CLOs

  • Euro secondary stable

    The European securitisation secondary market continues to show stability.

    Secondary spreads across the board are flat to slightly tighter this week as the vast majority of securitisation sectors remain insulated from headline volatility surrounding Brexit and US rates. CLOs continue to lead the way in terms of demand across the capital structure, while ABS/MBS is seeing more two-way flows.

    However, overall .......

    SCIWire 9 June 2016

  • Euro secondary liquidity 'healthy'

    Around 80% of European ABS BWICs have successfully traded over the last year, a sign that liquidity in the market remains healthy, according to TwentyFour Asset Management. The asset manager notes that €9.9bn worth of bonds has hit the BWIC market since June 2015, with an additional €5bn when European CLO bonds are included.

    TwentyFour says that misconceptions about the liquidity of .......

    News 8 June 2016

  • Fund misuse settlement agreed

    A UK-based investment adviser and its cio have agreed to settle US SEC charges that they breached their fiduciary duties by operating two private funds in a manner inconsistent with prior disclosures. James Caird Asset Management (JCAM) and Timothy Leslie will pay more than US$2.5m to settle the charges.

    JCAM and Leslie told the board and investors of the JCAM .......

    Job Swaps 8 June 2016

  • Negative trade date usage surveyed

    European CLO managers have increased their use of negative trade date principal cash balances to minimise the impact of negative interest rates, according to a recent Fitch survey. Managers mostly rely on announced repayments as the main source of prospective funding for committed trades in excess of the available trade date principal cash balance. Only a few managers occasionally rely .......

    News Round-up 8 June 2016

  • US CLOs take a breather

    The US CLO secondary market is taking breather so far this week after last week's pick-up in activity.

    "It was a nice end on the new issue side last week with over US$1.6bn in new deals, but both the primary and secondary markets seem for the most part to be waiting for the interest rate announcement now," says one trader. .......

    SCIWire 7 June 2016

  • Apollo reshuffles

    Apollo Investment has appointed Howard Widra as president, following on from his most recent role as co-head of direct origination for Apollo Global Management. Widra replaces Edward Goldthorpe, who resigned the post along with his role as cio of Apollo Investment Management (AIM).

    The company has also made further moves with AIM's deputy cio Tanner Powell named as the unit's .......

    Job Swaps 7 June 2016

  • Steady CDO growth projected

    The global CDO market is expected to grow at an annual growth rate of 5% between 2016 and 2020, according to a new report by Technavio. However, the research firm says that this should be expedited by growth in the integration of global financial services within the same period.

    The report outlines two other trends that will also contribute to .......

    News Round-up 7 June 2016

  • Natixis recruits for trading push

    Natixis has recruited Reginald Fernandez as executive director and head of its newly formed global structured credit and solutions credit trading team in the Americas. The team will be active in ABS and CLO trading, as well as repos.

    Fernandez joins the firm following his most recent role as co-head of CLO sales and trading at Brean Capital. He has also .......

    Job Swaps 6 June 2016

  • Mezz CLO fund offered

    AXA Investment Managers has launched the AXA IM Novalto - CLO Credit Fund, which will invest in mezzanine CLO tranches. The fund aims to offer investors 6% to 8% net performance with an expected annual volatility of 3% to 5%, while maintaining an investment grade average rating.

    AXA IM says that the fund seeks to take advantage of the current .......

    News Round-up 6 June 2016

  • US CLOs firming up

    The US CLO secondary market is heating up again after a subdued end to May.

    "The market was exhibiting a bit of falseness over the last few weeks, but there's definitely a firmer tone this week," says one trader. "Triple-Bs in particular tightened up yesterday. This came following talk of new money arriving after 1 June."

    The trader notes that .......

    SCIWire 2 June 2016

  • Spring surge

    US CLO rally riding into summer

    The rally in the US CLO market is being reflected in new issuance, with investors witnessing some of the tightest spreads so far in 2016. Questions remain over the resilience of the sector, however.

