News
2009
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03/08/2009
Harbourmaster establishes new ABS business with Mirja Wenski
Harbourmaster Capital Management Limited, is pleased to announce that it is establishing a new business with Mirja Wenski (subject to Regulatory approval), the former Managing Director of the ZAIS Group Investment Advisors Limited. The new business will provide advice and asset management services to institutional clients, and will be solely focused on portfolios of Asset Backed Securities (ABS).
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20/07/2009
Fitch affirms and withdraws Harbourmaster's "CAM 1-" rating
Following Fitch Rating's announcement on 18th June 2009 that it would be discontinuing its CAM ratings and merging them with other asset manager ratings, Harbourmaster has requested that Fitch withdraw its CAM rating of Harbourmaster. Harbourmaster looks forward to the publishing of the new Fitch criteria report for credit managers and will review it when released. In the meantime Harbourmaster is pleased to note that Fitch have affirmed the Harbourmaster CAM 1- rating on withdrawal (please see attached press release). The Fitch CAM report will remain available on this website however investors should note that Fitch will no longer be updating their diligence.
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15/01/2009
Harbourmaster lauches two new sub funds in the Harbourmaster Investment Funds programme
Harbourmaster Capital Management is pleased to announce the opening of the HCM Loan Investments Fund and Harbourmaster Managed Funds Series 1 as the second and third funds issued by Harbourmaster Investment Funds a unit trust constituted as an umbrella unit trust and authorised pursuant to the Unit Trusts Act 1990. The HCM Loan Investments Fund is a collective fund which provides monthly liquidity and invests in senior secured loans. Harbourmaster Managed Funds Series 1 is a managed account.
2008
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12/09/2008
Harbourmaster wins 2 awards at Creditflux Manager awards 2008
At the annual Creditflux Manager Awards, Harbourmaster Capital won 2 awards. Harbourmaster CLO 5 won best European Cash CLO in seasoned category and Harbourmaster CLO 7 won best European Cash CLO in the recent category. Click on link below for more information.
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29/05/2008
Harbourmaster CLO 11 Closes
Harbourmaster CLO 11, a € 500m CLO of senior secured leveraged loans, closed today via Dresdner Kleinwort.
The portfolio consists of 100% senior secured leveraged loans and is Harbourmaster's 15th CLO transaction, bringing AUM to in excess of € 8 billion.
The notes issued by the CLO are rated by S&P / Moodys.
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30/04/2008
Harbourmaster Senior Loan Fund closes
Harbourmaster Senior Loan Fund closed on 30th April 2008. Harbourmaster Senior Loan Fund is the initial Fund of Harbourmaster Investment Funds, a unit trust constituted as an umbrella unit trust and authorised pursuant to the Unit Trusts Act 1990. The Fund will seek to achieve its objective by investing primarily, whether directly or indirectly, in European senior secured leveraged loans or derivatives referencing such loans (e.g. credit default swaps and total return swaps).
The fund is an Irish regulated Qualifying Investor Fund open to Institutional Investors. The units are listed on the Irish Stock Exchange.
2007
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11/12/2007
Global Senior Loan Index Fund I BV closes via Goldman Sachs.
11 December 2007 Harbourmaster CLO 9 BV, a euro640m CLO of senior secured leveraged loans, closes via Goldman Sachs. The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions. GSLIF I is approximately 80% ramped-up at close. There is a nine month post-close ramp-up period. The transaction is managed by Harbourmaster Capital Limited ("Harbourmaster"). Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor. GSLIF I brings Harbourmaster AUM in senior secured loans to approximately €7.5 billion. Goldman Sachs was Sole Arranger and Placement Agent for the Notes.
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05/11/2007
Harbourmaster CLO 10 BV, a €500m CLO of senior leveraged loans, closes via Bear Stearns
Harbourmaster CLO 10 BV, a €512m CLO of senior leveraged loans, closes via Bear Stearns. The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions. The transaction is 100% ramped-up at close. There is a nine month post-close ramp-up period. The transaction is managed by Harbourmaster Capital Limited ('Harbourmaster'). Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor. CLO 10 brings Harbourmaster AUM in senior secured loans to approximately €7 billion. Bear Stearns was Sole Arranger and Placement Agent for the Notes.
