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CLOs deserve a fair trial
Collateralised loan obligations (CLOs) are on trial with regulators and central banks around the world, standing accused of being the financial instrument most likely to cause the next financial crisis. The prosecution, however, needs to look at the the facts.
19 Nov 2019 -
‘Apprehension’ ahead as CLO market hopes to dodge 2018 repeat
CLO managers are hoping to avoid a repeat of the ugly end to 2018, with some credit buyers opting to sit on their hands and wait out what is expected to be a period of thin liquidity and shaky sentiment. Despite a spate of nervousness and some late-cycle behaviour, however, underlying metrics in the market still look mostly sound, according to Steve Vaccaro, chief executive of CIFC, one of the largest CLO issuers.
19 Nov 2019 -
Only 21 pre-crisis CLO tranches in default out of 1,442, reveals S&P European data
More than a decade after the financial crisis, and with leveraged loan growth under the regulatory microscope, only two CLO 1.0 deals rated by Standard & Poor’s (S&P) now remain, with only 21 tranches defaulting since 1997.
18 Nov 2019 -
Principal losses loom for risk transfer buyers after accounting wrinkle
European bank supervisors have switched their approach to excess spread in risk transfer securitizations, paving the way for the stream of full stack capital relief deals issued this year by banks including BNP Paribas and Santander. But questions remain about how the deals handle IFRS 9 accounting, with Santander’s approach potentially boosting principal losses for investors. Owen Sanderson reports.
14 Nov 2019 -
‘Year-end jitters’ come early for European CLO market as spreads widen
The European CLO market has widened from the long standing 90bp level for triple-A bonds seen for much of 2019, as the pricing difference between new and more established managers begins to blur.
14 Nov 2019 -
GlobalCapital’s Loan Awards poll closes on Friday!
GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2019 will close on Friday. We would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to loan markets in 2019. We remind you that an institution cannot win a category it hasn't voted on.
13 Nov 2019 -
Tikehau hires head of private debt secondary in New York
Alternative asset manager Tikehau Capital has appointed Olga Kosters to run the firm’s newly launched private debt secondary markets business.
11 Nov 2019 -
CVC prices Cordatus European CLO via DB
CVC Credit Partners has tapped Deutsche Bank to arrange its latest CLO, as new issuance takes center stage again amid the drop in European CLO refinancings.
05 Nov 2019 -
Be-Spoke Capital takes second run at Spanish SME CLO
Be-Spoke Capital has mandated NatWest Markets and JP Morgan for Alhambra SME Funding 2019-1, a year after market volatility in the fourth quarter of 2018 led the issuer to shelve its first attempt at the securitization.
04 Nov 2019 -
Bank of Japan says risk of CLO defaults ‘basically small’
The Bank of Japan appears to have softened its stance on the country’s banks buying foreign CLOs, reporting that credit risk in the asset class is “subdued on the whole” following a slowdown in investment in the asset class.
29 Oct 2019
CLOs
Latest securitization news
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Santander launches first revolving auto ABS platform
Santander Consumer US is bringing a $989m subprime auto ABS with a five-year revolving period, allowing market participants to target different points on the maturity curve that are usually not seen in most auto deals, according to a source familiar with the transaction.
19 Nov 2019 -
Goldman announces new Dutch prime RMBS
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Co-op Bank readies £993m UK RMBS after resolving dispute with Capita
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CLOs deserve a fair trial
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‘Apprehension’ ahead as CLO market hopes to dodge 2018 repeat
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GTE brings first credit union-backed auto ABS
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Only 21 pre-crisis CLO tranches in default out of 1,442, reveals S&P European data
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CarVal preps Spanish RMBS with Catalonia concentration
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Gas wins concessions, but EIB makes big step away from fossil fuels
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Securitization to feed capital-starved oil and gas companies
