CLOs

  • STS 'not enough' for European ABS revival

    Securitisation 'needs to be used more' as funding tool

    At the start of last year, BNP Paribas Asset Management hired Michel Fryszman as its new head of structured finance to oversee three UCITS funds, each investing in securitisations and loan portfolios. While the funds have a fairly broad remit with regard to asset class, historical performance data is a key metric meaning first-time CLO managers are given a wide berth and .......

    News Analysis 3 May 2019

  • Rating agency appoints new SF head

    Company hires and sector developments

    Bank bulks up

    Macquarie has appointed Carolyn Porretta md, structured finance and real estate, based in London. She was previously head of portfolio services, investment portfolio management at AIG, where she was responsible for managing structured products and CRE debt in EMEA.

    RA hires new SF head

    Scope Ratings has hired David Bergman as its new .......

    Market Moves 3 May 2019

  • First SOFR-indexed MBS tranche inked

    Sector developments and company hires

    Claims predictability to improve?
    The Florida legislature last month passed a bill to reform the requirements for the assignment of benefits of claims for residential and commercial property insurance, which could improve the predictability of claims and losses for Florida catastrophe bonds. According to a recent Cadwalader client memo, assignment of benefits in Florida has been a concern for the .......

    Market Moves 2 May 2019

  • Rating agency names managing director

    Sector developments and company hires

    EMEA
    Scope     has named Guillaume Jolivet as md. He joins the firm’s management board, alongside Torsten Hinrichs, coo of the Scope Group. With more than 18 years of experience in credit analysis and ratings, Jolivet joined Scope in 2013 and held several senior positions at Moody’s and UBS before that.

    New York University’s Stern School of Business finance professor .......

    Market Moves 25 April 2019

  • Value investing

    Tim Gramatovich, cio of Gateway Credit Partners, answers SCI's questions

    Q: How and when did Gateway Credit Partners become involved in the securitisation market?
    A: Gateway Credit Partners is the credit platform of B Riley Financial’s investment advisor subsidiary B Riley Capital Management and was established in March (SCI 26 March). Our strategy is to identify and acquire undervalued non-investment grade corporate credit securities and implement our portfolio management .......

    The Structured Credit Interview 23 April 2019

  • CLO manager denied incentive fee

    Sector developments and company hires

    Incentive fee ruling
    The High Court in London has ruled that Barings (UK), as collateral manager, was not entitled to an incentive fee at the expense of junior bondholders following the optional redemption of the Duchess VI CLO. Part 8 proceedings were brought by Deutsche Trustee Company, to determine the correct interpretation of the bond documentation in which Barings (UK) .......

    Market Moves 18 April 2019

  • ILS restructuring agreed

    Sector developments and company hires

    ILS restructuring agreed

    Ballantyne Re has entered into a lock-up support agreement with Ambac Assurance UK, Assured Guaranty, approximately 82% by value of the class A noteholders, Security Life of Denver Insurance Company (SLD) and Swiss Re Life and Health America (SRLHA) in connection with a proposed restructuring transaction in respect of its obligations under the ILS notes. .......

    Market Moves 15 April 2019

  • New wave?

    Could ESG CLOs be the start of a trend?

    Fair Oaks Capital is set to issue a debut European CLO in 2Q19 and, notably, it has been structured according to strict ESG criteria. It follows hot-on-the-heels of similar transactions from Permira Debt Managers last year and it may be the start of things to come in terms of greater adoption of ESG-aligned investment strategies in the US and Europe.

    Tyler .......

    News Analysis 15 April 2019

  • Firm bulks out CRE capability

    Sector developments and company hires

    Board directors appointed

    ISDA has appointed three new board directors and re-elected ten others. The three new directors are, Erik Tim Mueller, ceo, Eurex Clearing, Andrew Ng, group executive, head of treasury and markets, DBS Bank and Shigeru Nonomura, md, co-Head of rates trading, global markets Japan, Nomura Securities.

    CMBS head hired

    Natixis has recruited Andrew Taylor as md and .......

    Market Moves 11 April 2019

  • BWIC boom

    Quarterly SCI data update

    The first quarter of a year is usually quieter than the previous quarter and, for the most part, 1Q19 saw reduced activity over 4Q18 (SCI 24 January 2019). The notable exception was CLO secondary markets, where BWIC volumes boomed for the second quarter in a row, according to SCI data.

    .......

    News Analysis 11 April 2019

  • SCI podcast - episode six now live

    CLO innovation and UTP securitisations discussed

    Episode six of the monthly SCI podcast is now available. In this edition, our editor Corinne discuss some fascinating developments in the CLO sector, including how several structural innovations have begun to emerge and she asks why that has happened. Additionally, our senior reporter, Stelios, looks at difficulties involved in securitising unlikely-to-pay loans and Richard, our deputy editor, takes .......

