Complete news archive
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SCI MM CLO Awards: Arranger of the Year
Winner: Natixis
With 18 middle market CLOs arranged during the awards year, 1 October 2021 to 30 September 2022, Natixis is our Arranger of the Year. The firm’s achievement of leading nearly double the number of deals as their nearest rival is borne out of a sector-focused approach.
Christopher Gilbert who is responsible for managing the CLO banking team at .......
News 23 November 2022
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Unlimited mandate
Robert Bradbury, head of structured credit execution and adv...
Q: A&M’s structured credit offering is a core component of the firm’s portfolio advisory group, which acts for both the buy-side and the sell-side in respect of portfolio and credit opportunities across asset classes, including core lending books, non-performing loans, aviation, shipping and specialty lending, as well as all structured finance opportunities relating to these segments. What does your .......
Provider Profile 23 November 2022
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Grounds for optimism
US equipment ABS stays strong
US equipment ABS has had a good year, notwithstanding macro-driven spread widening. As this premium content article shows, there is also hope for 2023.
While most sectors throughout the global capital markets have struggled in 2022, the US equipment ABS market quietly but surely had a record year. That is not to say it’s all been easy, ......
News Analysis 23 November 2022Premium Content
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SCI MM CLO Awards: Investor of the Year
Winner: CalPERS
The largest public pension plan in the US – the US$495bn California Public Employee’s Retirement System (CalPERS) – has long been a CLO investor and has been involved with middle market CLOs since 2018. However, what caught our attention was market participants’ reports of the fund’s increased buying activity at the top of the MM CLO stack from the .......
News 22 November 2022
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Call for urgent review of SA output floor
Sector developments and company hires
Call for urgent review of SA output floor
Market Moves 22 November 2022
AFME has published a study, commissioned from Risk Control, examining the impact on the European securitisation market of the introduction in 2025 of the Standardised Approach output floor. The study finds that securitisations of large corporate and SME loans are likely to be severely negatively impacted by the rule change, while securitisation .......
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SCI MM CLO Awards: Manager of the Year
Winner: Golub Capital
Manager of the Year was perhaps the toughest category at this year’s middle market CLO awards to judge, with a number of likely candidates. However, with a combination of consistent investment performance in a challenging market and strong issuance activity, Golub Capital is our worthy winner.
In terms of investment performance, the manager’s is remarkable in its unremarkability .......
News 21 November 2022
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SCI Start the Week - 21 November
A review of SCI's latest content
New podcast episode available
In the latest episode of the ‘SCI In Conversation’ podcast, we chat to MidOcean Partners about the firm’s Women’s Awareness Initiative and its outlook for the CLO market. To access the podcast, search for ‘SCI In Conversation’ wherever you usually get your podcasts (including Apple Podcasts and Spotify), or click here.Last week's news and analysis
News 21 November 2022
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SCI MM CLO Awards: Issuer of the Year
Winner: Owl Rock, a division of Blue Owl
Owl Rock, a division of Blue Owl Capital, is recognised in this year’s SCI Middle Market CLO Awards for continuing to grow its platform and remaining an active issuer in challenging market conditions. For closing four MM CLOs during the awards period, three of which were issued after the Russian invasion of Ukraine, the firm has won the .......
News 18 November 2022
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SCI MM CLO Awards: Innovation of the Year
Winner: Lake Shore MM CLO IV
Priced on the very first day of our awards year, 1 October 2021, First Eagle Alternative Credit’s Lake Shore MM CLO IV, led the way in so many other respects. Our innovation of the year not only provided an innovative structure subsequently duplicated by other managers, but took the unusual step of syndicating, via arranger Wells Fargo, such .......
News 17 November 2022
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Global Risk Transfer Report: Chapter three
In the third of six chapters surveying the synthetic securit...
Synthetic securitisation, once tarnished by association with the global financial crisis, has long since come in from the cold. The regulatory framework has developed significantly in Europe since the introduction of the new European Securitisation Regulation in January 2019, culminating in the inclusion of significant risk transfer transactions in the STS regime in April 2021. This label has provided .......
Talking Point 17 November 2022
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ESG activation consortium launched
Sector developments and company hires
ESG activation consortium launched
Market Moves 17 November 2022
Dexai-Etica Artificiale, Establecimiento Financiero de Crédito, European DataWarehouse (EDW), Hypoport, Unión de Créditos Inmobiliarios, Università Ca’ Foscari Venezia and Woonnu have launched the ‘Engage for ESG Activation Investments’ (ENGAGE) project, which .......
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SCI MM CLO Awards: Deal of the Year
Winner: Golub Capital Partners CLO 18(M)-R2
A second reset of a middle market CLO upsized for a second time to now stand at over US$1.2bn would be notable enough. But GC Investment Management’s Golub Capital Partners CLO 18(M)-R2, arranged by SMBC Nikko, was also successfully priced while the market was still coming to terms with a new benchmark and amid heightened market volatility following the .......
News 16 November 2022
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Action stations?
Reporting template review welcomed
The European Commission’s conclusion in its much-awaited report on the functioning of the Securitisation Regulation that more time is needed to assess the impact of the new framework (SCI 11 October) has broadly been accepted by the securitisation industry, while calling for more action as soon as possible to help boost the securitisation market in Europe. The Commission’s .......
News Analysis 15 November 2022
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Conflict of interest charge settled
Sector developments and company hires
Conflict of interest charge settled
The US SEC has charged .......
Market Moves 15 November 2022
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Staying strong
Partnership approach hailed as basis of SRT success
SRT pricing is, generally speaking, currently approximately 200bp wider compared to the beginning of 2022. Yet pricing has remained relatively sticky within a range, demonstrating the success of the partnership approach involved in capital relief trades, which tend to be much more negotiated and tailored.
“Despite the difficult economic environment, we believe 2022 has been a successful year .......
News Analysis 15 November 2022
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Liquidity event shows ABS 'did its job'
Sector developments and company hires
Liquidity event shows ABS ‘did its job’
The volume of European ABS and CLO bonds listed on BWICs between the UK government’s ‘mini-budget’ announcement .......
Market Moves 14 November 2022