CLOs

  • Euro secondary limited

    Activity in the European securitisation secondary market remains limited as seasonal illiquidity prevails.

    Nevertheless, Autos alongside Dutch and UK prime continue to see some signs of life. At the same time, there is selective demand for Italian, Portuguese and Spanish paper.

    Today, currently sees one BWIC on the schedule - at 14:30 London time there is a single €700k line .......

    SCIWire 10 August 2015

  • ABS lawyers promoted

    Katten Muchin Rosenman has named nineteen new partners, among them Christina Burgess and Don Macbean for structured finance and securitisation. Burgess' experience includes ABS and MBS, with an emphasis on prime and sub-prime automobile loan and lease, dealer floorplan receivable and equipment lease securitisations and warehouses. Macbean's practice encompasses structured energy and commodity-related transactions, market-value CLOs and structured derivatives transactions.

    .......

    Job Swaps 7 August 2015

  • Law firm continues SF push

    Bryan Cave has appointed Rachel Kelly as a partner in its financial services group. She arrives from Macfarlanes, where she had been head of structured finance and capital markets, having previously been a partner in Clifford Chance's structured debt group.

    Kelly specialises in structured finance and debt capital markets, particularly CLOs. She advises clients on a number of areas, including real estate finance, infrastructure and .......

    Job Swaps 7 August 2015

  • Euro secondary on the up

    Yesterday was another positive day in European secondary, though today looks to be quiet.

    Secondary activity improved again yesterday with higher levels of end-user involvement than in recent days. Nevertheless, volumes remain fairly light and patchy.

    In line with recent patterns prime assets led the way, but there were also pockets of activity in CLOs, CMBS, Italian ABS/MBS and UK .......

    SCIWire 7 August 2015

  • Cairn majority stake sold

    Mediobanca has agreed to acquire RBS' 51% majority interest in Cairn Capital Group. The majority will be purchased from Cairn Capital's institutional shareholders, following which RBS will have no remaining interest.

    The acquisition is part of Mediobanca's strategy to continue developing its alternative asset management business through a number of strategic partnerships. As part of the transaction, Mediobanca will be providing .......

    Job Swaps 6 August 2015

  • Negative net issuance posted

    US CLO prepayments narrowly exceeded new issuance in July, resulting in the first negative net issuance month since January 2014. Deutsche Bank figures put new issue volumes at just under US$7bn and prepayments at just over US$7bn for the month.

    Part of the explanation for the unusually large payments in July is that many CLOs pay quarterly. But the prepayment .......

    News Round-up 6 August 2015

  • CLO equity fund launched

    American Capital has launched a new US$450m fund focused on investing in CLO equity tranches and comprising entirely of third-party investors. The American Capital CLO Fund I will purchase US$300m of American Capital's existing CLO equity portfolio at its fair value as of 30 June, while the additional US$150m will comprise of investment capacity.

    Closing of the fund is expected to occur .......

    News Round-up 6 August 2015

  • Euro secondary improves

    Levels are improving in the European securitisation secondary market, but activity remains patchy and limited.

    "The market has generally got better in terms of spreads over the past couple of days," says one trader. "However, flows remain very thin - there's not a lot going on by way of BWICs, primary has slowed and the client side is very quiet, .......

    SCIWire 6 August 2015

  • US CLOs patchy

    Activity in the US CLO continues to occur in patches as volumes stay reasonably low.

    "We're chugging along," says one trader. "I wouldn't say it was busy, but it's not as quiet as it was two weeks ago and there's a consistent drip of BWICs so it's not a ghost town."

    The middle of the capital structure remains the main .......

    SCIWire 5 August 2015

  • Investment adviser acquired

    Benefit Street Partners (BSP) has agreed to acquire TICC Capital's investment adviser TICC Management, with the intent to transition TICC Capital's investment strategy from syndicated loans and CLO investment vehicles to primarily focus on private debt investments. The closing of the transaction is contingent upon approval by TICC Capital stockholders, as well as the election of four new independent directors, among other .......