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17/10/2007
Fitch Upgrades Harbourmaster to CAM 1-.
On 17th October 2007, Fitch Ratings upgraded Harbourmaster's CDO Asset Manager Rating to CAM 1-. Download the press release below to read more.
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28/09/2007
Harbourmaster Scoops CLO Manager Awards at Creditflux Manager Awards
Harbourmaster scoops CLO Manager awards at the Creditflux Manager Awards, Harbourmaster Capital won both the best seasoned European CLO and best recent European CLO for CLO 1 and CLO 5. Download the press release below for more information.
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31/07/2007
Harbourmaster Pro-Rata CLO 3 closes at €600m via Banc of America
Harbourmaster Pro-Rata CLO 3, a €600m CLO of senior leveraged loans, prices via Banc of America. The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions.
The transaction is expected to be approximately 80% ramped-up at close. There is a nine month post-close ramp-up period. The transaction is managed by Harbourmaster Capital Limited ('Harbourmaster'). Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor.
Harbourmaster Pro-Rata CLO 3 enables investors to access the bank pro-rata loan market which is otherwise largely unavailable to institutional investors in leveraged loans. As its name suggests, Harbourmaster Pro-Rata CLO 3 is the second in the Pro-Rata series of transactions brought by Harbourmaster, and was upsized following strong demand from investors.
Banc of America was Sole Arranger and Placement Agent for the Notes.
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30/05/2007
Harbourmaster CLO 9 closes at €750m via Goldman Sachs
Harbourmaster CLO 9 BV, a €750m CLO of senior leveraged loans, prices via Dresdner Kleinwort. The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions.
The transaction is expected to be approximately 70% ramped-up at close. There is a nine month post-close ramp-up period. The transaction is managed by Harbourmaster Capital Limited ('Harbourmaster'). Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor.
Goldman Sachs was Sole Arranger and Placement Agent for the Notes.
2006
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01/12/2006
Harbourmaster CLO 8 BV, a €512m CLO of senior leveraged loans, prices via Dresdner Kleinwort
Harbourmaster CLO 8 BV, a €512m CLO of senior leveraged loans, prices via Dresdner Kleinwort. The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions.
The transaction is expected to be approximately 70% ramped-up at close. There is a nine month post-close ramp-up period. The transaction is managed by Harbourmaster Capital Limited ('Harbourmaster'). Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor.
CLO 8 brings Harbourmaster AUM in senior secured loans to approximately €6 billion.
Dresdner Kleinwort was Sole Arranger and Placement Agent for the Notes.
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01/10/2006
Harbourmaster CLO 7 BV, a €900m CLO of senior leveraged loans, prices via Bear Stearns.
The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions. Following strong demand, the transaction was upsized from €750m during marketing.
CLO 7 is expected to be approximately 70% ramped-up at close. There is a nine month post-close ramp-up period. The transaction is managed by Harbourmaster Capital Limited ('Harbourmaster'). Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor.
Harbourmaster CLO 7 benefits from a portfolio of senior secured loans which was originated following the redemption of Harbourmaster CLO 1, Harbourmaster's first CLO transaction which was issued in March 2001. Harbourmaster CLO 1 was redeemed in full by investors following strong performance.
Bear Stearns was Sole Arranger and Placement Agent for the Notes.
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01/07/2006
Harbourmaster Pro-Rata CLO 2 closes at €580m via Banc of America
Harbourmaster Pro-Rata CLO 2, a €580m CLO of senior leveraged loans, prices via Banc of America. The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions.
The transaction is expected to be approximately 70% ramped-up at close. There is a nine month post-close ramp-up period. The transaction is managed by Harbourmaster Capital Limited ('Harbourmaster'). Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor.
Harbourmaster Pro-Rata CLO 2 enables investors to access the bank pro-rata loan market which is otherwise largely unavailable to institutional investors in leveraged loans. As its name suggests, Harbourmaster Pro-Rata CLO 2 is the second in the Pro-Rata series of transactions brought by Harbourmaster, and was upsized following strong demand from investors.
