CLOs

  • Euro secondary lacks conviction

    Despite an improving overall tone, the European securitisation secondary market continues to lack conviction.

    Even though broader market concerns are shelved for now yesterday was extremely quiet thanks to month-end and the summer lull. What small pockets of activity there were revolved around short-dated prime assets, some peripheral paper and a few major CMBS names.

    With a UK bank holiday .......

    SCIWire 28 August 2015

  • US CLO flurry

    Today is set to see a flurry of activity in the US CLO secondary market after an extremely quiet few days, but it could be the last gasp of the summer.

    "It's been very quiet, but we saw a seller bring out a buy-it-now list yesterday, which attracted some interest," says one trader. "However, only one line traded straight away .......

    SCIWire 27 August 2015

  • Euro secondary improves

    Tone in the European securitisation secondary market is improving as broader market volatility reduces.

    Market sentiment improved across the board yesterday and consequently secondary spreads edged in slightly, albeit on continuing very low volumes. Yesterday's BWICs all traded at or above expectations with the Italian RMBS auction a highlight, though covers were below recent levels.

    Nevertheless, the summer lull is .......

    SCIWire 27 August 2015

  • Reinvestment extensions to pick up?

    A total of 24 US CLOs have been refinanced so far this year (see SCI's new issuance database), representing a tranche balance of over US$9bn, according to Bank of America Merrill Lynch figures. Among the more recent refinancings, three took the unusual step of increasing the triple-A coupon spreads in return for substantially extending the reinvestment period.

    The .......

    News 26 August 2015

  • CLO redemption waiver requested

    A recent investor notice for Gresham Capital CLO III requests that the trustee of the deal waive a rating requirement with regards to its optional redemption terms. The deadline for objections from the controlling class of noteholders (class B) is 17 September.

    Bank of America Merrill Lynch securitisation analysts explain that an optional redemption may occur when the issuer can certifity to .......

    News Round-up 26 August 2015

  • Euro secondary struggles on

    The European securitisation secondary market continues to struggle on amid broader market volatility.

    Yesterday's European BWICs covered at reasonably strong levels where the line items did actually trade. However, the overall lack of flows continues to hamper price transparency and is pushing bid-offers still wider.

    Today's BWIC schedule currently sees four lists. At 10:00 London time is a seven line .......

    SCIWire 26 August 2015

  • US secondary slowdown

    US BWIC supply has slowed to a trickle today across asset classes.

    Events in China and the feared knock on impact on the US Fed's rate strategy look to have sidelined the bulk of US securitisation secondary market participants. The resultant absence of sellers is making for a quiet looking day across asset classes even for the fourth week of .......

    SCIWire 25 August 2015

  • CLO equity acquired

    Fair Oaks Income Fund has entered into binding contracts to acquire in the primary market US$28m notional of equity notes (representing 73% of the total equity) and US$8.6m notional of class F notes of Shackleton 2015-VIII CLO. Managed by Alcentra, the CLO's current target portfolio has a principal value of US$430m across an expected 156 unique bank loan issuers, with .......

    Job Swaps 25 August 2015

  • Euro secondary holds up

    In the face of continuing equity market volatility the European securitisation secondary market appears to be holding up relatively well.

    True price discovery remains very difficult with almost no trading thanks to the summer lull combined with the extreme equity and FX market volatility discouraging any securitisation market participants still at their desks. However, dealers for now appear to be taking .......

    SCIWire 25 August 2015

  • US CLOs tick over

    Despite seasonal illiquidity and wider credit concerns, the US CLO secondary market continues to tick over.

    Generic secondary spreads held fairly steady last week on low volumes once again. However, market tone is inevitably softening amid broader market volatility.

    Sellers are still appearing though activity is scrappy thanks to the time of year as well as market nervousness. There are .......

    SCIWire 24 August 2015

  • Euro secondary fades further

    The European securitisation secondary market continues to be weighed down by seasonal illiquidity and macro concerns causing the hitherto positive tone to fade further.

    Activity remains extremely patchy with only small pockets of trading surrounding CMBS and prime ABS/RMBS. Elsewhere, a selling bias is emerging with wider market volatility beginning to bite and bid-offers are widening as even more participants .......

