U.S. collateralized loan obligations purchased $35.42 billion of assets in the quarter, and sold $21.18 billion. The total trading volume of $56.6 billion in the quarter was up 7% growth from the $52.9 billion level in the third quarter.
CVC Cordatus Loan Fund VIII DAC has some notable features, including a linkage between the proportion of cov--lite loans and the proportion of senior secured loans and a liquidity facility with the Bank of New York Mellon.
Capital Home Loans Ltd. (owned by an affiliate of Cerberus Capital Management) is heading to market with its 11th securitization of residential mortgages that were taken out by U.K. landlords prior to the 2008 financial crisis.
St. Pauls CLO VII is the 10th CLO transaction for ICM. ICM parent firm Intermediate Capital Group oversees a total of 13 European and 6 U.S. CLOs that involves a combined 10 billion in senior secured loan and high-yield bond investments.
The new terms for Jubilee CLO 2013-X follows other Euro-denominated refis that have hit the market this year. Others include 3i Debt Managements 290 million Harvest CLO VIII and the Carlyle Global Market Strategies Euro CLO 2014-2 (also 391 million).
A nascent private bond market in France is expected to grow significantly over the next two years, and could complement, or possibly compete with, securitization of loans to small and medium-sized enterprises.
A policy fight is threatening the recovery of collateralized loan obligations in Europe.
European collateralized loan obligations issued pre-financial crisis are nearing the end of their reinvestment periods, yet the maturities of the loans that serve as collateral continue to shift further out into the future.
The latest generation of European CLOs may expose investors to a risk that didnt exist in most collateralized loan obligations issued before the financial crisis: fluctuations in foreign exchange rates.
With Global ABS around the corner, its only fitting that we turn our attention to Europe.
Treasurer, Head of Asset Management
Firm: NewStar Financial
It's unclear how the new political environment will affect the platform's viability or how investors will view the securities issued on it. The next year could determine the project's success and role reshaping the secondary mortgage market.Current Issue