Banc of America was Sole Arranger and Placement Agent for the Notes.
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01/07/2006
Harbourmaster CLO 1 Limited redeemed in full.
All classes of notes issued by Harbourmaster CLO 1 Limited have been redeemed in full following the completion of the transaction's reinvestment period. Harbourmaster CLO1 Limited, a €500m CLO and Europe's first CLO backed 100% by senior secured loans, closed in March 2001.
- 26/04/2006 Fitch monitors HCM CAM 2 rating.
2005
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01/12/2005
Anchor CDO 1 Limited redeemed in full.
All Series of Notes issued by Anchor CDO 1 Limited have been successfully redeemed. Anchor CDO1 Limited is a CDO of AAA rated asset-backed securities issued in July 2003. Following continued performance, the ratings of two series of notes issued by Anchor CDO 1 Limited were upgraded by Fitch ratings in September 2005.
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02/11/2005
Fitch affirms HCM CAM 2 Rating
Fitch Affirms Harbourmaster Capital Management Limited CAM 2 CDO Asset Manager Rating Fitch Ratings-London-02 November 2005: Fitch Ratings has today affirmed Harbourmaster Capital Management's ("HCM") CDO (collateralised debt obligation) Asset Manager rating at 'CAM2' for the management of Leveraged Loans.
The rating continues to reflect the company's extensive experience in the management of European leveraged loans,commitment to the CLO (collateralised loan obligation) business, consistent investment strategy, proven expertise in credit underwriting, superior access to collateral, substantial experience in distressed debt workout and solid track record, albeit in a current benign credit environment.
HCM's scores for each group of criteria factors (out of a scoreboard of 5) are summarised as follows:
- Company and management experience 2.00
- Staffing 2.00
- Procedures and controls 2.00
- Portfolio management 1.50
- CDO administration 2.00
- Technology 2.00
- CDO portfolio performance 2.00
HCM's overall score improved to 1.88 from 2.01 at September 2004. HCM has consistently addressed all of the concerns raised by Fitch in 2004, thus improving their score in five of the seven categories and maintaining it in the other two categories.
The key drivers of the improvement reflect the wider institutional support brought by the new shareholders, thus mitigating reliance on the two co-founders, a new organisational structure reinforcing independence of controls, and the current rollout of an enhanced technology reducing IT and operational risk.
HCM is a Dublin-based specialist asset management company dedicated to the management of primarily senior secured leveraged loans and asset-backed securities (ABS) through CDO structures. At end-September, it reported EUR4.2 billion of assets under management (EUR3.1bn in senior secured leveraged loans).
The Harbourmaster CLO programme currently consists of five publicly rated cash CLOs of senior secured loans issued between 2001 and 2005, with a sixth expected to close on 15 November. HCM is a primary market "buy and hold" investor with workout competencies.
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28/10/2005
Harbourmaster CLO 6 BV, a €511m CLO of senior leveraged loans, prices via Bank of America
Harbourmaster CLO 6 BV, a €511m CLO of senior leveraged loans, prices via Bank of America. The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions.
The transaction is expected to be approximately 67% ramped-up at close. There is a nine month post-close ramp-up period. The transaction is managed by Harbourmaster Capital Limited ('Harbourmaster'). Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor.
The Class €327m Class A Notes were rated AAA by Fitch and S&P and priced at 3-month Euribor+25bps. The remaining A and B Notes were rated by Fitch. The Class C Notes were unrated.
Harbourmaster CLO 6 BV brings Harbourmaster's leveraged loan assets under management to EUR 3.3 billion, and total assets under management to EUR 4.4 billion.
Bank of America was Sole Arranger and Placement Agent for the Notes.
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16/09/2005
Fitch upgrades Anchor CDO I Ltd Notes.
Fitch Ratings, the International Rating Agency, upgraded the Series 1 Notes issued by Anchor CDO I Ltd, to A+ from BBB. The Series 7 Notes were upgraded from AA+ to AAA. All other Classes of Notes were affirmed at their existing ratings.
Anchor CDO I Ltd is a EUR 1 billion CDO of ABS which is managed by Harbourmaster Capital Limited. Harbourmaster Capital Management Limited is the Collateral Advisor for the transaction.
