CLOs

  • Oak Hill management stake increases

    An investor group composed of General Atlantic, Robert Bass and senior management has made an investment in Oak Hill Advisors, purchasing the minority stake held by iStar Financial. The transaction increases the management team's majority interest in Oak Hill Advisors and brings GA as a minority investor into the company. Bass co-founded Oak Hill Advisors' first investment fund and has .......

    Job Swaps 27 October 2011

  • Gulf Stream key persons confirmed

    Apollo Global Management has named the approved replacements to the key persons in the collateral management agreements for the 10 CLOs it acquired via its purchase of Gulf Stream Asset Management (SCI 8 July).

    James Zelter, Anthony Civale, Joe Morroney and Stephen Riddell are the approved replacements on the Gulf Stream-Compass CLO 2002-I, 2003-I, 2004-1, 2005-1, 2005-II and 2007, as .......

    Job Swaps 24 October 2011

  • Crescent Capital beefs up in Europe

    Crescent Capital Group has launched a new European credit strategy, which will focus on credit opportunities across Europe from the firm's newly formed office in London. Christine Vanden Beukel joins as md to lead Crescent Credit Europe and its investment strategy across the continent.

    Prior to joining Crescent Capital, Vanden Beukel served as a senior md in the London office .......

    Job Swaps 13 October 2011

  • Euro CLO overlap examined

    A renewed pick-up in defaults is likely to put downward pressure on European CLO ratings, according to S&P. This comes as the agency releases its study on the degree of overlap between different portfolios and concentration risk within them, based on a sample of 211 CLO portfolios on which it conducts regular surveillance.

    "We have observed a significant overlap between .......

    News Round-up 11 October 2011

  • Euro CLOs face 'increasing pressure'

    Fitch says that European leveraged loan CLOs are likely to come under increasing pressure in 4Q11.

    The agency's newly-published October 2011 European Leveraged Loan CLO Tracker reveals that the triple-C bucket has increased to 8.7% from 7.4% in January 2011 and two new defaults were recorded in 3Q11. At the same time, the average triple-A OC test cushion - excluding .......

    News Round-up 10 October 2011

  • Credit manager plots European growth

    Stone Tower Capital has formed Stone Tower Europe, headquartered in Dublin, to enable the firm to expand its European operations and serve its growing investor base. Tim Richards has been appointed md to oversee the firm's European expansion, along with Alan Kelly as a director.

    Richards joins from LBBW Asset Management Ireland, where he held the role of ceo from .......

    Job Swaps 10 October 2011

  • CLO manifest error corrected

    An investor notice was released yesterday advising of a manifest error in the documentation for the recently priced Mesena CLO 2011-1 (see SCI CDO database). The error is contained in the sections entitled 'Article 122a of the Capital Requirements Directive' and 'Description of the Portfolio Servicing Agreement' of the prospectus, dated 27 September.

    These sections state .......

    News Round-up 7 October 2011

  • Financing platform enhanced

    H.I.G. Capital has acquired certain assets of WhiteHorse Capital, a Dallas-based CLO manager with assets under management of over US$1.7bn, and formed H.I.G. WhiteHorse to provide flexible financing solutions to profitable and performing small and middle market companies.

    With more than US$1bn of capital available to deploy into businesses in the US and Europe, H.I.G. WhiteHorse has a broad mandate .......

    Job Swaps 7 October 2011

  • CLO manager acquired

    GSO Capital Partners has acquired Harbourmaster Capital, which manages and advises on approximately €8bn of assets, including a number of CLOs. The Harbourmaster Capital Dublin-based team will continue to support the Harbourmaster funds and will form a combined platform with GSO's existing European leveraged loan business to develop new European-focused funds for their global investor base. The combined European leveraged .......

    Job Swaps 6 October 2011

  • SME programme proposed

    The UK government unveiled at its party conference preliminary details of an initiative aimed at bolstering lending to SMEs. This stimulus is intended to focus directly on corporate sector funding, in contrast to the Bank of England's earlier quantitative easing, which involved government bond purchases. Since most SMEs do not issue bonds, an alternative may be pooling banks' SME loans .......

