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CLO tail risk 'not excessive'

15 April 2014

Single-B loans appear to represent the sweet spot for US CLO 2.0 assets, given risk and reward considerations. At the same time, exposure to the widest margin assets varies across deals and managers. CLO 2.0 deals are significantly overweight single-B loans compared to the rest of the loan universe and are underweight every other rating, accordin...

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Punch proposes securitisation waivers

15 April 2014

Restructuring negotiations for Punch's securitisations continue and both  have requested DSCR waivers. Punch A is non-compliant with its DSCR covenant, while Punch B will be non-compliant at its next testing date. Punch's results for the first half of the 2014 financial year show continued progress in its core portfolio. Like-for-like ne...

Read more » ABS

'Cheap' Euro CMBS lacks buyers

15 April 2014

There was a lot of price talk on European CMBS tranches in the secondary market yesterday, but a lack of trades as the market winds down for Easter. CMBS looks cheap compared to RMBS but investors remain reluctant to get involved. "The Street has been a bit more active over the last couple of weeks but we are still seeing a lack of client activit...

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Read more » CMBS

Decisive action

15 April 2014

Katie Skeels, associate at Hogan Lovells, examines current trends and solutions in cross-border disp...
Hogan Lovells recently published a report - entitled 'Global Currents - Trends in Complex Cross-Border Disputes 2014' - which surveys current trends in cross-border disputes. The results suggest that senior executives and in-house counsel are proactively developing their dispute management strategies, including for securitisatio...

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Read more » Structured Finance

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