CLOs

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes.

    "Liquidity remains very thin overall," says one trader. "However, there is still demand in the prime area, particularly in Dutch paper and yesterday we also saw some for Italian bonds."

    At the same time, the trader adds: "Sterling sellers have started coming in. There wasn't a big incidence in UK .......

    SCIWire 24 February 2016

  • US CLOs steady

    The US CLO secondary market looks to have stabilised but remains fairly quiet.

    "It seems like things have stabilised since the January widening," says one trader. "However, it was very slow yesterday and looks like it will be slow again today and probably for the remainder of this week heading into ABS Vegas."

    The trader continues: "Everyone is now looking .......

    SCIWire 23 February 2016

  • FSC, RiverNorth unlock horns

    Fifth Street Finance Corp (FSC) has entered into an agreement with RiverNorth Capital Management under which RiverNorth will not contest FSC's slate of director nominees at its upcoming AGM. RiverNorth owns 8.7% of FSC's common stock and has previously criticised the way the firm is run (SCI 19 November 2015).

    RiverNorth has also agreed to withdraw its binding proposal to .......

    Job Swaps 23 February 2016

  • Euro secondary starts slowly

    It was a slow start to the week for the European securitisation secondary market, but today looks likely to see something of a pick-up.

    "Yesterday was for the most part pretty slow," says one trader. "Primarily there was a just a lot of chatter around Brexit and its broader implications including the potential for people to step away from sterling .......

    SCIWire 23 February 2016

  • Top CLO managers unveiled

    CIFC Asset Management remained the US leader in Moody's latest CLO manager league tables, managing 30 deals in 2H15. This follows a wider trend that saw little change from 1H15, with the major players across the US, Europe and globally still dominating the rankings.

    Although CIFC topped the US tables by number of deals, Credit Suisse led by AUM with .......

    News Round-up 22 February 2016

  • Euro secondary solid

    The European securitisation secondary market remained solid on Friday despite broader market weakness.

    Volumes remained generally low as the week closed out, but tone remained firm and most spreads ended the session unchanged. Off-BWIC activity once again revolved around prime assets and eligible peripherals. Meanwhile, BWICs generated a flurry of activity in the afternoon and the bulk of line items .......

    SCIWire 22 February 2016

  • Manager replacement sought

    IMC Asset Management tendered its resignation as investment manager for the Strawinsky I CLO by written notice to the issuer on 31 December 2015, recommending Dynamic Credit Partners Europe as successor manager. The collateral management agreement provides that a manager's resignation shall not be effective until a successor manager has been appointed.

    Consequently, the issuer has notified noteholders that it .......

    Job Swaps 19 February 2016

  • Euro secondary fades

    Levels and activity are fading in the European securitisation secondary market as the broader market rally runs out of steam.

    Activity remained patchy across the board yesterday, with prime assets once again leading the way, albeit in lower volumes than in previous sessions. Meanwhile, the appetite for Portuguese paper of recent days has faded somewhat and kept spreads slightly off .......

    SCIWire 19 February 2016

  • Euro CLOs stabilising

    The European CLO secondary market looks to at last be stabilising.

    "This week so far has been more or less the same as last week," says one trader. "Accounts have been selling via BWIC or away from them with dealers acting as liquidity providers - though this week has been less frantic than last there's still a ratio of 90% .......

    SCIWire 18 February 2016

  • US CLOs active

    Participants in the US CLO secondary market are keeping active despite the current lack of BWIC supply.

    "There's a lot of activity even though the volume of lists isn't high," says one trader. "A lot of energy being is expended on trying to figure out where prices are and should be, as well as in out of comp trading."

    The .......

    SCIWire 17 February 2016

  • Permanent chief named

    GLI Finance has appointed Andy Whelan permanent chief executive. He was previously interim ceo of the company and will combine the role with leading the growth of Sancus, which it acquired in November 2014. Together with Whelan, GLIF's executive team comprises Emma Stubbs (cfo), Marc Krombach (md) and Louise Beaumont (head of public affairs & marketing).

