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GC Asia
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People news in brief
Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent
14 Jan 2021 -
First dual-compliant post-Brexit CLO closes
The first CLO to comply with both diverging regimes in the UK and the EU has closed, marking a post-Brexit point of no return for the securitization market.
14 Jan 2021 -
Record year for CLO refis as managers look to revamp Covid deals
This year looks likely to set records for CLO resets and refinancings, as managers call deals priced since the coronavirus pandemic began with wide spreads and expensive capital structures. Tightening spreads have also brought some 2018 and 2019 deals into refi or repricing territory, setting up a record year with as much as $78bn in refinancing and $115bn in resets, according to estimates from Deutsche Bank. Paola Aurisicchio reports.
14 Jan 2021 -
DFG becomes Vibrant Capital Partners
DFG Investment Advisers, a $7.3bn alternative credit investment management firm, has changed its name to Vibrant Capital Partners.
13 Jan 2021 -
MJX opens up 2021 CLO mart with pre-Covid structure
MJX Asset Management has opened up the US CLO market for the new year, with an actively managed deal with five year reinvestment period, the norm for the pre-Covid period. This paves the way for a flurry of CLOs that are expected to pop up in the coming four weeks, sources said.
12 Jan 2021 -
CLO refis return as spreads tighten
Reset and refinancing activity is returning to the European CLO market, after a year of virtual absence, as spreads tightened further in the first week of 2021, especially at the bottom of the capital structure. Partners Group is in the market with a reset of Penta 5, aiming for a sub-100bp print at the top of the capital structure.
12 Jan 2021 -
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CLO managers take Dutch tax gamble
It’s been almost a year since a Dutch tax ruling sent CLO managers scurrying to Ireland to avoid a VAT charge. But with the changes coming into action in 2021, some CLO managers are leaving their vehicles in the Netherlands and taking their chances on a ruling from the supreme court.
12 Jan 2021 -
Moody’s starts upgrading CLO tranches
Moody’s has started the process of upgrading CLO tranches, following an update to its methodology late last year. On Friday, the agency upgraded ratings on $311m of CLO notes across four deals.
11 Jan 2021 -
Onex snags BlackRock portfolio manager to lead euro CLO biz
Onex Credit Partners has appointed Conor Daly to head its European CLO franchise, building out its capacity to tap into the European securitization market in 2021.
11 Jan 2021 -
Ex-Mizuho risk transfer banker lands at Munich Re
Juan-Carlos Martorell, who jointly ran the risk transfer and structured solutions group at Mizuho, and before that, Lazard, has joined Munich Re Markets to work on origination, structuring and risk distribution, according to LinkedIn.
07 Jan 2021
CLOs
Latest securitization news
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Bank balance sheets could be obscured, says Coen
The impact of coronavirus on economies has led to extraordinary help being granted to banks and their customers. But this brings the risk of problems on banks' balance sheets being hidden, according to William Coen, former secretary general of the Basel Committee on Banking Supervision.
14 Jan 2021 -
People news in brief
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Student ABS lenders hit by steep declines in college enrollment
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First dual-compliant post-Brexit CLO closes
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MEPs vote through harmonised NPL secondary market
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Record year for CLO refis as managers look to revamp Covid deals
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China ABS off to strong start, BMW scores
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DFG becomes Vibrant Capital Partners
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Solar ABS outlook brightened by tax credit extension
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Together prints first sterling HY of 2021