    News Round-up 5 October 2011

  • CLO transfer consent requested

    Nomura Corporate Research and Asset Management has filed fifth amended and restated notices of proposed assignment of the investment management agreement for Clydesdale Strategic CLO I and Clydesdale CLO 2005. It has also requested consent from subordinated notes and rated notes, as well as a waiver from the rated notes. The manager is seeking to transfer its rights, duties and .......

    Job Swaps 5 October 2011

  • Opportunity fund prepped

    3i Debt Management has recruited Rob Reynolds as the head of its new credit opportunity fund (COF), reporting to Andrew Golding, 3iDM md. Reynolds was previously md and cio of Resource Europe.

    The COF - seeded by 3i Group with €50m - will form the foundation of a new fund initiative by 3iDM, targeting flexible investment in credit primarily in .......

    Job Swaps 29 September 2011

  • Key man clause triggered

    A key personnel event has been declared on the PULS CDO 2006-1 and PULS CDO 2007-1 SME CLOs. The clause was triggered by Manfred Gabriel ceasing to be a member of the board of the portfolio manager, Capital Securities Group, with effect from 23 September.

    .......

    Job Swaps 28 September 2011

  • Third CLO sold

    Nomura Corporate Research and Asset Management has sold another CLO - Clydesdale CLO 2006 - to Ares Management. The transaction has been renamed Ares XXI CLO. Moody's has determined that the move will not result in the reduction or withdrawal of the deal's current ratings.

    .......

    Job Swaps 28 September 2011

  • GSC CLO plan prepped

    A hearing on the trustee's motion for entry of an order in respect of GSC European CDO I-R and II is to be held on 5 October at the Bankruptcy Court. Among other things, the hearing will consider: approval of the form of ballot and the establishment of procedures for voting on the proposed Chapter 11 plan; and the establishment .......

    News Round-up 23 September 2011

  • CLO pro recruited

    Tom Majewski has joined RBS Securities' global banking & markets division in the Americas as an md in its asset-backed finance coverage and advisory team. Majewski will be responsible for originating structured transactions - including CLOs - and for providing distribution solutions to corporate and financial institution clients of the bank. He will be based in Stamford, Connecticut and report .......

    Job Swaps 19 September 2011

  • Securitisation leaders hold firm

    At the end of August 2011, with more than US$171bn of qualifying deals completed, the leaders maintained their places in the SCI US league tables for bank arrangers in the structured credit and ABS markets. All added to their account as the month saw US$10.9bn of issuance.

    Europe, meanwhile, saw a stronger indication of the traditionally quietest summer month, with .......

    News Round-up 19 September 2011

  • CLO tender offer announced

    Citi has commenced a cash tender offer to purchase outstanding Skytop CLO income notes. For each US$1,000 unpaid principal amount of income notes validly tendered, the bank will pay US$400. The offer is scheduled to expire on 14 October, unless extended or earlier terminated.

    .......

    News Round-up 19 September 2011

  • BlueMountain beefs up in Europe

    BlueMountain Capital Management has named David Rubenstein ceo of BlueMountain Europe. Rubenstein, who joined the firm in 2006, will also continue in his roles of both cfo and general counsel on a global basis. He succeeds Jeffrey Kushner, who is retiring from the asset management business and will move back to the US to pursue other opportunities.

    Transferring with Rubenstein .......

    Job Swaps 13 September 2011

  • German SME CLOs perform strongly

    German balance sheet SME CLOs have performed well during the economic crisis, according to Fitch. Certain transactions have even outperformed some German auto ABS transactions, underlining their robust performance.

    Average total cumulative defaults across the 12 CLOs Fitch rates are approximately 2.5% of the initial transaction volumes since closing, with the average time since closing standing at four years.

    Fitch .......

    News Round-up 12 September 2011

  • CLO loan maturity profiles analysed

    Codean has released its annual update on the maturity profile of leveraged loans underlying CLO deals. The analysis indicates an upcoming peak in the amount of loans reaching maturity, albeit a comparison between this year's and last year's maturity profiles illustrates that refinancing efforts already made have resulted in a significant reduction in the value of loans due in 2012-2014 .......

    News Round-up 6 September 2011
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