CLOs

  • Alternatives ESG disclosure template launched

    Sector developments and company hires

    Alternatives ESG disclosure template launched

     

    A group of leading alternative asset managers and industry bodies in the private and broadly .......

    Market Moves 10 November 2022

  • Irish, UK NPE disposals inked

    Sector developments and company hires

    Irish, UK NPE disposals inked

     

    The Bank of Ireland has reached agreements to dispose of portfolios of Irish and UK non-performing exposures, through two .......

    Market Moves 9 November 2022

  • Call for Och 'feud' to end

    Sector developments and company hires

    Call for Och ‘feud’ to end
    Sculptor Capital Management’s independent board members and Jimmy Levin, the firm’s current cio and ceo, have issued statements in response to a recent court filing related to a dispute brought by former chairman and ceo Daniel Och. The filing mentions a “personal issue” from Levin’s past, which was thoroughly reviewed at the time and .......

    Market Moves 3 November 2022

  • Stress-testing resilience

    Climate-change risk assessment approach debuts

    Scope has introduced a stress-testing methodology to assess climate-change impacts on securitisations. The objective is to help gauge the resilience of a transaction to transition and physical risks.

    “We have introduced a quantitative and scenario-based stress-testing approach to assessing climate change impacts on the credit risk of securitisation transactions. The climate-change scenarios identified offer a range of outcomes for .......

    News 2 November 2022

  • Euro CLO footprint established

    Sector developments and company hires

    Euro CLO footprint established

     

    Cross Ocean Partners has completed Bosphorus .......

    Market Moves 2 November 2022

  • Chinese CMBS 'structural deficiencies' eyed

    Sector developments and company hires

    Chinese CMBS ‘structural deficiencies’ eyed
    The recent near-default of a Chinese CMBS issued by Yango Group - together with the two previous defaults of PKU TechPark and Hongbo Exhibition Center - expose several structural deficiencies in Chinese CMBS transactions, according to Fitch. Such deficiencies include low DSCR and collateral quality - due to weak underlying cashflow - limited protection through .......

    Market Moves 31 October 2022

  • Apollo, PIMCO set to acquire Credit Suisse SPG

    Sector developments and company hires

    Apollo, PIMCO set to acquire Credit Suisse SPG
    Credit Suisse has unveiled its new strategy and transformation plan, following a strategic review of the bank’s businesses (SCI 28 July). The bank says it is taking “extensive measures” to deliver a more integrated business model, with the goal of creating value for shareholders.

    Over the next three years, Credit .......

    Market Moves 28 October 2022

  • Irish reperforming RMBS stress tested

    Sector developments and company hires

    Irish reperforming RMBS stress tested
    S&P has conducted a scenario analysis of seven of the Irish reperforming RMBS it rates, to investigate the impact of the rising cost of living, since legacy mortgage loans are particularly vulnerable to rate increases as the borrowers in these transactions predominantly (94%) pay variable interest rates. The combination of an expected increase in debt .......

    Market Moves 26 October 2022

  • NPL guidelines released

    Sector developments and company hires

    NPL guidelines released
    The European Commission last week published voluntary guidelines on best execution processes for non-performing loan sales in the secondary market. The guidelines define practices across the seven stages of an NPL transaction – from portfolio selection through to post-closing obligations – and cover unsecured and secured portfolios. Debitos notes that the objective is to accelerate the development and .......

    Market Moves 24 October 2022

  • Conservative approach

    Aeon Investments ceo Oumar Diallo and coo Ben Churchill answer SCI's questions

    Q: Aeon recently announced the closing of its first commercial real estate CLO warehouse (SCI 12 October) with Credit Suisse. Could you provide some background to the decision to become a CRE CLO issuer?
    OD: We’re active across the real estate spectrum and seek relative value opportunities in the UK and Europe.

    The European CRE CLO market has .......

    The Structured Credit Interview 21 October 2022

  • Natural evolution

    CLO docs, structures adapting to macroeconomic conditions

    Challenging market conditions have dampened European CLO issuance this year, but they have not stalled it completely. Indeed, transaction structures and documentation are expected to continue evolving to meet equity and debt investors' expected returns.

    “It has been a good story for CLO 1.0s, which have had less than half a percent of CLO tranches defaulting over the last 20 .......

