CLOs

  • 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

  • US CLOs stay light

    Volumes are still low in the US CLO secondary market, but there are patches of activity and also some action in Trups CDOs.
    "CLO trading is pretty light at the moment as people are still calibrating the market after their month-end marks," says one trader. "However, there is activity here and there."

    For example, the trader reports: "There's been some hedge .......

    SCIWire 3 November 2015

  • Pre-crisis double-Bs outperform

    The total amount of CLOs paid down in JPMorgan's Collateralised Loan Obligation Index (CLOIE) since the September rebalance through 30 October was US$3.74bn in par outstanding, split between US$2.41bn and US$1.33bn of pre-crisis and post-crisis CLOs. The post-crisis index added US$4.3bn across 57 tranches from 10 deals at the October rebalance.

    Pre- and post-crisis triple-A discount margins each widened by .......

    News Round-up 3 November 2015

  • CLO equity investment disclosed

    Fair Oaks Income Fund has entered into binding contracts to acquire, in the primary market, US$25.5m notional of equity notes and US$10m of class F notes of Neuberger Berman CLO XX. The purchase represents 66% of the total equity of the transaction.

    Managed by Neuberger Berman, the CLO's current target portfolio has a principal value of US$500m across an expected .......

    Job Swaps 3 November 2015

  • Euro secondary refocuses

    After a couple of quiet sessions the European securitisation secondary market looks set to refocus in the days ahead.

    "After a very busy week last week on our side at least it was pretty quiet yesterday and one or two data points were enough to distract the market," says one trader. "However, there are a couple of big BWICs today, .......

    SCIWire 3 November 2015

  • CMBS criteria updated

    Moody's has updated its methodology for rating multi-borrower large loan and single-asset/single-borrower (LL/SASB) CMBS. The changes incorporate previous proposals from two request for comments that the agency sent out in August and September (SCI passim).

    The main changes to the methodology include updated LTV targets for US, Canadian and Japanese LL/SASB CMBS. The agency has also refined adjustments that it makes to .......

    News Round-up 2 November 2015

  • Euro secondary rolls on

    The bulk of the European securitisation secondary market took month end in its stride and continues to roll on at a solid if unremarkable pace.

    Friday was quieter than earlier in the week, but saw relatively healthy flows for month-end. Overall, tone remained positive and spreads were little moved.

    The main area of buying focus was once again UK prime .......

    SCIWire 2 November 2015

  • SF team bolstered

    Ashurst has recruited partners Scott Pierpont and Lee Ann Anderson to its structured finance team, based in New York and Washington, DC respectively. In a separate move, Eric Bothwell has been appointed partner in New York and Cameron Saylor has been appointed partner in the London office.

    Pierpont joins the firm from Jones Day and has experience in structured finance, .......

    Job Swaps 30 October 2015

  • Law firm expands in California

    Baker Botts is opening an office in San Francisco. It will be the firm's second office in California and it is expected to work closely with the team already established in Palo Alto.

    Patricia Stanton, chair of the firm's real estate practice, will move from its Dallas office to take the role of partner-in-charge in San Francisco. The firm expects to grow .......

    Job Swaps 30 October 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes, though tone continues to improve overall and some sectors are getting ever-more active.

    UK non-conforming continues to lead the way with healthy activity on- and off-BWIC yesterday. Flows are strong in both directions, so spreads for now remain broadly unchanged.

    The pick-up in peripherals is continuing with trades going through .......

    SCIWire 30 October 2015

  • CRE CLO initiative set up

    CRE lender Hunt Mortgage Group has hired Amy Shah to help launch and build a CLO platform for the firm. She joins as vp in the proprietary lending team and will report to Hunt director Michael Becktel.

    "In addition to establishing a CLO programme for Hunt Mortgage Group, Amy will also focus heavily on placing bridge loans and will work .......

    Job Swaps 29 October 2015

  • Euro secondary stays slow

    The European securitisation secondary market saw another slow session yesterday, but tone continues to slowly improve.

    Activity remains patchy across secondary markets but most sectors are now seeing a buying bias. Consequently, spreads are broadly flat to slightly tighter over the past day or so.

    Primary activity is continuing to distract participants, but secondary supply continues to tick over. For .......

    SCIWire 29 October 2015

  • CLO ratings continue to rise

    Upgrades continued to dominate the US CLO market in 3Q15, reports S&P. The rating agency raised 141 ratings from 42 transactions, while there were no downgrades.

    "Several of these upgraded US CLOs benefited from liability paydowns, which have increased the overcollateralisation ratios. These conditions and the CLOs' low exposure to defaulting and distressed issuers have increased the credit support available .......

    News Round-up 28 October 2015

  • Euro secondary pauses

    The nascent revival in the European securitisation secondary market has come to a halt once again.

    "The last few days have been a bit better in line with global markets and the impact of Draghi's comments was finally trickling through to ABS," says one trader. "However, yesterday broader markets took a pause and that immediately fed through to us and .......

    SCIWire 28 October 2015

  • US CLOs lagging

    The US CLO secondary market is lagging behind the rally being seen in broader markets.

    "Equities and high yield have rallied, but in cash bonds and CLOs there's no firm tone and they are not really trading that well," says one trader. "The bid-ask is just getting wider and people are sitting on the sidelines - there's no real impetus .......

    SCIWire 27 October 2015

  • Investment manager makes changes

    Mariner Investment Group has agreed to a number of strategic changes with majority stakeholder ORIX USA, including a reorganisation of its management structure. Mariner will continue to expand its lines of business, including the onboarding of some of ORIX USA's investment teams to develop new asset management opportunities for its clients.

    The objective is to allow ORIX USA to leverage .......

    Job Swaps 27 October 2015

  • Euro secondary edges up

    Activity and some prices are edging up in the European securitisation secondary market, but trading remains patchy and could prove to be short-lived.

    Despite another slow session yesterday, where spreads were once again primarily unchanged there are signs of some small increases in secondary activity and prices. Trading continues to be highly selective but the sectors attracting investors are broadening.

    SCIWire 27 October 2015

  • SF head restored

    William Moretti has been appointed md and head of MetLife's structured finance group for the second time. His role includes monitoring ABS/CMBS structures, opening new asset classes for investment and acquiring/selling public and private securities across all ABS sub-sectors, CMBS and CLOs.

    Moretti most recently led a team of technical derivatives specialists/quantitative analysts after his first stint as structured finance .......

    Job Swaps 26 October 2015

  • Euro patterns persist

    The trading patterns seen over the past week or so in the European securitisation secondary market look set to continue.

    Friday again saw a reasonably positive tone across the board, but liquidity and price movements remain limited. Activity remains focused on selected names and sectors, with prime, UK non-conforming and CMBS assets experiencing a slight buying bias, while peripherals are .......

    SCIWire 26 October 2015

  • Euro secondary solid

    The recent solid performance in the European securitisation secondary market is continuing.

    Yesterday's ECB press conference went down well in broader markets and that fed through to ABS/MBS where tone improved still further, though activity remains unspectacular. Where trading is occurring bonds are going through at or above expectations, but liquidity still remains thin across the board.

    After the surge .......

    SCIWire 23 October 2015

  • Euro secondary still strong

    The European securitisation secondary market is continuing to see a strong BWIC calendar and market tone, but little overall price movement as liquidity remains thin.

    Despite the continuing positive tone and yesterday's BWICs trading well, secondary spreads are broadly unchanged. Away from lists flows remain light with peripherals notably quiet ahead of today's ECB meeting.

    The UK non-conforming space continues .......

    SCIWire 22 October 2015
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