    News 10 April 2019

  • European bank in major restructure

    Company hires and sector developments

    COO hired

    Trepp has appointed Luis Amador as coo, reporting to ceo, Annemarie DiCola. Amador was recently md at Moody's Analytics, responsible for structured finance financial engineering, product management, content production, and advisory teams, providing the fixed income marketplace advanced analytics, data, credit models, and portfolio monitoring products while also performing advisory, valuation, and consulting services across sectors.

    Energy and .......

    Market Moves 9 April 2019

  • On the up?

    CRE CLO market growth set to continue

    After a buoyant CRE CDO market all but vanished following the financial crisis, it has only recently returned in the form of CRE CLOs with issuance growing from almost nothing three years ago, to just under US$14bn last year. While the basic structure of CRE CLOs shares some similarities with the pre-crisis structure, it has some notable differences that should help .......

    News Analysis 8 April 2019

  • Addressing the arb

    CLO structural innovations aim at wider investor base

    European CLO issuance totalled approximately €7.73bn in Q1, comprising 16 new issues and two refinancings. March alone saw nine transactions price, which showcased a range of structural innovations designed to address the current challenging arbitrage and appeal to a wider investor base.

    “Appealing to a wider investor base is an important consideration for a syndicated deal, rather than one with .......

    News Analysis 5 April 2019

  • CEO appointed

    Company hires and sector developments

    CEO appointed

    DFG Investment Advisers has hired Oliver Wriedt as ceo. The firm is also unifying its products under one brand, Vibrant. Wriedt will play an instrumental role in growing and further institutionalising DFG’s business, helping to diversify its product offerings and elevate the new Vibrant brand among the investment community. He was most recently co-ceo of CIFC .......

    Market Moves 4 April 2019

  • CLO market "prepared for Brexit"

    Japanese risk retention rules provide 'wiggle room'

    The CLO market is ‘well prepared’ regardless of the outcome of Brexit. This was according to panellists at IMN’s recent CLO conference in London, who also suggested that further clarification around the Japanese risk retention rules could provide some comfort to CLO managers and investors, particularly in Europe.

    One of the first topics discussed centred around the issue of whether .......

    News Analysis 4 April 2019

  • US manager on "verge" of issuing Euro CLO

    Investors show heightened scrutiny toward first timer issuers

    Angelo, Gordon is very close to issuing its inaugural European CLO, finding parts of the process “more straightforward than expected”. The transaction was discussed at IMN’s CLO conference in London today, where it was also noted that investors are displaying an increasingly critical approach toward first time managers.

    Steven Paget, md at Angelo, Gordon commented that his firm is on .......

    News 2 April 2019

  • GSE reforms proposed

    Sector developments and company hires

    Debt service reserve guarantee provided

    Assured Guaranty (Europe) plc (AGE) has issued a £135m, five-year Debt Service Reserve (DSR) Guarantee to benefit Dwr Cymru (Financing) Limited and Dwr Cymru Cyfyngedig, both companies forming part of the Welsh Water group. The guarantee provided by AGE will replace the existing liquidity facilities provided by banks within the Welsh Water group’s securitisation structure. .......

    Market Moves 1 April 2019

  • Irish BTL RMBS launched

    Company hires and sector developments

    Irish BTL RMBS launched

    Bank of Ireland has mandated a new Irish buy-to-let RMBS deal. Dubbed Mulcair Securities, the €358m transaction securitises a legacy BTL loan portfolio that was originated by the Bank of Ireland, ICS Building Society and Bank of Ireland Mortgage Bank. The rationale behind the deal is to offload non-performing exposures from the seller’s balance sheet (according to .......

    Market Moves 29 March 2019

  • CEO appointed

    Sector developments and company hires

    CEO appointed

    Curtis Arledge has joined Mariner Investment Group as chairman and ceo. In addition to his role at Mariner, Arledge will serve as head of Mariner subsidiary, ORIX USA asset management, responsible for driving the company’s overall strategy in the space, including facilitating opportunities for growth across ORIX USA’s enterprise. A founding member of Mariner, Arledge has returned to .......

    Market Moves 28 March 2019

  • 'Constant demand'

    UK firms hiring across range of SF roles

    Hiring in the UK structured finance space has been buoyant in the last 12 months, with recruitment across a range of roles and asset classes. While there has been a slight slowdown in the first quarter of this year, hiring is expected to pick up after March, once bonuses have been delivered.

    Angel Valchev, consultant at Michael Page, comments that .......

    News Analysis 28 March 2019
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