CLOs

  • Tesco portfolio disposal sealed

    Company developments and sector hires

    Auto deal debut

    Oodle Financial Services is marketing an inaugural static cash securitisation of auto receivables extended to obligors located in the UK. Dubbed Downson 2019-1, the £353.4m transaction is provisionally rated Aaa on the £229.8m class A notes, A2 on the £75.9m class Bs, Baa3 on the £15.9m class C notes, Ba3 on the £14.1m class Ds .......

    Market Moves 3 September 2019

  • Structured credit head steps down

    Company hires and sector developments

    BUMF 6 claim filed

    Business Mortgage Finance 6 has issued a claim against Roundstone Technologies (RTL) in the London High Court of Justice stating, among other things, that the purported sale and purchase agreement between the issuer and RTL is void and that RTL has acquired no right to act for or on behalf of the issuer pursuant to a .......

    Market Moves 29 August 2019

  • Ceo replaced

    Sector developments and company hires

    New ceo appointed

    Oaktree Specialty Lending has announced that ceo and cio Edgar Lee has resigned from the company for personal reasons, effective 30 September 2019. He is to be replaced by Armen Panossian who will take over both roles. Panossian is currently md and head of Oaktree’s Performing Credit organisation and has spent 12 years at the .......

    Market Moves 27 August 2019

  • Euro CLOs strong

    Market maintaining positive path

    The European CLO market has had a strong 2019 so far. That strength looks set to continue in the months ahead.

    Figures from JPMorgan CLO research published last Friday note that in Europe, the primary market is up 5% from last year’s record post-crisis year. Indeed, 60 Euro CLOs have priced totalling €24.2bn – comprising €19.7bn across 47 .......

    News 27 August 2019

  • Broker charged over mispricing

    Sector developments and company hires

    Broker charged over mispricing

    The US SEC has charged New York-based broker-dealer AOC Securities and its former ceo Ronaldo Gonzalez with failing to supervise AOC broker Frank Dinucci, who provided inflated price quotes to Premium Point Investments (PPI). The orders find that PPI traders dictated to Dinucci the prices at which he should value certain MBS in PPI .......

    Market Moves 23 August 2019

  • Counterintuitive results

    EBA consultation incentivises unfunded SRT format

    The EBA’s consultation on the determination of the weighted average maturity of a securitisation tranche (SCI 2 August) is seen as a positive step for synthetic securitisations, since it takes into account the conditional payments of the underlying assets. However, by not recognising the effect of prepayments and pool amortisations, the proposal creates counterintuitive results that incentivise banks .......

    News Analysis 23 August 2019

  • Warehouse line closed

    Company hires and sector developments

    CRE appointments

    Arbor Realty Trust has appointed Danny van der Reis as evp, structured asset management, reporting to Arbor president and ceo Ivan Kaufman. In this newly developed role, van der Reis will be responsible for managing the structured asset management department and loan restructurings for all of Arbor's balance sheet loans, as well as strategically developing and expanding the .......

    Market Moves 22 August 2019

  • Volcker rule amended

    Company hires and sector developments

    Aviation firm appoints treasurer

    Wings Capital Partners has hired Jakob Gallagher as vp, treasurer and capital markets. Prior to joining Wings, Gallagher served as vp on the MUFG aviation team who covered originations for the Americas. Prior to joining MUFG, he worked at Aircastle where he focused on capital markets and joint ventures. Jakob raised secured and unsecured .......

    Market Moves 21 August 2019

  • CLO ESG impact assessed

    Sector developments and company hires

    ESG impact assessed

    The credit impact of environmental, social and governance (ESG) investment criteria on CLOs rated by Moody’s remains neutral, the agency says in a report. The firm adds that while restricting the pool of CLO eligible collateral has the potential to be credit negative, CLOs limited exposure to the industries subject to ESG restrictions largely mitigates .......

    Market Moves 19 August 2019

  • Whole biz downgrade announced

    Company developments and company hires

    Acquisitions

    Crescent Capital BDC is set to acquire Alcentra Capital Corp, a middle-market BDC. The transaction is the result of Alcentra Capital’s previously announced review of strategic alternatives led by an independent director committee. Under the terms of the transaction, in exchange for approximately 12.9 million shares of Alcentra Capital common stock, Alcentra Capital’s stockholders will receive approximately .......

