KopenTech in the Press
U.K. Crisis Spills Into U.S. Junk Debt
Matt Wirz from The Wall Street Journal has a great story where he highlights how European investors are selling CLOs to meet margin calls due to the currency and government bond crisis in UK financial markets. The US financial institutions and banks have been buyers of these securities at lower prices. Investors can view the upcoming CLO trading pipeline and dealer inventory on our KTX trading platform. Read the full WSJ story here.
Innovation station: problem-solving esoteric ABS stands up in choppy market
Jill Scalisi spoke to Oliver West from GlobalCapital about KopenTech and innovations it introduced for the CLO market. We have become the first firm to begin CLO trading on its electronic platform and automated the entire trading process. Read more.
Rival platforms battle to control electronic trading of CLOs
The need for new ways to trade CLO is here. New electronic platforms are designed to bring CLO trading out of the age of dinosaurs. Kopentech also gives investors the option to trade with each other, cutting out the banks. Separately, the platform can refinance CLOs using the AMR process.
CLO Trading Startup Is Now Allowing Investors to Cut Out Banks
An online platform is now allowing money managers to trade collateralized loan obligations directly with one another, without banks standing in between. KopenTech, a firm that provides CLO refinancing, data analytics, and electronic trading services, has launched direct trading among investors, according to a statement seen by Bloomberg. The platform saw its first trade between two investors last Thursday, Jill Scalisi, chief engagement officer, said in an interview.
Debt Advisors issued $339.18 CLO 2022-1 with innovative online AMR refinancing
Jefferies set the price on Wednesday for the $339.18 million ICG US CLO 2022-1 managed by ICG Debt Investors. The AMR refinancing feature was incorporated across the debt stack, including the fixed-rate tranches.
AMR assists CLO managers to cure asset-liabilities mismatch
In an interview with Bloomberg, Chief Engagement Officer Jill Scalisi notes that because the auction is a secondary-market transaction, it is exempt from adhering to regulators’ guidance to switch CLO liabilities to SOFR. This allows refinancing to stay with Libor until CLO collateral largely switches to SOFR avoiding costly mismatch for CLO equity.
HalseyPoint CLO II's LIBOR-Based CLO Liabilities Renewed via AMR
AMRs are categorized as secondary trades, the CLO securities are not subject to regulatory guidance that recommends a replacement benchmark such as SOFR.
HalseyPoint Keeps LIBOR-Linked CLO Notes after AMR Digital Refinancing
HalseyPoint Asset Management has cut the funding costs of its HalseyPoint CLO II by 80 bps, managing to keep the notes linked to Libor by selecting a digital AMR Dutch auction to reprice the notes. KopenTech received over $640 million of bids making the auction 2.1x oversubscribed.