CLOs

  • Amicus builds commercial group

    Amicus Finance is launching a commercial finance business dedicated to serving the small business and professional services communities. Amicus Commercial Finance will be led by John Wilde and David Hogg.

    Wilde and Hogg previously founded SME Invoice Finance, which was sold to Metro Bank two years ago. Amicus Commercial Finance aims to begin operating in January 2016 and will provide .......

    Job Swaps 12 November 2015

  • Credit assessment standards proposed

    The EBA, EIOPA and ESMA have jointly published two draft implementing technical standards (ITS) on credit assessments by external credit assessment institutions (ECAIs). The standards are intended to ensure sound credit assessments and thus contribute to financial stability in the EU.

    The standards are part of the EU Single Rulebook for banking and insurance. The supervisory bodies aim to ensure .......

    News Round-up 12 November 2015

  • Euro secondary slow

    As expected, yesterday was a slow day in the European securitisation secondary market and today has begun quietly.

    With the US and parts of Europe out yesterday liquidity thinned further across the secondary market and only patchy trading was seen. Nevertheless, tone remains broadly constructive and spreads were unchanged to slightly tighter into the close.

    Appetite for selected names across .......

    SCIWire 12 November 2015

  • Insurer capital 'credit positive'

    Moody's suggests that Conning's acquisition of Octagon Credit Investors (SCI 6 November) is credit positive for Octagon CLOs because Conning's financial support will help keep Octagon's CLO platform stable after US risk-retention rules go into effect in December 2016. The agency says that the purchase shows insurance companies can be a key provider of capital to enable manager compliance with .......

    News Round-up 11 November 2015

  • New moniker for investment manager

    Pramerica Investment Management will change its name to PGIM from 4 January 2016. It is also launching PGIM Funds, a UCITS platform serving the UK and Europe.

    The firm's name-change coincides with the expansion of the business around the world and reflects its position as one of the world's largest asset managers, says the firm. Pramerica's businesses operate in 16 .......

    Job Swaps 11 November 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday saw another stable if sluggish day across secondary flows. BWICs took the lead and most lists saw reasonable execution.

    Fast and real money continue to look to add in the UK non-conforming space both on- and off-BWIC, though spreads across the sector remain broadly unchanged to very slightly tighter. Prime assets .......

    SCIWire 11 November 2015

  • US CLOs challenged

    The US CLO secondary market continues to face challenges.

    "There's not much going on in secondary today apart from a handful of BWICs," says one trader. "People are taking advantage of tomorrow's bond market holiday to step out of what continues to be a challenging environment."

    The trader continues: "It's been pretty tough to get trades done as external factors .......

    SCIWire 10 November 2015

  • CLOs feeling commodity impact

    CLO performance is feeling an adverse effect from the ongoing struggles in the commodities sector, according to Fitch's latest index results for the sector. The number of CLOs reporting defaults more than doubled in 3Q15 to 41 from 19 in the previous quarter.

    Fitch believes that the ongoing stress in commodities will lead to an increase in CLO exposure to distressed .......

    News Round-up 10 November 2015

  • Euro secondary stays positive

    Market tone remains broadly positive in the European securitisation secondary market.

    "Tone remains pretty good despite a weaker day yesterday in broader credit markets," says one trader. "Overall, secondary spreads aren't gapping in but continue to grind tighter in many sectors."

    The trader continues: "We saw quite a bit of activity in UK non-conforming yesterday and senior buy-to-let in particular .......

    SCIWire 10 November 2015

  • US CLOs ticking along

    The US CLO secondary market activity looks set to continue to follow its recent pattern.

    "It was a little bit busier last week, but activity continues to be no more than light to moderate and I expect this week to be the same," says one trader. "In terms of spreads, there's no obvious catalyst to move us out of the .......

    SCIWire 9 November 2015

  • Purpose test amendments adopted

    The retention undertaking letters for Castle Park CLO, Orwell Park CLO, Dartry Park CLO, Phoenix Park CLO and Sorrento Park CLO have been amended to include two further representations made by their manager GSO/Blackstone, which aim to comply with the 'purpose test', as envisaged under the European Commission's Capital Requirements Regulation proposals (SCI 2 October). The amendments state that the .......

