CLOs

  • What is the future of the CRE market?

    Despite the fluctuations in the capital markets this year, European warehouse funding for granular, small and medium balance commercial real estate mortgage loans remains stable, explains Sabah Nawaz, partner, Cadwalader, Wickersham & Taft LLP.

    This is particularly the case in the “loan on loan” warehouse space. “Loan on loan” funding typically involves an institutional lender advancing loans to a SPV .......

    Talking Point 5 July 2022

  • Bluerock introduces new credit fund

    Sector developments and company hires

    Bluerock is set to launch a new CLO interval fund in partnership with WhiteStar, who will serve as sub-advisor, which offers to investors high income and portfolio diversification. Marking the firm’s second interval fund, the ‘Bluerock High Income Institutional Credit Fund’ will aim to provide investors with access to income-producing senior secured loans with a portfolio made up of actively .......

    Market Moves 1 July 2022

  • UTP agreement inked

    Sector developments and company hires

    UTP agreement inked

    UniCredit and Prelios have signed an agreement for the specialised management of unlikely-to-pay (UTP) loans, following the conclusion of a competitive selection process launched by the bank in 4Q21. The long-term agreement involves Prelios acting as the preferred partner in the management of UTP loans in the corporate segment held by UniCredit. An initial stock under management .......

    Market Moves 29 June 2022

  • PineBridge sub-advised CLO ETF unveiled

    Sector developments and company hires

    VanEck has launched an actively managed CLO ETF, dubbed CLOI, which is sub-advised by PineBridge Investments. The fund aims to invest at least 80% of its total assets in investment grade-rated debt tranches CLOs of any maturity.

    The fund intends to invest primarily in CLO securities that are US dollar denominated, although it has the ability to invest up to .......

    Market Moves 23 June 2022

  • ESG evolution

    European CLO docs continue to evolve

    European CLO documentation continues to evolve with the increasing inclusion of ESG policies (SCI passim). Positive screening language and ESG score integration are gaining momentum, despite data and disclosure challenges.

    “The European CLO market is at the start of its ESG journey and Europe has been at the forefront of this. Nearly all new European CLOs issued today .......

    News Analysis 23 June 2022

  • USS launches maiden ABS mandate

    Sector developments and company hires

    Universities Superannuation Scheme (USS), the UK’s largest private pension scheme by way of assets, has launched its first mandate investing in ABS. Likely to exceed £1bn over the next couple of years, USS’s first ABS mandate will focus on investment grade publicly-listed securities.

    The move comes a year after USS Investment Management (USSIM), the wholly owned investment management .......

    Market Moves 22 June 2022

  • European CLO structures: Are the foundations changing?

    James Smallwood, senior associate at Allen & Overy, examines whether the foundations are changing for European CLO structures

    What's in a name? Or, more appropriately for CLOs, what's in a number? And while there are many important numbers and figures in a CLO transaction (obviously), here and in particular, I'm referring to some pretty low digits – one, two and .......

    Talking Point 16 June 2022

  • EIOPA consults on securitisation review

    Sector developments and company hires

    EIOPA has published a consultation paper in response to the European Commission’s call for advice (CfA) to the joint committee (JC) of the European Supervisory Authorities (ESAs) regarding a review of the securitisation prudential framework (SCI 28 October 2021). Under the CfA, the Commission sought the assistance of the JC to assess the recent performance of the rules on capital .......

    Market Moves 16 June 2022

  • Industry CLO e-trading platform unveiled

    Sector developments and company hires

    Citi and Bank of America, joined by Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo and Moody’s Analytics, have launched Octaura Holdings. The objective of the company is to create the first open-market electronic trading platform for syndicated loans and CLOs.

    Built in collaboration with software development platform Genesis Global, Octaura aims to provide comprehensive trading solutions with natively .......

    Market Moves 14 June 2022

  • Aon hires new strategic growth leader

    Sector developments and company hires

    Aon has named Joanna Parsons as strategic growth leader of UK capital advisory within the firm’s reinsurance solutions business, reporting to Ben Love, UK strategic growth leader for reinsurance solutions. In her new role, Parsons will help clients to understand the value of different growth, capital and reinsurance strategies, including in the securitisation space. Based in London, Parsons joins Aon from .......

    Market Moves 10 June 2022

  • Migrating transactions

    'Seamless' switch for CLO domiciles

    The switch from the Cayman Islands to alternative domiciles, following the European Commission’s listing of the jurisdiction on the EU AML list, appears to have been painless for most CLOs. This Premium Content article investigates.

