CLOs

  • SF legal duo brought in

    Kaye Scholer has beefed up its finance department by bringing in structured finance experts Howard Goldwasser and Skanthan Vivekanada. Both arrive as partners from K&L Gates, with the former based in New York and the latter in Los Angeles. The pair will provide their CLO 2.0 expertise to Kaye Scholer's current CLO team. 

    Goldwasser's recent experience includes trade receivables financings .......

    Job Swaps 12 February 2016

  • Euro secondary slides

    Activity and pricing levels are sliding across the European securitisation secondary market.

    Prime autos and RMBS finally succumbed to broader market downward pressure and edged wider on very light volumes yesterday. 2.0 CMBS is still offering some resistance, but elsewhere tone remains weak and liquidity is thin across the board.

    Street buyers are occasionally being seen in select names in .......

    SCIWire 12 February 2016

  • Euro CLOs unsettled

    Wider market volatility is continuing to unsettle the European CLO secondary market.

    Thanks to the short-lived improvement in the macro picture yesterday, secondary trading picked up a little, mainly in seniors, but only relative to the extremely light flows of late. The majority of CLO investors remained sidelined and the single line item in for the bid, CRNCL 2014-4X C, .......

    SCIWire 11 February 2016

  • Euro secondary struggles

    The European securitisation secondary market continues to struggle amid wider market volatility, but there are still some exceptions.

    "Yesterday was once again quite weak overall," says one trader. "There was hope of some improvement thanks to better things in broader credit, but it will take more than that for us to recover more fully."

    However, the trader adds: "We continue to see .......

    SCIWire 10 February 2016

  • US CLOs challenged

    Internal and external factors are making things difficult in the US CLO secondary market.

    "There's not a whole lot happening - it's a very challenging market at the moment," says one trader. "Secondary isn't helped by primary being hung as well - it's too difficult to get a deal away with secondary spreads 100+ wider than new issue, the arb .......

    SCIWire 9 February 2016

  • Euro secondary sidelined

    The European securitisation secondary market remains quiet as participants continue sit out wider market volatility.

    "It's understandably very quiet as everyone watches what's going on in banks and financials, which is brutal to say the least," says one trader. "The majority of investors we speak to are planning on staying on the sidelines - everyone is in risk-off mode."

    However, .......

    SCIWire 9 February 2016

  • Originator fund eyes broader investment

    Blackstone/GSO Loan Financing - which currently invests predominantly in CLO income notes - is seeking shareholder approval to permit investment in all debt tranches of CLOs and loan warehouses, as well as in exposure to risk retention entities. The amendments to the investment policy will enable the company to invest in Blackstone/GSO US Corporate Funding (US MOA), a newly-formed entity.

    Job Swaps 8 February 2016

  • CLO asset slip to affect OC cushions

    So far this year over 1.4% of the assets held within US CLOs have been placed on creditwatch with negative implications or had ratings lowered, says S&P. Another 0.9% have had ratings raised or been placed on creditwatch with positive implications.

    The net result was a slight deterioration in the overall credit quality of US CLO assets, which S&P notes .......

    News Round-up 8 February 2016

  • Euro secondary lacklustre

    Friday saw another lacklustre session in the European securitisation secondary market.

    Macro market weakness once again kept investors stuck on the sidelines. Consequently, flows were light and spreads were broadly range-bound.

    Prime assets were once again the positive area with two-way flows albeit at low volumes focused at the front end of the curve. Meanwhile, non-eligible peripheral bonds remain the .......

    SCIWire 8 February 2016

  • Goldman credit team formed

    Goldman Sachs is creating a new credit group that will combine its structured and leveraged finance businesses, as well as integrate its financial and strategic advice in these areas. Americas Credit Finance Group will be led by co-heads Christina Minnis and Vivek Bantwal, following the retirement of Craig Packer, who was co-head of the bank's leveraged finance unit in the Americas.

    Minnis was the .......

    Job Swaps 5 February 2016

  • Euro secondary varies

    Volumes continue to be light in the European securitisation secondary market with performance still varying sector by sector.

