CLOs

  • 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

  • Euro secondary retains BWIC focus

    BWICs are continuing to dominate the European securitisation secondary market.

    Thanks in part to a relatively quiet primary market, secondary auctions saw increased interest yesterday. Most bonds in for the bid traded in line with expectations and tone across most sectors firmed a little. The notable exception is CLOs where any potential rally is being hampered by strong primary and secondary supply.

    SCIWire 21 October 2015

  • US CLOs show stabilisation signs

    US CLO secondary spreads are showing the early signs of stabilising.

    "The last month has been challenging and we've been widening for the past four weeks," says one trader. "However, it now feels like the widening could be coming to an end, though prices are not yet firming up by any stretch of the imagination there is a sense they might .......

    SCIWire 20 October 2015

  • CLO expert recruited

    CIFC has brought in Robert Klein as senior portfolio manager and md in structured products, leading the firm's structured products portfolios. He reports to co-presidents Oliver Wriedt and Steve Vaccaro and will also join the firm's operating committee.

    Klein joins from Prospect Capital Management, where he was the lead portfolio manager and founder of the firm's CLO business. Prior to .......

    Job Swaps 20 October 2015

  • Firms pay price for CDS decision

    A pair of UBS advisory firms have agreed to settle US SEC charges that they failed to disclose a change in investment strategy by UBS Willow Fund. UBS Willow Management and UBS Fund Advisor will pay US$17.5m to settle the charges, more than US$13m of which will be returned to investors.

    UBS Willow Management marketed the UBS Willow Fund as .......

    Job Swaps 20 October 2015

  • Innovative community bank CLO closed

    StoneCastle Financial has closed Community Funding CLO, believed to be the first pooled bank credit securitisation to print since 2008. Citi arranged the transaction.

    The deal comprises two tranches: US$205m class A notes (rated A3 by Moody's), which priced with a fixed rate coupon of 5.75%; and US$45.5m unrated preferred shares, which were retained by StoneCastle. The collateral has an .......

    News Round-up 20 October 2015

  • Euro secondary picking up?

    After a quiet start to the week, the European securitisation secondary market looks to be picking up.

    "Yesterday was very quiet both on- and off-BWIC," says one trader. "The highlight was probably the deep mezz UK non-conforming auction, which on the face of it was pretty interesting and saw strong client interest. But as is the case with many BWICs .......

    SCIWire 20 October 2015

  • CLO default rise expected

    US CLO pool default rates are expected to rise at some point in 2016 or 2017, according to JPMorgan's 4Q15 client survey. Responses were varied as to how the credit cycle will play out, with some respondents believing that upcoming credit stress will be idiosyncratic, while others expected more broad-based scenarios.

    JPMorgan CLO analysts note that a systemic rise in default rates .......

    News Round-up 19 October 2015

  • European credit team bolstered

    Jeffrey Soar has joined Blackrock's European fundamental credit team as a director, as the firm prepares to establish a European CLO business. Soar arrives from Rothschild, where he was a director. He focused on debt advisory for the asset manager, before moving to its leveraged finance team.

    .......

    Job Swaps 19 October 2015

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains patchy.

    Friday saw a slight dip in volumes and liquidity remains thin overall. Activity continues to be patchy across sectors and selective within them. However, spreads remained broadly stable amid broader market positivity.

    Prime assets and UK non-conforming continue to attract the most attention and look strongest. Meanwhile, peripherals and CLOs are .......

    SCIWire 19 October 2015

  • Commodities weigh on CLOs

    US CLO 2.0 notes are being weighed down by oil and gas  and metals and mining exposures, says S&P. As of end-3Q15, four deals with exposure to the industries have notes containing market value overcollateralisation ratios of under 100%.

    The four deals are: a 2013 vintage double-B rated note, a 2013 single-B note and two 2014 single-B notes. In addition to exposure to the .......

    News Round-up 16 October 2015

  • Euro secondary unchanged

    The European securitisation secondary market continues to see light flows and only pockets of activity.

    Yesterday saw another day of broadly directionless trading and limited activity away from BWICs. Consequently, spreads across the board were unchanged at the close.

    Once again, UK non-conforming was one of the few sectors to see above average activity on the day and pricing levels .......

    SCIWire 15 October 2015

  • US CLOs stuck

    Despite a hefty BWIC calendar the US CLO secondary market continues to lack direction.

    "We're still mainly seeing sideways trading," says one trader. "There's no consensus on future price direction though it feels like we're going wider to flat."

    However, the trader adds: "We are seeing some people come in and try to opportunistically add - particularly single-As and triple-Bs .......

    SCIWire 14 October 2015

  • Euro secondary consolidates

    Yesterday was primarily about consolidating recent gains in the European securitisation secondary market, though pockets of activity remain.

    "After a few days of market strength, yesterday saw some stabilisation," says one trader. "At the same time, away from BWICs flows reduced again."

    However, there continue to be strong pockets of activity. "We again saw activity in autos with DRVON bid .......

    SCIWire 14 October 2015

  • Cairn restructuring completed

    The restructuring of the first European CLO 2.0 was completed last week (SCI 16 September). Cairn CLO III has been 'Volckerised' via a loan-only exemption and extended to enable the non-call and reinvestment periods to end two and four years after settlement respectively. Two new mezzanine tranches were also added to the capital structure - €22m double-B rated class E .......

    News Round-up 14 October 2015

  • Euro CLOs slip

    European CLO secondary spreads are slipping wider as liquidity remains limited.

    "We're seeing quite a lot of BWICs, but not much flow business," says one trader. "It's difficult to get client interest at the moment because they're apprehensive about the current price trajectory continuing through to the end of the year."

    At the same time, the trader adds: "There are .......

    SCIWire 13 October 2015

  • Cross-asset conviction

    Renaud Champion, head of credit strategies for La Fran&#...

    Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation market?
    A:     LFGIS is the solutions business line of the La Française Group. LFGIS was established in late 2012 and is 35% owned by its founders - Sofiene Haj Taieb and Arnaud Sarfati - and key personnel; La Française is .......

    The Structured Credit Interview 12 October 2015

  • Euro secondary settled

    The European securitisation secondary market is continuing in the settled pattern seen of late.

    There were no surprises on Friday as a relatively quieter day, though flows continue to improve slowly, saw spreads close broadly unchanged overall. Today looks set to follow a similarly settled pattern especially given the US public holiday.

    Peripherals continue to benefit the most from buying .......

    SCIWire 12 October 2015

  • Euro secondary stays on track

    Ever-improving broader markets are driving increasingly positive sentiment in the European securitisation secondary market and its revival over the past few days remains on track.

    Yesterday again saw an uptick in overall activity though flows were slightly down as the heavier BWIC calendar took precedence. There was buying interest across the board, albeit still restricted to selected names in each .......

    SCIWire 9 October 2015

  • Private debt advantages outlined

    Benefit Street Partners (BSP) ceo Thomas Gahan and president Richard Byrne have issued an open letter to the stockholders of TICC Capital Corp regarding its agreement to acquire TICC Management. The letter reiterates the firm's "full commitment" to complete the transaction with TICC and shares information about its plans for delivering superior, sustainable and long-term returns to TICC stockholders. The .......

    Job Swaps 8 October 2015

  • Minority interest acquired

    Dyal Capital Partners has acquired a passive minority interest in the controlling company of Chenavari Investment Managers. Chenavari will continue to be led by ceo and co-cio Loic Fery and co-cio Frederic Couderc, who will retain complete control over the firm's operations and investment process.

    Dyal's strategic minority interest will be passive with no oversight of Chenavari's governance. The vast .......

    Job Swaps 8 October 2015
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