KopenTech in the Press
The KopenTech BWIC platform gains further industry attention after its first BWIC completed in late December. Structured Credit Investor is the latest publication to highlight the platform.
Applicable Margin Reset (AMR) gains further notoriety as the one-year non-call period for TCW AMR CLO 2019-1 comes to a close. The first AMR auction is expected to take place in early February. Additional details can be found in the Asset-Baked Alert article by Allison Bisbey.
BWICs are about to change! KopenTech is pleased to announce the launch of its online BWIC platform, transforming this grueling process into a streamlined online auction. The first BWIC was conducted on the platform in late December, read more about it in an article by Kristen Haunss of Reuters. KopenTech’s priority is to advance the simplicity of structured products investing. Contact us at firstname.lastname@example.org for more information or to schedule a demo.
This week, Jefferies LLC priced the first CLO issued by East West Investment Management. Class A through E tranches will include the Applicable Margin Reset (AMR) feature. East West Investment Management joins several other CLO managers featuring AMR in their deals priced this year including Seix, TCW, and Neuberger Berman.
Applicable Margin Reset gains greater acceptance among investors. As reported by Andrew Park and Luke Millar from LCD, Neuberger Berman is the latest CLO manager to implement Applicable Margin Reset (AMR) in their newest deal. In addition, a Japanese investor has been brought on board with the feature, purchasing the class A-2 tranche.
Applicable Margin Reset (AMR) is advancing in its development -- gaining market acceptance along the way. Since 2016, over $2 billion of CLOs have been issued with the feature.
A recently published article in Opalesque featured Sancus Capital’s Olga Chernova: “The modified auction process is open to the broader market and can lead to better refinancing rates.”
James Vogl, KopenTech’s head of product development, explains how Applicable Margin Reset can help in an era of a dwindling CLO arbitrage. AMR is a streamlined method of CLO refinancing in the secondary market through the use of an auction process. It takes 1/3 the time of a traditional refinance and costs 75% less.