    CMBS continues to be one of the strongest sectors. Prices remain well-supported and yesterday's €45m BWIC traded well.

    Prime assets are still seeing two-way flows albeit at much lower volumes than previous weeks. Buying interest in short-dated paper remains the dominant theme, though .......

    SCIWire 5 February 2016

  • US CLOs down but not out

    Despite the current downward trend in prices there are signs that US CLO secondary market is attempting to pick itself up.

    "It's not a pleasant picture for sellers right now," says one trader. "There were a couple of lists from people that had to sell yesterday and they found some really weak bids."

    The big news overnight was that the .......

    SCIWire 4 February 2016

  • STS expected losses highlighted

    Preferential capital treatment for simple, transparent and standardised (STS) securitisations would be consistent with the superior performance of STS-compliant tranches, says Fitch. However, the proposed capital charges are still significantly higher than expected losses.

    Fitch expects losses of 1% for STS-compliant deals and 4.3% for non-STS deals. "This suggests that lower capital charges for STS tranches than for non-STS tranches .......

    News Round-up 4 February 2016

  • Euro secondary difficult

    Wider market weakness continues to make life difficult in the European securitisation secondary market.

    "Yesterday conditions were once again difficult thanks to the global meltdown," says one trader. "As a result, flows and liquidity in our space were very thin."

    However, the trader adds: "We are still seeing some pockets of activity - particularly in short-term bonds across a range .......

    SCIWire 4 February 2016

  • Euro CLOs patchy

    The European CLO secondary market is currently experiencing patchy trading.

    "Overall, there's not much happening with only pockets of activity," says one trader. "There's really very little demand for 2.0s, but we are seeing interest in short 1.0s - where there is a possibility of a call or some other potential trigger to early pay-back."

    Recent focus, instead, has been .......

    SCIWire 3 February 2016

  • CLO manager takeover completed

    Conning has completed its acquisition of CLO and high yield bond specialist Octagon Credit Investors (SCI 6 November 2015). As of 31 December 2015, Octagon managed US$12.6bn in assets. It is headquartered in New York.

    .......

    Job Swaps 3 February 2016

  • Business development leader added

    ZAIS Group has appointed Gregory Barrett as head of client relations and business development. He reports to ceo Michael Szymanski and is based in Red Bank, New Jersey.

    Barrett will work with the firm's client relations team, portfolio managers and cio to lead and create distribution strategies for ZAIS. He will also be responsible for client service for investors.

    Barrett .......

    Job Swaps 3 February 2016

  • US CLOs see slight return

    The US CLO secondary market is seeing a slight return to life.

    "The market is picking up a bit and there are few things going on," says one trader. "But it's still more about people feeling around for levels and direction."

    The trader continues: "There are a few equity axes flying around for both the newer vintage more liquid stuff .......

    SCIWire 2 February 2016

  • CLO concerns 'beyond commodities'

    Focus on industry-wide commodity-related stress could overshadow defaults of isolated non-commodity issuers that are prevalent in US CLOs, says Fitch. Millennium Health, which filed for Chapter 11 bankruptcy in November (SCI 10 November 2015), provides a recent example.

    Millennium Health was held in more than 50 Fitch-rated CLOs. The agency notes that its default was the main reason behind a .......

    News Round-up 2 February 2016

  • Euro secondary still slow

    It continues to be a slow start to the month for the European securitisation secondary market.

    "It was very quiet again yesterday," says one trader. "There was one Italian CMBS BWIC that traded well, but that aside very little happened in our market."

    The trader continues: "Today has started similarly quietly. It looks likely to be more of the recent .......

    SCIWire 2 February 2016

  • Distressed credit vet tapped

    Black Diamond Capital Management has appointed Todd Arden as senior md and co-chief credit officer. He will have responsibility for co-managing Black Diamond's underwriting processes and credit exposures, as well as sourcing stressed and distressed investment opportunities for the firm's funds.

    Arden will be based in Black Diamond's Greenwich, Connecticut office, and brings over 20 years of experience in the .......

    Job Swaps 1 February 2016
×