    .......

    Job Swaps 17 February 2016

  • ABS trader recruited

    Natixis has brought in Peter Cui as a director, trading ABS and CLOs. He moves from Jefferies, where he was svp and traded ABS and CDOs. Cui's previous experience also includes similar roles at Cohen & Co and UBS.

    .......

    Job Swaps 17 February 2016

  • Euro secondary improves

    Tone in many European securitisation secondary market sectors continues to improve in line with broader markets.

    "Yesterday, tone was bit better overall in our space as credit in general continued to improve," says one trader. "But the biggest story was Portugal."

    The trader continues: "The tender announcement from BCP for MAGEL 2  and 3 combined with rising sovereign bonds and .......

    SCIWire 17 February 2016

  • Euro secondary stalemate

    With the US absent and continuing improvements in broader markets, it was stalemate in the European securitisation secondary market yesterday.

    "Market tone is generally OK," says one trader. "But with the US holiday not a lot went on yesterday."

    However, he adds: "We did see a couple of BWICs come out in the afternoon and all but one 1.0 CMBS .......

    SCIWire 16 February 2016

  • Euro secondary stronger

    After a relatively benign close to last week, today is opening with a stronger tone across the bulk of the European securitisation secondary market.

    Friday once again saw extremely thin liquidity across the board, but low beta paper continued to catch a bid and senior peripherals traded well on- and off-BWIC, especially Italian names, but even select Portuguese bonds tightened .......

    SCIWire 15 February 2016

  • SF legal duo brought in

    Kaye Scholer has beefed up its finance department by bringing in structured finance experts Howard Goldwasser and Skanthan Vivekanada. Both arrive as partners from K&L Gates, with the former based in New York and the latter in Los Angeles. The pair will provide their CLO 2.0 expertise to Kaye Scholer's current CLO team. 

    Goldwasser's recent experience includes trade receivables financings .......

    Job Swaps 12 February 2016

  • Euro secondary slides

    Activity and pricing levels are sliding across the European securitisation secondary market.

    Prime autos and RMBS finally succumbed to broader market downward pressure and edged wider on very light volumes yesterday. 2.0 CMBS is still offering some resistance, but elsewhere tone remains weak and liquidity is thin across the board.

    Street buyers are occasionally being seen in select names in .......

    SCIWire 12 February 2016

  • Euro CLOs unsettled

    Wider market volatility is continuing to unsettle the European CLO secondary market.

    Thanks to the short-lived improvement in the macro picture yesterday, secondary trading picked up a little, mainly in seniors, but only relative to the extremely light flows of late. The majority of CLO investors remained sidelined and the single line item in for the bid, CRNCL 2014-4X C, .......

    SCIWire 11 February 2016

  • Euro secondary struggles

    The European securitisation secondary market continues to struggle amid wider market volatility, but there are still some exceptions.

    "Yesterday was once again quite weak overall," says one trader. "There was hope of some improvement thanks to better things in broader credit, but it will take more than that for us to recover more fully."

    However, the trader adds: "We continue to see .......

    SCIWire 10 February 2016

  • US CLOs challenged

    Internal and external factors are making things difficult in the US CLO secondary market.

    "There's not a whole lot happening - it's a very challenging market at the moment," says one trader. "Secondary isn't helped by primary being hung as well - it's too difficult to get a deal away with secondary spreads 100+ wider than new issue, the arb .......

    SCIWire 9 February 2016

  • Euro secondary sidelined

    The European securitisation secondary market remains quiet as participants continue sit out wider market volatility.

    "It's understandably very quiet as everyone watches what's going on in banks and financials, which is brutal to say the least," says one trader. "The majority of investors we speak to are planning on staying on the sidelines - everyone is in risk-off mode."

    However, .......

    SCIWire 9 February 2016
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