CLOs

  • Rating agency shuffles senior US staff

    Sector developments and company hires

    EMEA
    Pan-European special situations and credit trading lawyer Justin Conway has joined McCarthy Denning as a partner in its banking and finance department. Conway, a dual-qualified solicitor in both England and Wales and New Zealand, was previously a partner at Jones Day. He has extensive experience in advising clients on all aspects of debt, investment and loan portfolio trading across key .......

    Market Moves 5 February 2020

  • Advisor picked to help end GSE conservatorship

    Sector developments and company hires

    Acquisition
    Link Group has signed an agreement to acquire Pepper European Servicing from Pepper Group for an upfront consideration of €165m. The meeting of AUM thresholds and growth milestones could trigger an additional consideration of €35m. The acquisition will deliver immediate scale for Link Group’s banking and credit management division in existing and new jurisdictions, and does not impact on .......

    Market Moves 4 February 2020

  • Crestline Denali CLO interests acquired

    Sector developments and company hires

    Additional CLOs for Ares
    An Ares Management Corporation subsidiary is set to acquire a managing interest in a restructured Crestline Denali Capital that will result in the addition of seven CLOs totalling US$2.6bn of assets under management to the Ares portfolio. Crestline Denali will retain its equity interest in its CLOs. Ares believes that the all-cash transaction will strengthen its .......

    Market Moves 3 February 2020

  • Covered funds provisions set to be revised

    Sector developments and company hires

    AMR auction debut
    The first-ever CLO applicable margin reset executed online – via KopenTech’s auction platform - saw all five tranches of TCW 2019-1 CLO refinanced successfully. The coupon of the US$240m triple-A rated tranche was reset to 107bp, from a spread of 144bp when the transaction initially closed.

    Receivables ABS prepped
    Gedesco Finance and Toro Finance are in the .......

    Market Moves 31 January 2020

  • Ramping up

    BlueBay bolsters structured credit footprint

    BlueBay Asset Management is ramping up its debut CLO, with launch planned for next quarter. At the same time, portfolio manager Alex Navin is set to relocate to New York to strengthen the firm’s US credit investment team.

    “The move enhances our global coverage and enables us to identify the best relative value opportunities in a broader context,” .......

    News 31 January 2020

  • Hedge fund liquidated amid accounting probe

    Sector developments and company hires

    Hedge fund liquidated amid accounting probe
    TCA Fund Management Group is liquidating its main credit hedge fund, TCA Global Credit Master Fund, after the fund received redemption and withdrawal requests in excess of available cash. The redemptions come amid a US SEC probe into the firm’s accounting practices. According to whistleblowers, the firm has US$300m in assets - not US$500m - .......

    Market Moves 27 January 2020

  • 'No Data' threshold consultation underway

    Sector developments and company hires

    C-PACE partnership
    Eyzenberg & Company and Greenworks Lending have formed Eyzenberg Green Capital, a partnership dedicated to funding commercial real estate transactions through commercial PACE. Eyzenberg Green Capital is a direct balance sheet provider, with significant lending capacity. The aim is to achieve a low cost of capital for C-PACE financing, supported by permanent capital and multiple funding outlets.

    Market Moves 17 January 2020

  • CLO losses expected after Constellis default

    Sector developments and company hires

    Constellis losses expected
    Moody’s warns that, at current prices, Constellis Holdings’ limited default could result in significant losses - realised or unrealised - for some CLOs. Over 200 CLOs the agency rates hold about US$600m of the firm’s debt, including 20 deals that have exposure of over 1% and are expected to report an average par loss of 88bp. Three of .......

    Market Moves 10 January 2020

  • Real assets partnership inked

    Sector developments and company hires

    BWIC platform
    CLO auction technology platform KopenTech has launched its online BWIC service, which aims to streamline the BWIC process for both buyers and sellers. The first live BWIC was conducted on the platform in late December.

    EMEA
    Floreat has appointed Phil Griffiths as md within Floreat Aviation Capital, its specialist aircraft leasing investment arm. Griffiths has closed over US$10bn in aircraft .......

    Market Moves 8 January 2020

  • THEAT 2007-1 and 2007-2 set to repay

    Sector developments and company hires

    Asia Pacific
    ISDA has appointed Su Yen Chia as its new head of Asia-Pacific public policy. Chia previously served as alternate chief executive for Euroclear Bank (Hong Kong branch) from June 2017. In this role, she played an integral part in developing policy positions and interacting with regulatory and government authorities across the Asia-Pacific region. Prior to Euroclear, Chia was head .......

