CLOs

  • Spread optimism highlighted

    With US CLO new issue triple-A spreads currently in the Libor plus 140bp-160bp range, respondents to JPMorgan's Q1 CLO survey appear optimistic on spreads for 2017. Many (42%) expect spreads to be in the Libor plus 120bp-130bp range by the end of the year.

    Only 6% of respondents believe that triple-A spreads will be wider by the end of the .......

    News 10 January 2017

  • Firm nabs credit vet

    Ares Management has hired Scott Graves as a partner in the firm's private equity group, based in Los Angeles. Graves will lead the Ares special situations funds platform as portfolio manager and head of distressed.

    Graves' primary responsibilities will include overseeing investments within the special situations strategy and expanding Ares' distressed capabilities across the firm. Additionally, he will serve as a member .......

    Job Swaps 10 January 2017

  • Japan, China outlooks stable

    Moody's outlook for the performance of assets backing consumer-related ABS and RMBS in Japan is stable, with defaults and delinquencies to remain low and the credit quality of loans backing new deals expected to be strong. The credit quality of new ABS and RMBS in China should also be good, although there are grounds for concern.

    For Japanese ABS, low unemployment .......

    News Round-up 10 January 2017

  • Euro secondary sporadic

    Activity remains sporadic across the European securitisation secondary market.

    ABS/MBS continues to be as quiet as it was into year-end with only a few flash BWICs and patchy bilateral trading in major names being seen over the past week. However, positive sentiment and pent-up demand mean that spreads remain flat to slightly narrower in the year so far.

    CLOs have .......

    SCIWire 10 January 2017

  • Firm boosts SF sales team

    StormHarbour has hired Christos Danias as md of credit sales for ABS and CLOs. He joins from Cantor Fitzgerald, where he was md of structured credit for Europe, also focusing on ABS and CLO sales and trading. Prior to Cantor Fitzgerald, Danias was head of CDOs, Europe for BNP Paribas and before that worked in CDOs for Credit Suisse.

    .......

    Job Swaps 9 January 2017

  • Product development exec returns

    David Heilbrunn has joined Churchill Asset Management as senior md and head of product development and capital raising. He will report to Ken Kencel, president and ceo of Churchill.

    Heilbrunn has more than 25 years of experience in investment management, previously serving as an md with Fifth Street Asset Management, The Carlyle Group, Churchill Financial Group, Bear Stearns and JPMorgan. .......

    Job Swaps 9 January 2017

  • Rating agency swipes ABS vet

    Morningstar Credit Ratings has hired Norman Last as director of business development for ABS ratings services. He will head the agency's business development strategy for non-real estate ABS and CLOs.

    Last will be based in Morningstar's New York office and will report to the firm's coo Joe Petro. Most recently, he was md and head of ABS at Scotiabank, where .......

    Job Swaps 9 January 2017

  • Exchange offer prepped

    Tikehau Capital is set to reorganise its shareholding structure and governance, as well as those of its consolidated subsidiaries, in order to prepare for a new phase of development. As part of this initiative, the firm - which holds 58.8% of the share capital and 59.8% of the voting rights of Salvepar - has filed a principal proposed simplified public .......

    Job Swaps 9 January 2017

  • Early CLO redemption mooted

    Deutsche Bank is considering whether to exercise its option, as issuer, to redeem the Craft 2013-1 and Craft 2013-2 securities prior to their scheduled maturity date. Craft 2013-1 comprises US$840m floating rate notes due 2022 and Craft 2013-2 comprises €150m floating rate notes due 2022.

    According to the offering circular, in considering whether to exercise its option to redeem the .......

    News Round-up 6 January 2017

  • SF firm bulks out

    Brigade Capital Management has hired Tom O'Shea to its team in London. O'Shea previously worked for Castle Hill and before that was partner at GoldenTree. Brigade confirmed that O'Shea starts with the firm this month.

    .......

    Job Swaps 6 January 2017

  • Investment firm grabs boutique

    New York Life Investments has acquired Credit Value Partners (CVP), an investor in opportunistic and distressed debt and high yield corporate credit. The acquisition, which is subject to customary closing conditions, is expected to close in 1Q17 but terms of the transaction were not disclosed.

