CLOs

  • Toys R Us CMBS exposure gauged

    Toys R Us filed for chapter 11 bankruptcy protection this week. Several US CMBS loans are exposed to the retailer, although no store closures have been announced.

    The company filed for bankruptcy protection in an attempt to resolve US$400m of debt maturing next year. The majority of its stores remain profitable and the company says the filing will not affect .......

    News 21 September 2017

  • Euro CLO 1.0 losses crystallise

    A new Bank of America Merrill Lynch study tracks the crystallisation of losses across pre-crisis European CLOs, where tranches have not been repaid in full. The analysis finds that around 60 European CLO 1.0 deals have outstanding rated debt tranches, compared to approximately 210 deals issued since 2001 that have been called and repaid in full or amortised naturally.

    Bank .......

    News 19 September 2017

  • Job swaps round-up - 15 September

    EMEA

    Golden Tree Asset Management has opened an office in Sydney, hiring Russell Taylor as md to lead the office. Taylor was most recently md at JPMorgan where he was head of institutional sales for Australia and New Zealand. He worked at the bank for 30 years in a number of roles, including across credit derivatives, structured credit, securitisation, loans .......

    Job Swaps 15 September 2017

  • Direct lending securitisation faces barriers

    Lines of credit to European direct lending firms, which borrow from banks and typically lend to middle-market firms, could be ripe for securitisation. However, the securitisation of these funding lines would bring added regulatory scrutiny and rating agency involvement, which would not be welcomed by all corners of the direct lending industry.

    David Quirolo, partner at Cadwalader, Wickersham & Taft, .......

    News Analysis 12 September 2017

  • Third Colonnade global completed

    Barclays has closed its third Colonnade global significant risk transfer trade (SRT), Colonnade Global 2017-3 Financial Guarantee. In unusual fashion for capital relief trades the credit protection covers both principal and accrued interest.

    The SRT transaction is a US$140m CLN that references a US$1.6bn corporate loan portfolio from thirty countries across the globe.

    Rated by DBRS the deal comprises US$1.3bn .......

    News Analysis 8 September 2017

  • Job swaps round-up - 8 September

    EMEA

    Tiger Risk UK has hired Michael Wade as a non-executive chair of TigerRisk Capital Markets and Advisory UK. He is also the Crown representative for insurance at the UK cabinet office and advisor to the Chancellor of the Exchequer on issues relating to Insurance Linked Securities (ILS).

    Beechbrook Capital has hired Jon Petty to the role of associate director .......

    Job Swaps 8 September 2017

  • US CLOs unswerving

    The US CLO secondary market is yet to swerve from the path it has been following for a large part of this year.

    Light volumes continued in August, but the year's supply-demand dynamic remained. Appetite for a still limited amount of available paper ensures that secondary spreads remain firm - 1.0 spreads throughout the stack are unchanged over the past .......

    SCIWire 7 September 2017

  • Euro secondary returns

    The European securitisation secondary market is beginning to return to life after the summer.

    August saw the usual seasonal lull in terms of trading volumes in ABS/MBS, but the buying bias remained across the board. Consequently, secondary spreads were flat to slightly tighter month on month.

    CLO volumes saw less of a dip and from time to time, especially around .......

    SCIWire 7 September 2017

  • Deals reset middle-market expectations

    Middle-market CLO issuance has picked up again, following a summer lull, and spreads have ground tighter. Investors will be keeping an eye on how tight spreads get, and also on the risk of credit issues as competition for assets intensifies.

    When TCP Whitney CLO 2017-1 priced at the start of August it did so at the tightest triple-A spreads for .......

    News Analysis 4 September 2017

  • Job swaps round-up - 1 September

    EMEA

    Credit Suisse has hired Constantin Hulst as a CLO structurer to its European CLO origination team in London, reporting to Michael Malek, head of European CLO structuring. Hulst was previously at BNP Paribas, where he was an analyst and structurer in the CLO team.

    North America

    Allianz Global Investors has hired Mona Mahajan as its new US investment strategist. She .......

    Job Swaps 1 September 2017

  • CLO secondary trading slows

    Primary CLO issuance is booming, although secondary market activity has dipped this year. The glut of refinancings seen earlier in the year appears to have played a significant part in this.

    In the primary market, almost US$12bn of US CLOs was issued in the first three weeks of August, enough to make the month the second busiest of the year. .......