    SCIWire 21 August 2015

  • Marketplace lender hires Zinn

    ApplePie Capital has appointed Jeff Zinn as head of capital markets. He joins from Jefferies, where he was md, specialising in structured product sales that included ABS, MBS and CLOs.

    Zinn will now be responsible for accelerating ApplePie Capital's growth and expanding the company's relationships with institutional investors. He has also held roles at The PrinceRidge Group, Bank of America .......

    Job Swaps 20 August 2015

  • Euro secondary sidelined

    Broader market volatility is adding to the summer doldrums in the European securitisation secondary market as it is keeping even more players on the sidelines.

    The market continues to lack conviction as activity remains patchy and very light. What little trading there was yesterday was once again mainly focused on prime assets.

    Meanwhile, BWIC activity also remains negligible and yesterday's handful of .......

    SCIWire 20 August 2015

  • More mezz for US CLOs

    The US CLO secondary market continues to be quiet overall, but mezz supply keeps coming.

    The past few days have seen a steady supply of 2.0 mezz BWICs. The lists have continued to trade reasonably well, with top tier names seeing some strong prints.

    Consequently, sellers continue to be encouraged despite typical August illiquidity across CLO secondary in general. Today .......

    SCIWire 19 August 2015

  • Counterparty-linked review underway

    S&P has placed 70 RMBS, 10 CDO, six CLO and five ABS tranches from European transactions on credit watch negative. The agency's actions are in response to the introduction of bank resolution frameworks in the UK and Germany, and the subsequent lowering of ratings to banks that serve as counterparties to the related transactions.

    S&P lowered the ratings on Barclays, Deutsche Bank and National Westminster .......

    News Round-up 19 August 2015

  • Portfolio manager steps up

    Robert Zable has been appointed as the lead portfolio manager of Blackstone/GSO's Senior Floating Rate Term Fund, Long-Short Credit Income Fund and Strategic Credit Fund. The appointment follows the retirement of the current lead portfolio manager of the three funds, Lee Shaiman.

    Zable is md at GSO Capital Partners and serves as the chairman of GSO Debt Fund Management's (DFM) investment committee. .......

    Job Swaps 19 August 2015

  • Euro secondary unchanged

    European securitisation secondary spreads remain unchanged as the seasonal lull continues.

    Yesterday once again saw very limited flows across the board. Small and patchy exceptions came in selected autos, cards and CMBS.

    Today's European BWIC schedule currently contains three lists. At 10:00 London time there is mixed sterling RMBS list involving small clips.

    In the afternoon there are two CLO .......

    SCIWire 19 August 2015

  • China accessibility expanding

    S&P says that China's securitisation market has offered international investors greater access to renminbi assets over the last three quarters, helping bridge the gap between domestic and international practices. The latest development in July saw the start of offshore investors using QFII and RQFII channels to buy securitisation notes in the interbank bond market.

    China's securitisation market is small compared with its .......

    News Round-up 18 August 2015

  • Hedge fund fraud settled

    Two Citigroup affiliates have agreed to pay nearly US$180m to the US SEC to settle charges that they defrauded investors in two hedge funds that they claimed were safe, low-risk and suitable for traditional bond investors. The funds eventually collapsed during the financial crisis.

    The regulator's investigation found that the Citigroup affiliates made false and misleading representations to investors in .......

    Job Swaps 18 August 2015

  • Euro secondary drifts

    The European securitisation secondary market continues to drift through August.

    For the most part secondary spreads remain unchanged since last week and volumes are extremely light. There are occasional flurries of activity notably, as ever, in prime assets, but also in a few major CMBS names.

    There are no BWICs on the schedule for today so far, but summer inertia .......

    SCIWire 18 August 2015

  • US CLOs on the up?

    While still quiet the US CLO secondary market appears to be on the up.

    Market sentiment looks to be improving on the back of some stronger trading levels in secondary and tighter pricing in primary over the past week. However, secondary volumes remain typically low for August and the BWIC calendar is currently sparse for the remainder of this week.

    SCIWire 17 August 2015

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