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14/07/2005
Harbourmaster CLO 5 BV, a €765m CLO of senior secured leveraged loans, closes.
14th July 2005 Harbourmaster CLO 5 BV, a €765m CLO of senior leveraged loans, closes following upsize from €500m due to strong investor demand.
The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions.
At closing, approximately 67% of the portolio was ramped up. There is a nine month post-close ramp-up period.
The transaction is managed by Harbourmaster Capital Limited. Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor.
The €490m Class A Notes were rated AAA by Fitch and S&P. The remaining A and B Notes were rated by Fitch. The Class C Notes were unrated.
Bear Stearns was Sole Arranger and Placement Agent for the Notes.
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01/03/2005
Harbourmaster CLO 4 B.V. completes ramp-up four months before schedule.
Harbourmaster Capital Limited declares the Effective Date for Harbourmaster CLO 4 B.V. following completion of the ramp-up period.
The ramp-up period finished 5 months before schedule due to a continued strong loan pipeline and good access to loan collateral.
2004
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09/11/2004
Harbourmaster Capital Management Limited partners up with Standard and Poors in the development of the S&P European Leveraged Loan Indices.
LONDON (Standard & Poor's) Nov. 9, 2004--Standard & Poor's Ratings Services today announced the launch of its European Leveraged Loan Index (ELLI) series that will offer the first independent performance benchmark for the European loan market.
The rollout of this index follows the success of Standard & Poor's U.S. Loan Index, which has been published in partnership with the Loan Syndications and Trading Association since 2000. That index has become the market standard in the U.S.
The index is the first in Europe to be based on loans available to institutional investors, rather than banks. Using the loan portfolios of key institutional loan investor partners Alcentra Ltd., Harbourmaster Capital Management Ltd., Intermediate Capital Group, ING Capital Management, and M&G Investment Management Ltd., the Standard & Poor's ELLI series tracks the performance on leveraged loans issued to investors in the region that are now providing 20%-25% of primary market liquidity. Secondary market prices for the market value return calculations are gathered from two sources--the Loan Market Association's (LMA's) weekly valuation survey and the European pricing database of Mark-It Partners/LoanX.
"The combination of Standard & Poor's methodology and experience in building indices with cash flow data provided by our institutional partners is another step toward improving the transparency and efficiency of the European market," said Steven Miller, managing director of Standard & Poor's Leveraged Commentary & Data Group.
Leveraged loans are an attractive asset class and the participation of institutional investors is becoming increasingly important, their share of this market having doubled to about 20% over the past three years.
Focusing on senior secured term loans that reside in investor portfolios, Standard & Poor's ELLI series comprises four elements:
-- A multicurrency broad index;
-- A multicurrency LBO index;
-- A euro-denominated broad index; and
-- A euro-denominated LBO index.
Reflecting European loan market growth, the indices originate in January 2003, at which time there were 63 credit facilities representing €9.5 billion ($12.2 billion) by par value. At Aug. 31, 2004, the number of credit facilities had surged to 142, equivalent to €18.5 billion.
As the key institutional investor partners involved point out, it is an auspicious time to launch the Standard & Poor's European Leveraged Loan Index.
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28/10/2004
Harbourmaster CLO 4 BV, a €500m CLO of senior leveraged loans closes.
Harbourmaster CLO 4 BV, a €500m CLO of senior leveraged loans closes at the tightest AAA spread yet seen in Europe for a Cashflow Arbitrage CLO.
The transaction is backed by a diversified portfolio of leveraged loans to finance leveraged buyout transactions.
At closing, approximately 60% of the portolio was ramped up. There is a nine month post-close ramp-up period.
The transaction is managed by Harbourmaster Capital Limited. Harbourmaster Capital Management Limited, a Dublin-based investment manager, is the Collateral Advisor.
The Class €337m Class A Notes were rated AAA by Fitch and S&P, and Aaa by Moodys. The Class A2 and B Notes were rated by Fitch. The Class C Notes were unrated.
Bear Stearns was Sole Arranger and Placement Agent for the Notes.