    News 31 August 2017

  • Job swaps round-up - 25 August

    EMEA

    Fitch has appointed Marjan van der Weijden as global group head of structured finance and covered bonds, based in London. She has been with Fitch for 18 years and most recently served as head of EMEA structured finance since 2010. The agency has also appointed Kevin Duignan as global group head for financial institutions, based in New York. He .......

    Job Swaps 25 August 2017

  • Debut CRE CLO closed

    Hunt Mortgage Group has closed its inaugural US$349.3m CRE CLO, dubbed Hunt CRE 2017-FL1. The transaction is backed by 23 floating-rate mortgages secured by 36 transitional properties, with plans to stabilise and improve the asset value.

    Hunt's first CLO follows the recruitment of several staff with extensive securitisation expertise. This effort began nearly two years ago, with the hire of .......

    News 24 August 2017

  • Job swaps round-up - 18 August

    North America

    Redwood Trust has appointed Dashiell Robinson to the newly formed position of evp, overseeing the firm's financial and portfolio investment functions, as well as working with its ceo Marty Hughes and president Chris Abate in advancing its long-term business strategies. Robinson will begin at the firm in October, reporting to Abate, having previously served as head of mortgage .......

    Job Swaps 18 August 2017

  • CLO yen repacks prepped

    Three CLOs are being repackaged to issue the senior notes in Japanese yen, rather than US dollars, as the market prepares for the first repacks of resets. Repackaged CLO Series KK-2 will issue ¥25.172bn, Repackaged CLO Series KK-3 will issue ¥29.37bn and Repackaged CLO Series KK-4 will issue ¥27.72bn.

    The ¥25.172bn A notes of Repackaged CLO Series KK-2 have been formed by .......

    News 16 August 2017

  • Job swaps round-up - 11 August

    North America

    John DiRocco has joined CIFC as coo, overseeing non-investment functions, as well as the expansion of the firm's investment product offerings in the US and internationally. DiRocco previously served as coo and a founding member of Reef Road Capital, and before that was at Citadel Investment Group and Paloma Partners. He will be based in New York and ......

    Job Swaps 11 August 2017

    Premium Content

  • Innovative CRE CLO marketing

    Bancorp Bank is marketing a US$314.4m static commercial real estate CLO, backed by 24 floating-rate commercial mortgage loans secured by 31 properties. The transaction, dubbed Bancorp 2017-CRE 2, is structured as a REMIC trust and features several innovations, including not permitting a ramp-up or the acquisition/reinvestment of assets post-closing. The sponsor is also expected to sell the risk retention-compliant first-loss .......

    News 11 August 2017

  • Peripheral ABS playing catch-up

    Structured finance issuance in the European core has held up well over the summer, with spreads continuing to grind tighter. Although peripheral ABS spreads remain wide of the core, the periphery appears to be catching up.

    "Spreads throughout Europe - in both the core and periphery - have been going in the same direction for a while now, albeit at .......

    News Analysis 4 August 2017

  • Job swaps round-up - 4 August

    North America

    Hunton & Williams has promoted a pair of litigation lawyers with securitisation experience to counsel, based in New York. Michael Kruse focuses his practice on complex commercial litigation relating to financial services and structured finance. Robert Rich focuses primarily on representing corporate debtors, secured and unsecured creditors, indenture and securitisation trustees, lessors and other parties in interest in .......

    Job Swaps 4 August 2017

  • Reinsurance firm taps CLO market

    Nassau Re has priced an inaugural US$438m CLO. Dubbed Nassau 2017-I, the transaction is a broadly syndicated CLO managed by NCC CLO Manager, a wholly-owned subsidiary of Nassau Re affiliate Nassau Corporate Credit.

    Rated by Fitch and S&P, the transaction comprises US$231.3m AAA/AAA rated class A1A notes (which priced at three-month Libor plus 132bp), US$30m AAA/AAA A1Bs (3.28%), US$59.5m NR/AA .......

    News 1 August 2017

  • Libor gives CLOs pause

    UK FCA ceo Andrew Bailey last week suggested that financial markets should transition away from Libor benchmarks to transactional-based reference rates by end-2021. His speech caught the attention of the CLO industry in particular, given Libor's central role as a reference rate to calculate interest income on debt tranches, as well as on the majority of underlying loan collateral.

    "The .......

    News 31 July 2017
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