    Market Moves 16 August 2019

  • Consent challenges

    Transactions losing value without Libor fallback language

    Investors are working with an asset registry and communication platform to obtain noteholder consent in order to insert Libor fallback language in certain securitisations, ahead of the 2021 deadline. This is driven by concerns that transactions without fallback language are losing value compared to newer deals with the necessary language to transition to a new reference rate.

    DealVector has been .......

    News 16 August 2019

  • NPL disposals inked

    Sector developments and company hires

    ABSF tender

    The Australian Office of Financial Management is inviting tender submissions for the provision of investment management services for the Australian Business Securitisation Fund (ABSF) by 6 September (SCI 24 June). The AOFM is seeking to appoint an investment manager to assist with the evaluation of investment proposals and provide ongoing portfolio management services. The investment .......

    Market Moves 14 August 2019

  • Balancing act

    European CMBS learning from US CRE structures

    European CMBS are increasingly likely to continue following patterns set by their US counterparts and the market could even soon see it first CRE CLOs. However, in taking their lead from across the Atlantic, European issuers will need to find the right balance.

    A report from Cadwalader, Wickersham & Taft (CWT) explains that while both jurisdictions are seeing .......

    News Analysis 14 August 2019

  • Insurer markets CFO

    Transaction backed by 'highly diverse' PE portfolio

    Nassau Alternative Investments is marketing a collateralised fund obligation (CFO) comprising private equity (PE) fund commitments acquired by Nassau Life Insurance Company (NNY). The, largely static, transaction is dubbed Nassau 2019 CFO, and is backed by interests in a diversified pool totalling around US$375.7m in NAV of funded commitments and US$79.3m in unfunded capital commitments.

    Fitch comments that .......

    News 13 August 2019

  • STS mirage

    "Still no level playing field" despite regulation

    Despite the high bar that issuers must clear to achieve the STS designation on securitisations, the deals continue to have unfair levels of capital treatment compared with other investment products, even backed by the same underlying collateral.  A lack of incentive to invest in securitisation - even STS deals – therefore continues to remain, but the task of addressing this .......

    News Analysis 12 August 2019

  • AM acquisition

    Sector developments and company hires

    Asset management acquisition

    Assured Guaranty US Holdings is set to acquire all of the outstanding equity interests in BlueMountain Capital Management and its associated entities for approximately US$160m, subject to certain adjustments, as part of a strategic objective to diversify into fee-based revenue sources. The acquisition is expected to complete in 4Q19, subject to customary closing conditions. As .......

    Market Moves 9 August 2019

  • Track record

    Middle market origination processes scrutinised

    A deteriorating credit environment is expected to prove challenging for new US middle market loan platforms, whose fee revenue may not be enough to support them through stressful periods. Against this backdrop, a manager’s track record, alignment of interest and competitive advantages should be among investors’ primary considerations.

    David Heilbrunn, senior md and head of product development, capital .......

    News Analysis 9 August 2019

  • New ventures

    Asset manager building out structured credit strategies

    BlueBay is expanding its structured finance and CLO investment strategies. As well as aiming to launch a US focused structured credit strategy this year, the firm is looking at the possibility of issuing a debut CLO in 2020.

    In line with this expansion, BlueBay hired Sid Chhabra last year as partner and global head of structured credit and CLOs and, more recently, .......

    News Analysis 9 August 2019

  • Alt credit co-head hired

    Company hires and sector developments

    Alt credit co-head nabbed

    Ares has hired Joel Holsinger to its credit group as co-head of alternative credit, effective immediately. Holsinger will serve on the Ares management committee and work alongside Keith Ashton as co-head of alternative credit to expand the firm's global coverage of the US$4trn alternative credit sector. Ares' alternative credit strategy pursues asset-focused direct investments primarily in North America and Europe across .......

    Market Moves 7 August 2019

  • CLO partner appointed

    Sector developments and company hires

    CLO firm partner promotion

    DFG Investment Advisers has promoted Timothy Milton to partner. Since joining the firm in 2014, Milton has been responsible for the management of the Vibrant Capital CLO platform in his capacity as co-portfolio manager. In addition, Eduardo Cabral has joined DFG’s credit research team as an md, having been a portfolio manager and senior .......

    Market Moves 6 August 2019

  • Keeping it private

    Public European middle market CLOs are struggling, but private deals are booming

    The success of middle market CLOs in the US and the ever-present search for yield has led to much talk about the European market following suit. However, the European middle market is much smaller than its US counterpart and has different hurdles to overcome. Consequently, public deals such as Alhambra SME Funding 2018-1 (SCI 18 December 2018) have .......

    News Analysis 6 August 2019
×