in the primary market, US$26m notional of Ares XXXV CLO equity notes. The investment represents 68.5% of the Ares Management transaction's total equity.

    This CLO's current target portfolio has a principal value of US$400m across an expected 177 unique bank loan issuers, with an expected weighted average exposure per .......

    Job Swaps 17 September 2015

  • Euro secondary stalemate

    The European securitisation secondary market stalemate is continuing as participants stay on the sidelines apart from for selected assets.

    "Things haven't changed much despite the better tone in global markets," says one trader. "In particular, off-the-run assets, such as CMBS and UK non-conforming, remain difficult to move, though UK non-conforming liquidity has slightly improved on the back of further pricing details .......

    SCIWire 17 September 2015

  • CLO 2.0 A2E mulled

    The issuer for Cairn CLO III - the first-ever European CLO 2.0 deal - intends to make a number of amendments to the transaction to bring it line with market developments, including risk retention requirements. If executed, the proposal would effectively refinance the deal and extend the non-call, reinvestment and maturity dates of the notes.

    CRNCL 2013-3 priced before European .......

    News Round-up 16 September 2015

  • Euro secondary lull continues

    The European securitisation secondary market's summer lull has morphed into a September one with liquidity still very thin across the board.

    "There's still very little going on other than a few BWICs," says one trader. "For September it's bad and we can't even blame the summer anymore."

    The trader continues: "What little secondary activity there's been has focused around prime .......

    SCIWire 16 September 2015

  • Slight return for US CLOs

    The US CLO secondary market is making something of a return but remains hidebound by thin liquidity.

    "It feels like the market is coming back a little bit, but volumes are still very low," says one trader. "It's going to be another tough week this week with the Jewish holiday today and tomorrow combined with the Miami conference from Wednesday."

    That said, the .......

    SCIWire 14 September 2015

  • CLO manager acquired

    Rothschild Merchant Banking (RMB) has acquired West Gate Horizons Advisors, combining the latter's expertise in US leveraged loan credit with its focus on European senior leveraged loan credit products. The transaction leaves RMB with €3.3bn in private debt under management.

    West Gate becomes a wholly owned subsidiary of RMB's parent company, Rothschild North America, as part of the deal. However, the firm will continue .......

    Job Swaps 14 September 2015

  • US, European issuance forecast

    S&P projects that US securitisation issuance levels for 2015 and 2016 will experience moderate year-over-year growth, but will not reach the pre-crisis levels of 2006 and 2007. The agency forecasts issuance of US$474bn and US$537bn in 2015 and 2016 respectively, up from a total of US$462bn in 2014.

    "Although many securitisation products are benefiting from an improving economy and are likely to see increased issuance, .......

    News Round-up 14 September 2015

  • Euro secondary stays stable

    The European securitisation secondary market closed out Friday fairly quietly but with spreads still appearing stable after a mixed week.

    Transparency was hampered by a higher than normal proportion of DNTs or colour not released on BWICs, but overall market tone remains positive and secondary spreads are broadly unchanged at this morning's open. CLOs and prime ABS/MBS continue to be the main .......

    SCIWire 14 September 2015

  • CLO co-head appointed

    Natixis has appointed Alex Zilberman as co-head of US CLOs and structured credit in its global structured credit and solutions (GSCS) Americas operations. He will jointly manage the group alongside Mike Hopson, with both reporting to deputy head of GSCS Americas, Hank Sandlass.

    Zilberman will focus on increasing Natixis' presence in the CLO broadly syndicated loan market. His experience ranges .......

    Job Swaps 11 September 2015

  • Equity gap

    CLO equity approaches diverging

    A two-tier system is emerging within US CLO equity as large investors competitively expand their mandate while smaller players move out of the market. This emerging gap is also manifested in a wave of manager consolidation, as risk retention remains a dominant concern.

    "BDCs are providing the most interesting story in the equity market right now," says Oliver Wriedt, co-president .......

    News 10 September 2015

  • TICC terms revised

    TICC Capital has revised the terms over its agreed acquisition by Benefit Street Partners (BSP). The revisions include a permanent annual base management fee reduction to 1.5% from 2%, as well as a commitment by various members and affiliates of BSP and TICC Management to purchase a minimum of US$20m of TICC's common stock within twelve months following entry into the agreement.

    Job Swaps 7 September 2015

  • Euro secondary ticks up

    Broader market improvement on the back of the message from the ECB and the Chinese holiday has extended into the European securitisation secondary market with a slight uptick in activity and some improvement in pricing levels.

    Flows continued to revolve around the usual suspects with sterling-denominated prime and peripherals, especially Italy, benefitting the most. At the same time, the CLOs .......

    SCIWire 4 September 2015
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