Sector developments and company hires

CLO manager comeback

AIG is marketing its first BSL CLO since the financial crisis, totalling US$503.15m. Dubbed AIG CLO 2018-1, the transaction is provisionally rated by Morningstar as triple-A on the US$296.5m class A notes. It does not have ratings on the rest of the notes.

Fairhold development

Fairhold Securitisation Limited has issued a notice that the new respondents, as set out in the announcement dated 2 November 2018, be joined as additional respondents and be subject to the provisions of the amended order. Furthermore, the return date hearing was heard on 18 December and the court made certain orders and amendments, including an extention of the injunction against Clifden and Rizwan Hussain, as set out in a prior order. It further emphasises that unless Clifden and Hussain pay the costs of the issuer’s application from 23 July 2018, they must be restrained from issuing or otherwise commencing any proceedings against the Issuer or the note trustee (in relation to the affairs of the issuer) and any such proceedings if commenced will be struck out. It adds that Clifden has to pay the costs of £150,000 to the issuer and £50,000 to the note trustee as of 2 January 2019 and that a copy of the amended order is brought to the attention of the insolvency service by the issuer. It further says that all of the issuer’s and note trustee’s rights as against Clifden, Hussain and the new respondents remain entirely unreserved.

UK

Kudu Investment Management has agreed to take a passive minority stake in London-based alternative credit manager Fair Oaks Capital and various affiliates. Kudu will have no role in ongoing operations of Fair Oaks but will offer strategic guidance and support as the firm expands its investment offerings and its network of investors. The transaction is expected to close in 1Q19, subject to receipt of regulatory approvals.

US

Regions Securities has hired Leo Loughead as md, reporting to Tom Dierdorff, svp and group head of financial services and md of Regions Securities. Loughead will be based in Atlanta and joins Regions from SunTrust Robinson Humphrey, where he led the firm’s asset securitisation group as md.