CLOs

  • Housing practice pinched

    Company hires and sector developments in structured finance

    Fund launch

    Trium Capital is partnering with Ellington Global Asset Management to launch the Ellington Trium Alternative Credit UCITS, a long/short credit UCITS fund. The fund is set to be launched 4Q18 and will leverage Ellington’s expertise in RMBS, CMBS, CLOs and corporate credit relative value strategies.

    ILS

    Nephila Climate has hired Ariane West as director .......

    Market Moves 5 November 2018

  • Market moves update

    Company hires and sector developments

    ACIS resets due

    The Chapter 11 trustee has filed a third amended joint plan for Acis Capital Management and a notice confirming a court order that: conditionally approves its disclosure statement; schedules a combined hearing regarding final approval of the disclosure statement and confirmation of the plan; and sets related deadlines. The plan contains an injunction barring Highland Capital Management .......

    Market Moves 2 November 2018

  • Market moves update

    Company hires and sector developments in structured finance

    Acquisitions

    Lennar Corporation has agreed to sell its Rialto Investment and Asset Management business to investment funds managed by Stone Point Capital for US$340m. The transaction is scheduled to close on 30 November, subject to consent by the funds managed by Rialto and customary closing conditions. Lennar will retain its Rialto Mortgage Finance business, which it expects to move into .......

    Market Moves 31 October 2018

  • Mixed paper

    US CLO market update

    A BWIC of 68 line items is driving US CLO secondary market activity today, amidst a scarcity of primary issuance (see SCI’s BWIC calendar).

    “We are seeing a clean-up of triple-A to single-A notes. There is also a large double-B block out today; a mixed bag of names,” says one trader.

    He continues: “I am not .......

    Market Reports 26 October 2018

  • Heightened holding

    European ABS market update

    Invesco is preparing a new €410m European CLO deal, along with GSO Capital Partners, which is planning a CLO reset. Elsewhere, Och-Ziff’s latest OZLME deal is reported to be sized at €412m (see SCI’s deal pipeline).

    Overall European CLO spreads remain unchanged to slightly wider, as only a handful of bonds are out for the bid today. .......

    Market Reports 26 October 2018

  • Market moves update

    Sector developments and company hires in structured finance

    China

    Fitch Ratings has launched Fitch Bohua Credit Ratings to serve China's onshore bond market and has appointed Danny Chen as Fitch Bohua's ceo. Initially, the company will cover banks, non-bank financial institutions and insurers, as well as the structured finance sector. Chen was previously ceo of Qingdao Conson Financial Holdings. A team of analysts, business development and support staff .......

    Market Moves 25 October 2018

  • Eastern incentive

    European CLO market update

    The European CLO market appears to be softening, following high volumes of equity out for the bid in the US secondary market.

    “The theme of the week could be that good CLO managers are faring a lot better than bad managers,” says a trader. “That was not the case six months ago.”

    It is also being suggested ......

    Market Reports 24 October 2018

    Premium Content

  • Bridge-loan lifeline

    Greystone closes CRE CLO milestone

    Greystone Bridge Lending Fund last month completed its second CRE CLO (see SCI’s primary issuance database). Dubbed Greystone CRE 2018-HC1, the US$300m transaction is unique in that it is 100% secured by healthcare properties.

    “The Greystone CRE CLO is the first-ever CRE CLO to be backed entirely by CRE loans secured by healthcare properties,” says Clifford Chance capital markets partner .......

    News Analysis 24 October 2018

  • CLOs in demand

    Quarterly SCI data update

    Analysis of SCI's databases underlines the significant demand for CLO paper seen in 3Q18, in both primary and secondary markets. Meanwhile, a bias towards Northern European jurisdictions is evident in capital relief trade volumes.

    .......

    News Analysis 23 October 2018

  • Market moves update

    Company hires and sector developments in structured finance

    [b]Acquisition[/b]

    [b]Miller[/b] is to acquire the independent London market (re)insurance broker[i], Alston Gayler and Co[/i], currently majority owned by Nelson Holdings Limited. The transaction will bolster Miller’s offering to clients and strengthen its position as a leading London wholesale and specialist broking platform. The transaction is subject to regulatory approval and financial terms were not disclosed.