    The acquisition is part of New York Life's broadening of its investment offering, which now .......

    Job Swaps 6 January 2017

  • CLOIE positive returns continue

    The total amount of CLOs paid down in the JPMorgan Collateralized Loan Obligation Index (CLOIE) since the November rebalance through 30 December was US$12.78bn in par outstanding, split between US$1.01bn and US$11.77bn of pre-crisis and post-crisis CLOs. The post-crisis CLOIE added US$19bn across 191 tranches from 43 deals at the December rebalance.

    Full-year 2016 CLOIE total returns were 4.69% and .......

    News Round-up 4 January 2017

  • Firm inks CLO buyout

    Marble Point has acquired American Capital CLO Management (ACCLOM), an investment manager with approximately US$3.4bn in AUM across eight CLO vehicles. Marble Point and affiliates will acquire majority equity positions in seven of the CLOs, with ACCLOM and the CLOs expected to be rebranded as part of the Marble Point platform.

    Marble Point hopes that the transaction will diversify and expand .......

    Job Swaps 4 January 2017

  • Slew of risk transfer trades close

    A handful of capital relief trades closed in late December, including an unusual deal referencing a portfolio of auto loans. While this transaction was unfunded, the other deals involved the issuance of credit-linked notes.

    The auto transaction, known as Project Phaeton, references a £571m five-year replenishing portfolio of loans to private retail and commercial customers for the finance and lease .......

    News 3 January 2017

  • CLO solution dismissed

    The District Court for the District of Columbia last month ruled against a risk retention solution for CLOs proposed by the LSTA (SCI passim). The association says it strongly believes that the court erred and that regulatory agencies inappropriately applied the risk retention rule to CLO managers.

    CLOs performed extraordinarily well before, during and after the financial crisis. Indeed, the .......

    News Round-up 3 January 2017

  • Property prospects

    Hiring remains flat, but CMBS up-tick possible

    CMBS could provide a hiring boost in the US in 2017, while structured finance recruitment is likely to remain mostly flat globally. In the UK, senior hires are few and far between, but banks are still recruiting junior executives to develop smaller structuring teams.

    Chadrin Dean, president and managing partner for Sandford Rose Associates,
    Integrated Management, says that over the last .......

    News Analysis 23 December 2016

  • EBRD lends weight to Greek push

    The EBRD is investing up to €50m in the senior notes of a Greek SME CLO dubbed Alpha Proodos. The underlying loans in the asset pool are originated by Alpha Bank of Greece.

    The securitised pool will have a one-year revolving period. The total CLO size is expected to be €640m, split between €320m in senior notes and €320m in .......

    News Round-up 22 December 2016

  • CLO BWIC volume tallied

    JPMorgan figures as of 15 December suggest that US CLO BWIC volume is down by 25% in 2016 to US$26.99bn, while European volume decreased by 32% to €5.06bn. In contrast, CLO BWIC volumes rose by 50% in the US and 6% in Europe last year.

    In the US, the first and second halves of 2016 saw almost identical CLO BWIC .......

    News 20 December 2016

  • Capturing the liquidity premium

    Interest rate rises could increase volatility in the structured credit market, creating opportunities for relative value plays. Against this backdrop, junior CLO debt is seen as particularly attractive.

    The spread premium associated with structured credit products remains compelling and is exacerbated by low interest rates, according to Ahrash Daneshvar, md at ZAIS Group. "In a low rate world, it's obvious .......

    News 20 December 2016

  • Structured credit pro poached

    Intermediate Capital Group has appointed Brian Marshall as md of business and product development for its US capital markets business. In this role, he will interact extensively with ICG's global distribution team, with responsibility for capital formation, developing and managing investor relationships, and contributing to the development of new products.

    Marshall has over 18 years of experience in credit and .......

    Job Swaps 20 December 2016

  • Mixed blessing

    Retention rules not so onerous for CRE CLOs

    Risk retention requirements raise interesting issues for the CRE CLO sector. The typical CRE CLO model already includes holding the bottom of the capital stack, but the way in which that is done may well fall foul of the regulators' rulebook.

    The fact that CRE CLO sponsors frequently retain 10% or more of the bottom of the capital stack should .......

    News Analysis 20 December 2016
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