    A strong second half of April was followed by a more subdued start in May for new issue US CLOs, but a healthy pipeline began to .......

    News Analysis 2 June 2016

  • Euro secondary stays positive

    The European securitisation secondary market is retaining its positive tone and momentum.

    Despite the UK and US public holidays and month-end, activity has improved on the previous week throughout this. The last few days have seen trading across the board and spreads in the vast majority of sectors continue to grind tighter.

    In ABS/MBS prime assets were the main focus yesterday .......

    SCIWire 2 June 2016

  • Post-crisis single-A outperformed

    The total amount of CLOs paid down in JPMorgan's CLO index (CLOIE) since the April rebalance through 31 May was US$3.83bn in par outstanding, split between US$3.65bn and US$180m of pre-crisis and post-crisis CLOs respectively. US$3.4bn across 53 tranches from 11 deals was added to the post-crisis CLOIE at the May rebalance.

    The CLOIE total index saw total returns of .......

    News Round-up 2 June 2016

  • Euro CLOs strong

    Activity and sentiment in the European CLO secondary market is strong.

    "Overall tone is very positive and the latest bout of price appreciation has been very, very fast," says one trader. "That speed could be a concern, but people have realised that even though we're now at recent tights we're still wider than a year ago, which has led to .......

    SCIWire 1 June 2016

  • Real estate platform strengthened

    C-III Capital Partners is set to acquire Resource America, following a comprehensive review of strategic and financial alternatives that the latter company announced in January. Under the terms of the agreement, Resource America stockholders will receive US$9.78 per share in cash, or a total of approximately US$207m. The price per share represents a premium of over 128% from Resource America's .......

    Job Swaps 31 May 2016

  • Ex-SEC counsel joins law firm

    BakerHostetler has added Walter Van Dorn to its New York office as a partner. He was most recently at Dentons and has also worked at Thacher Proffitt & Wood, Clifford Chance and the US SEC. Van Dorn has worked in London, Hong Kong and Washington and focuses his practice on corporate securities law, including ABS.

    .......

    Job Swaps 31 May 2016

  • US CLOs still bearish

    The US CLO secondary market continues to show bearish tendencies this week as traders wait and prep for a busy summer ahead.

    "There's some money waiting to come into the market, but there's currently a broad consensus that a correction is taking place," says one trader. "At the same time, secondary activity has increased beyond BWICs and we're seeing a .......

    SCIWire 26 May 2016

  • Structured credit effort strengthened

    Alexey Dronov has rejoined MARV Capital as md and head of structured credit sales and trading. He will lead the sales team and expand the firm's initiatives in the structured credit market, especially the secondary CLO market.

    Dronov was previously a trader and an associate portfolio manager at Highland Capital, where he helped manage a portfolio of CLOs. Along with .......

    Job Swaps 26 May 2016

  • Euro secondary strengthens

    The European securitisation secondary market is continuing to strengthen.

    "Market tone continues to be strong in our market thanks in part to the current positive wider credit environment," says one trader. "However, it remains difficult to source paper as everybody is holding on to what they have."

    The trader continues: "Flows are still thin, while primary and secondary supply is falling .......

    SCIWire 26 May 2016

  • BDC buys out rival

    Ares Capital is set to acquire American Capital in a deal that will form a combined company worth more than US$13bn of investments. The board of directors for both companies unanimously approved the merger, with American Capital shareholders set to receive US$3.43bn in cash and stock consideration as a result.

    The announcement coincides with a separate decision for American Capital .......

    Job Swaps 25 May 2016

  • US CLOs seeking stability

    The US CLO secondary market is still trying to find a more stable footing following the conclusion of the IMN conference early last week.

    "The market has slowed recently, but it's been moderately active so far today," says one trader. "There are a fair number of auctions today, including a chunky triple-A list."

    The trader continues: "Investors have taken a .......

    SCIWire 24 May 2016
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