    Market Moves 7 January 2020

  • MNHD plans programmatic issuance

    Sector developments and company hires

    Egyptian securitisation debuts
    Egyptian real estate developer Madinet Nasr Housing and Development (MNHD) has closed its inaugural securitisation, issued by Financial Group for Securitization Company (FGS). The transaction is backed by an EGP370m receivables portfolio originated as part of the company's plan to monetise receivables from delivered units in the Primera, Tag Sultan and Waha projects. The three tranches of the .......

    Market Moves 23 December 2019

  • SCI's latest podcast is now live!

    The editorial team discuss key issues in securitisation today...

    In this episode of the SCI podcast, Mark Pelham and Corinne Smith discuss our new research report on standardised banks' capital relief trades and where European securitisation investors are looking to find relative value in the year ahead.

    This podcast and previous episodes can be accessed via the SCI site, online here as well as wherever you usually get .......

    News 19 December 2019

  • Risk participation programme agreed

    Sector developments and company hires

    CLO vulnerabilities eyed
    The Financial Stability Board has published a report assessing the financial stability implications of developments in the global leveraged loan and CLO markets. Based on a combination of available data and analyses from FSB members, the report concludes that vulnerabilities in the sector have grown since the financial crisis. Specifically, it notes that: borrower leverage has increased; changes .......

    Market Moves 19 December 2019

  • GSE price-fixing lawsuit settled

    Sector developments and company hires

    CLO manager transfer
    Hunt Investment Management has assigned collateral manager duties for the Hunt CRE 2017-FL1 and Hunt CRE 2018-FL2 CRE CLOs to OREC Investment Management. Moody's has confirmed that the move will not result in any adverse rating action. For more CDO manager transfers, see SCI’s database.

    Credit opportunity fund
    Arrow Global’s new Arrow Credit Opportunities SCSp fund has raised €628.5m .......

    Market Moves 18 December 2019

  • Structured credit pro returns to the buy-side

    Sector developments and company hires

    EMEA
    Kingswood Holdings has appointed Lindsey McMurray and Howard Garland to its board from Pollen Street Capital. The move is as per the terms of the investment completed in September, which saw up to £80m committed by way of an issue of irredeemable convertible preference shares to certain investors and funds managed or advised by Pollen Street.  McMurray founded Pollen Street in .......

    Market Moves 17 December 2019

  • 2020 vision

    Looking for relative value in European securitisation

    Next year seems likely to present structured finance investors with even greater challenges in the search for yield. Nevertheless, relative value is to be found in 2020 for those looking in the right places.

    Macro and geopolitical factors should always inform asset allocation strategies. But for 2020, their importance is even greater, according to Rob Ford, partner and portfolio manager .......

    News Analysis 11 December 2019

  • Ratings volatility?

    CLO single-B minus scenarios tested

    Single-B minus rated obligors currently constitute a record high of nearly 19% of US broadly-syndicated loan CLO exposure, according to S&P figures. To address concern over the credit stability of these companies and the potential for downgrades to inflate triple-C buckets, the rating agency has published a scenario analysis that explores the possible impact of such ratings volatility on the .......

    News 10 December 2019

  • Alternative credit platform expands

    Sector developments and company hires

    CFO appointed
    Annaly Capital Management has appointed Serena Wolfe as cfo and a member of its operating committee. Glenn Votek, the company’s cfo and interim ceo and president (SCI 21 November), has stepped down from his role as cfo. Wolfe most recently served as a partner at Ernst & Young since 2011 and as its Central Region Real Estate Hospitality .......

    Market Moves 10 December 2019

  • Turbo feature for CLO reset

    Sector developments and company hires

    Early upgrade
    DBRS Morningstar has taken the unusual step of upgrading from double-B (low) to double-B the class E notes issued by Autonoria Spain 2019 a week after the transaction priced (SCI 2 December). The move follows the final pricing of the coupons on the notes and the three interest rate swaps, which resulted in an overall reduction in costs .......

    Market Moves 9 December 2019

  • ABS head retired

    Sector developments and company hires

    ABS head retires

    Janus Henderson’s head of ABS investment Ed Panek has now retired from the company and the industry. Colin Fleury, the head of secured credit will assume direct responsibility for the ABS team. Fleury has extensive experience working with ABS, having previously fulfilled the head of ABS investment role. A more junior securitisation expert is being recruited to .......

    Market Moves 6 December 2019

  • US CLO debuts

    Transaction marks first for bank's AM arm

    Morgan Stanley’s asset management division is entering the CLO space with a new transaction. Dubbed 522 Funding I, the US$457.25 million transaction is the first CLO to be managed by Morgan Stanley Investment Management.

    The transaction is rated by S&P and Fitch as triple-A/triple-A on the US$279m class-A notes (three-month Libor plus 139bp) while just Fitch has rated the US$13.5m class .......

    News 4 December 2019
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