    Job Swaps 5 August 2015

  • Alpha exposure 'limited'

    The bankruptcy of Alpha Natural Resources is expected to have a limited impact on the US CLO market, with fewer than 170 deals exposed to the issuer. Thomson Reuters LPC data indicates that CLOs own US$308m of total exposure to Alpha Natural Resources and only US$265.2m of its Term Loan B.

    A Wells Fargo analysis of Intex data also shows .......

    News Round-up 5 August 2015

  • SF practice adds another

    Chris McGarry has joined Ropes & Gray as a partner in the firm's finance practice. He will advise on structured finance transactions, with a focus on CLOs and securitisations for clients including arrangers, sponsors, originators and investors.

    Prior to joining, McGarry practiced at Weil, Gotshal & Manges and, previous to that, Clifford Chance. He also served as vp in RBS' .......

    Job Swaps 5 August 2015

  • Mid-market manager recruited

    Medley Management has hired David Indelicato as md and head of credit management. He will focus on providing capital solutions to middle market companies and private equity sponsors.

    Prior to joining Medley, Indelicato was svp at GE Antares Capital, where he was a risk team leader responsible for underwriting, structuring and managing private equity sponsor-backed leveraged finance transactions. Previous to this, .......

    Job Swaps 5 August 2015

  • Top CLO managers revealed

    The rankings of the top 10 global CLO managers are relatively unchanged from January, according to Moody's latest CLO manager league tables. The tables show that in the US the top 10 managers' market share has declined slightly as other large managers have grown their share, and CLO issuance remains strong.

    "In the US, the top 10 managers' market share .......

    News Round-up 5 August 2015

  • Euro secondary keeps it light

    With light flows and a light BWIC calendar summer is taking its toll on the European securitisation secondary market.

    "With primary active last week and now that we're into August there's very little going on in secondary," says one trader. "The BWIC calendar is pretty light as well."

    Overall, the trader describes secondary spreads as mixed with light flows ensuring .......

    SCIWire 5 August 2015

  • US CLO hope

    There are hopes that activity in the US CLO secondary market could start to rise once again this week, but similar expectations have been dashed before.

    "Last week was another quiet one in the end for both CLO secondary and primary," says one trader. "It feels like there's going to be a little bit of a pick-up this week, but .......

    SCIWire 4 August 2015

  • Negative returns hit CLO index

    The total amount of CLOs that paid down in JPMorgan's CLO index (CLOIE) since the June rebalance through 31 July was US$7.24bn in par outstanding, split between US$4.18bn and US$3.05bn of pre-crisis and post-crisis CLOs. The post-crisis CLOIE added US$11.2bn, with 137 tranches from 25 deals at the July rebalance.

    The CLOIE total index exhibited negative returns in the month of July in .......

    News Round-up 4 August 2015

  • Law firm boosts SF expertise

    Rupert Wall has joined Sidley Austin as a partner in its global finance practice. His focus is on structuring and restructuring deals across the securitisation spectrum. He advises arrangers, originators and investors on all aspects of structured finance and derivatives, while also advising counterparties with capital markets issuances, leveraged finance transactions and portfolio sales.

    Wall arrives from Weil Gotshal and .......

    Job Swaps 4 August 2015

  • Euro secondary flat

    The European securitisation secondary market continues to see low levels of activity with spreads for the most part staying flat.

    "It's pretty quiet and as we head further into summer while we'll be watching for macro events it's likely that the market will continue to move sideways," says one trader. "There are now a lot of continental clients away so .......

    SCIWire 4 August 2015

  • US CLOs tick over

    After a very quiet end to the week and month on Friday the US CLO secondary CLO market is ticking over once more.

    There are currently three US CLO BWICs scheduled for trade today - relatively busy for a Monday in August. However, the calendar looks a little sparse for the remainder of the week with only a further four .......

    SCIWire 3 August 2015

  • Euro secondary stays strong

    European securitisation secondary market spreads are holding on to recent stronger levels amid low volumes.

    As anticipated, flows were very light across the board on Friday, which left spreads for the most part unchanged. However, the day's previously mentioned CLO BWIC did trade well.

    There are currently no BWICs on the European calendar for today.

    .......

    SCIWire 3 August 2015
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