    News Round-up 9 November 2015

  • AIMCO equity acquired

    Fair Oaks Income Fund has entered into binding contracts to acquire, in the primary market, US$25m notional of AIMCO CLO Series 2015-A equity notes. The investment represents 78% of the transaction's total equity.

    The manager of the CLO is Allstate subsidiary AIMCO. The deal's current target portfolio has a principal value of US$500m across an expected 200 unique bank loan .......

    Job Swaps 9 November 2015

  • Euro secondary quiet

    The European securitisation secondary market closed last week quietly and looks set to start today in the same vein.

    Secondary volumes dropped again on Friday as the primary market drew investor attention and secondary spreads for the most part were unchanged despite continued broader market positivity. A few sectors did however see some uptick in prices - notably CMBS and .......

    SCIWire 9 November 2015

  • Volcker compliance sought

    Separate meetings of St Paul's CLO IV noteholders have been convened for 26 November to consider and, if thought fit, pass an extraordinary resolution. The issuer wishes to amend the investment management agreement (IMA) to comply with the Volcker Rule.

    The proposed amendments will provide noteholders with the option to hold notes with different voting rights in respect of resolutions .......

    News Round-up 6 November 2015

  • CLO-driven offering closes

    CIFC Asset Management has closed an offering of US$40m in aggregate principal of unsecured senior notes. Proceeds from the offering will be used by the firm, together with short-term investments and cash currently on its balance sheet, to comply with future CLO risk retention obligations.

    The notes will pay interest semi-annually at a rate of 8.5% per annum and will .......

    News Round-up 6 November 2015

  • CLO manager acquired

    Conning has agreed to acquire CLO and high yield bond specialist Octagon Credit Investors, taking over management of its US$12bn in assets. Andy Gordon will continue as Octagon's ceo, and the firm's existing investment and business teams will remain in place.

    The acquisition will enable Conning to expand its expertise by inheriting Octagon's experience in below-investment grade assets. These assets span across .......

    Job Swaps 6 November 2015

  • Euro secondary firms up

    Tone in the European securitisation secondary market continues to firm up.

    Despite the large number of BWICs yesterday, pricing levels held up across the majority of sectors and the majority of bonds in for the bid traded in line with expectations. CMBS, peripherals and UK non-conforming continue to improve, while UK and Dutch prime remain solid. Auto ABS were the .......

    SCIWire 6 November 2015

  • CLO specialist poached

    Golub Capital has hired Joseph Wilson as md to expand the firm's existing distribution capabilities. His responsibilities include managing and expanding relationships with buyers of leveraged loans.

    Wilson is additionally tasked with identifying and executing secondary market opportunities within and outside the current Golub Capital portfolio. He will also provide insights on underwriting and financial structures for LBOs, recapitalisations and refinancings.

    Job Swaps 5 November 2015

  • Euro secondary improves

    Yesterday saw further improvement in the European securitisation secondary market, but it is still yet to take off.

    "We've got what we wanted at last - stability in broader markets - but our space isn't picking up massively," says one trader. "Tone is generally better and we are seeing a pick-up in high beta paper in particular."

    The trader continues: "CMBS .......

    SCIWire 5 November 2015

  • Debut CLO equity fund closes

    American Capital says it has closed its new US$450m CLO equity fund. American Capital CLO Fund I, comprised entirely of third-party investors, has US$150m of investment capacity after the fund previously purchased US$300m of American Capital's existing equity portfolio at its fair value (SCI 10 September).

    "This is our first fund dedicated to CLO equity and it diversifies our asset .......

    News Round-up 4 November 2015

  • Euro secondary strengthens

    The positive tone in the European securitisation secondary market continues to build.

    "Overall, we're strengthening, but still lagging the positive tone in broader markets," says one trader. "We're seeing something of a pick-up and flows are better especially in some of the recently quiet sectors."

    The trader continues: "We're not seeing much in prime, but Portuguese RMBS and UK non-conforming .......

    SCIWire 4 November 2015
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