KopenTech in the Press
KopenTech’s Data Scientist, Andreas Kraus, finds AMR CLOs trade more frequently, and at slightly better prices, than non-AMR counterparts. Read the full study published by AltCredit.
While the widening secondary market threw a curve ball in the Mountain View CLO XIV AMR refi, the auction highlighted AMR benefits: the collateral manager paid no fees for this auction, and it could hold another auction in as soon as eight business days.
The auction, taking place on September 29, 2020, will be facilitated by KopenTech, whose platform has seen increased functionality since the inaugural auction in January 2020. An Order Book bidding tool will allow for a more streamlined approach to gather client orders for the 14 platform broker-dealers.
KopenTech is set to host the refinancing of Seix Advisors Mountain View CLO XIV via auction on September 29, 2020. With only seven months of reinvestment remaining in Mountain View XIV, and a credit market rally, this CLO is expected to be well in the money, Creditflux reports.
KopenTech’s AMR platform will facilitate the refinancing of Seix’s Mountain View CLO on September 29, 2020. BNP priced the deal for Seix in March 2019 – this was the second new issue deal to embed the AMR feature. Since the inaugural auction in January 2020, the number of platform broker-dealers has increased from 5 to 13.
Head of Product, James Vogl, is quoted in an article from Global Capital, “We have seen a lot of shorter deals in the market… Managers know that they will want a cost-effective, streamlined refinancing once the CLO comes out of non-call. That’s what’s attractive about AMR."
KopenTech's newly introduced Live Bidding feature allows buyers to submit bids and receive feedback in real-time, shortening the duration of secondary BWIC trades by 75%.
Columbia joins the list of managers implementing AMR into their deals to take advantage of cheaper and more efficient refinancing.