    News Analysis 19 October 2022

  • CRE CLOs: time to zig when others zag

    When it comes to structured commercial real estate (CRE) credit, the European market is at a pivotal juncture, explains Iain Balkwill, partner at Reed Smith.

    Last year proved to be a ground-breaking year for the asset class; we saw a record volume of CMBS issuance and in an industry first, Starz Real Estate brought Europe’s first ever CRE CLO to .......

    Talking Point 19 October 2022

  • Aviation ABS industry eyes AerCap suit

    Sector developments and company hires

    Aviation ABS industry eyes AerCap suit

    The outcome of AerCap’s filing with the High Court in London could serve as a blueprint for other aircraft lessors with lease exposure in Russia. KBRA notes that in its discussions with the 14 lessors that act as servicers on the 30 aviation ABS it rates with exposure to Russian carriers, all have indicated .......

    Market Moves 17 October 2022

  • UK CRE CLO programme prepped

    Sector developments and company hires

    Aeon Investments has closed its first commercial real estate CLO warehouse in the UK, backed by three strategic loan agreements totalling £900m, as it continues to grow its private credit business. Loans will be funded through Aeon's balance sheet and a three-year revolving senior warehouse facility provided by Credit Suisse. Aeon expects to issue three CRE CLOs in Europe over .......

    Market Moves 12 October 2022

  • 'Too early to tell' for Sec Reg

    Sector developments and company hires

    ‘Too early to tell’ for Sec Reg

    The European Commission has released its report on the functioning of the Securitisation Regulation, as mandated under Article 46 of the Securitisation Regulation. The headline takeaway is that since the regulation only came into force in 2019, the Commission believes it is too early to tell whether the regulation is working and so no meaningful .......

    Market Moves 11 October 2022

  • Opening access

    Demand for CLO ETFs set to rise

    The popularity of CLO ETFs is set to increase, given the current rising interest rate environment. This Premium Content article investigates how the product has opened up the CLO asset class to a broader set of investors.

    The advent of CLO ETFs opened up the CLO asset class to a broader set of investors. Against the backdrop of rising ......

    News Analysis 10 October 2022

    Premium Content

  • Syco Entertainment lands US$125m deal

    Sector developments and company hires

    A landmark US$125m securitisation of intellectual property has been completed by the Simon Cowell-founded company, Syco Entertainment. The intellectual property is the Got Talent Franchise, including the America’s Got Talent and Britain’s Got Talent formats commissioned in 72 territories across the globe. The complex transaction marks the first instance of leveraging royalty income streams for the securitisation of the intellectual .......

    Market Moves 7 October 2022

  • Leibniz Institute and European DataWarehouse win grant

    Sector developments and company hires

    The German Federal Ministry for Education and Research has awarded a grant to the Leibniz Institute for Financial Research SAFE and the European Datawarehouse (EDW). The grant has been awarded under the ministry’s Climate Protection and Finance (KlimFi) funding initiative to undertake a three-year project to promote the green auto ABS market. The project, named ‘Green Auto Securitisation’ (GAS), .......

    Market Moves 4 October 2022

  • CLOs in an age of economic uncertainty

    We are currently going through a difficult economic environment – with rising interest rates, a credit squeeze, inflation and currency volatility, explains Rob Reynolds, md and head of CLOs at Pemberton.

    After years of cheap money, investors are naturally being more cautious and selective about where they invest their money.

    CLOs are one product that has consistently served as a buffer .......

    Talking Point 3 October 2022

  • M&G finances tech rental firm Grover via ABS deal

    Sector developments and company hires

    M&G has announced entry into a funding deal with the consumer-tech subscription platform, Grover. Proceeds from the €270m ABS transaction will be used to grow Grover’s product inventory and expand its presence across European markets. Subscribers to Grover’s platform receive access to over 5,000 tech appliances, which are available to rent on a flexible monthly basis. Grover’s services have seen .......

    Market Moves 30 September 2022

  • SCI In Conversation podcast is now live!

    We discuss the hottest topics in securitisation today...

    In this inaugural episode of the SCI In Conversation podcast, Angela Sharda chats to KBRA European research head Gordon Kerr about a European securitisation investor survey the rating agency undertook in June and the implications of the findings today. We also discuss a couple of new SCI Premium Content articles, one of which tracks the evolution of the STS synthetic .......

    News 30 September 2022
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