    The European Commission’s blacklisting of the Cayman Islands earlier this year has triggered the migration of many CLOs to alternative domiciles. Overall, the switch ......

    News Analysis 9 June 2022

    Premium Content

  • Landmark Hong Kong cat bond closed

    Sector developments and company hires

    Peak Re has closed a US$150m 144a catastrophe bond via Black Kite Re, marking the first-ever such deal issued by a Hong Kong special purpose insurer. The cat bond is also expected to be the first to utilise the Pilot Insurance-linked Securities Grant Scheme introduced by the Hong Kong government last year (SCI 4 May 2021).

    As part of .......

    Market Moves 7 June 2022

  • MidOcean bags PE bigwig

    Sector developments and company hires

    Erik Oken has joined MidOcean Partners as chairman of its private equity business, based in New York. He will work directly with the firm’s private equity investment team, with the aim of adding valuable senior insights and oversight to its thematic investment approach. Prior to joining MidOcean, Oken spent over 30 years at JPMorgan, most recently serving as global .......

    Market Moves 1 June 2022

  • Franklin Templeton to acquire Alcentra from BNY Mellon

    Sector developments and company hires

    Franklin Templeton is set to acquire the European credit and private debt manager, Alcentra, from BNY Mellon. The acquisition of Alcentra and its US$38bn in assets under management will see the expansion of Franklin Templeton’s US alternative credit specialist investment manager, Benefit Street Partners, and ramping up of its presence and capabilities in Europe. The transaction will increase the size of .......

    Market Moves 31 May 2022

  • Fit for purpose?

    ESAs urged to revive securitisation market

    AFME and Paris Europlace have jointly called for the European Commission and co-legislators to step up efforts to finalise the European securitisation framework and make it “fit for purpose”. The move follows a High-Level Forum, which took place today (31 May), organised by the two associations to discuss the role that securitisation can play in helping to meet Europe’s .......

    News 31 May 2022

  • Call for more 'hard' credit enhancement

    Sector developments and company hires

    The rise in Euribor swap rates will lead to materially lower excess spread for euro-denominated consumer ABS that close in the near term, Fitch suggests. The rating agency warns that higher hedging costs at closing mean that more ‘hard’ credit enhancement is needed to achieve the same ratings, particularly for high investment-grade ratings.

    “How long this situation persists will depend on .......

    Market Moves 26 May 2022

  • Arnold & Porter hires new partner

    Sector developments and company hires

    Arnold & Porter welcomes a new partner to its corporate and finance practice in New York in a move to bolster its offering to lenders and borrowers. Scott Berson joins the firm from Norton Rose Fulbright, with more than 25 years of experience across both secured and unsecured financings. Berson holds expertise on receivables-based transactions across different industries and products .......

    Market Moves 24 May 2022

  • Wilmington Trust adds new hires

    Sector developments and company hires

    Wilmington Trust has announced a further expansion to its CLO and loan administration division with three new senior hires. Michael Mooneyham, Ryan Murray, and Madhura Swadi all join the firm in an effort to boost the development of client relationships and increase innovation across the team. They will each join the firm as vps, with Mooneyham and Murrary leading the .......

    Market Moves 23 May 2022

  • Stonehill announces leadership additions

    Sector developments and company hires

    Stonehill is set to expand its commercial lending business with four new senior executive hires to its leadership team. Daniel Siegel, Greg Koenig, Nisu Mehta, and Taylor Pike each join Stonehill from Ardent with several decades of real estate business shared between them. The firm hopes the new hires will assist in widening its product offering across all real estate .......

    Market Moves 19 May 2022

  • Principles-based cybersecurity approach urged

    Sector developments and company hires

    The SFA has responded to the US SEC’s proposed new rules to enhance and standardise disclosures made by public companies regarding cybersecurity risk management, strategy, governance and incident reporting. The association believes the proposed rule to be focused almost exclusively on corporate registrants, ignoring the extensive fundamental and technical differences between the potential impact of cybersecurity risks and incidents .......

    Market Moves 17 May 2022

  • Transportation investment platform founded

    Sector developments and company hires

    Onex has established a new platform focused on investing in transportation-related assets used for land, air, marine and industrial applications. The strategy will involve investments in hard assets with long lives, contractual cashflows and an element of inflation protection.

    The firm has recruited Wes Dick to lead the strategy as md and head of Onex Transportation Partners, based in San .......

    Market Moves 16 May 2022
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