    [b]UK[/b]

    Market Moves 23 October 2018

    Premium Content

  • Market moves update

    Company hires and sector developments in structured finance

    Accrual clause nixed

    The New York State Court of Appeals last week held that contractual attempts to extend the statute of limitations for causes of action involving breaches of contract are unenforceable because they violate New York law and public policy. In the case at issue, the plaintiff (Deutsche Bank National Trust Company) argued that the accrual clause ......

    Market Moves 22 October 2018

    Premium Content

  • Technicals eyed

    European ABS market update

    Porsche’s FACT Compartment 2018-1 auto lease ABS has seen no substantial resistance in the European primary market. Indeed, spreads appear rangebound for now.

    “Because we are in the last few months of the year, people know that whatever they have done so far, they will have to stick with,” says one trader. “They cannot change their numbers. At .......

    Market Reports 19 October 2018

  • Market moves update

    Company hires and sector developments in structured finance

    Alternatives alliance
    DWS Group and Tikehau Capital have entered into an alliance, following Tikehau’s participation in the IPO of DWS in March 2018. Under the agreement, DWS and Tikehau intend to launch a joint product leveraging the two companies’ alternative asset management expertise and platforms, which is expected to launch in 2019. The partners intend to cross-invest in respective funds, with .......

    Market Moves 18 October 2018

  • Latest SCI podcast now live

    SCI podcast episode two has been released

    SCI’s latest podcast is now live. This month the team discuss the African Development Bank’s Room2Run CRT, how fintech is affecting MPL ABS and the changing use of credit derivatives.

    The AfDB’s Room2Run deal, scheduled to close imminently, has shaken up the CRT sector, emphatically underlining that issuers do not have to be European and assets do not have to be .......

    News 18 October 2018

  • Steady subscription

    European ABS primary market update

    European primary ABS activity continues to be robust. In the RMBS sector, the BPCE Home Loans FCT 2018 deal is set to price tomorrow (18 October).

    “A variety of asset classes are represented in the primary market at the moment, with the French BPCE Home Loans RMBS and the German auto deal that priced last week,” says one .......

    Market Reports 17 October 2018

  • Market moves update

    OFS equity investment

    OFS Credit Company has disclosed that it has invested in the equity tranches of 19 CLOs, 17 of which have a reinvestment period ending in 2022 or beyond, for a total cost of US$43.6m (US$53.4m principal amount). The move follows OFS Credit’s IPO, which closed on 10 October and resulted in net proceeds of US$50m. OFS Capital .......

    Market Moves 15 October 2018

  • Market moves - 12 October

    Company hires and sector developments in structured finance

    Cliff edge concerns

    ISDA has published a paper highlighting widespread concerns in Europe that the UK may withdraw from the EU without a withdrawal agreement under Article 50 of the Treaty on European Union and without any transition, or implementation period, to allow market participants time to adjust. The paper sets out why a ‘no deal’ scenario has the potential .......

    Market Moves 12 October 2018

  • Secondary ticking up

    European securitisation market update

    A handful of BWICs are out for the bid today as activity in the European ABS secondary market picks up. Of note, the SILVA 2017-1UK A auto bond – with an original size of £80.8m - is set to be auctioned at 2pm London time today.

    “Auto ABS is holding up quite firm and the sector is .......

    Market Reports 12 October 2018

  • Manager differentiation?

    US CLO primary market update

    US CLO spreads are tightening, despite increased supply. Fresh primary market issuance is emerging daily.

    “Even though there is lots of supply, spreads are still tightening - although we are not really sure why. We think they should be widening. There seems to be a good demand for paper,” says one trader.

    The trader reports that participants .......

    Market Reports 11 October 2018

  • iTraxx 'best imperfect' hedge

    Main, Crossover indices show Euro CLO correlation

    With a number of macroeconomic and political issues leading to volatility across the financial spectrum this year, so CLO investors are thinking more about potential hedging options. In the area of European CLOs, iTraxx Main and Crossover indices have begun to emerge as promising candidates.

    While the indices are not necessarily a perfect hedge for European CLOs, both comprise diverse .......

    News 10 October 2018

  • Casting a wider net

    US CLO managers target European opportunities

    Although considerably smaller than the US, the European CLO market is on course for a post-crisis record year. A wave of US CLO managers, many with money to put to work in the wake of risk retention’s repeal back home, are moving across the Atlantic to take advantage of Europe’s growing opportunities.

    There were 44 European new issues in 2018 .......

    News Analysis 10 October 2018
×