...Vivarte Increases Net Portfolio Loss: The average net loss across all transactions was 1.56% at end-April 2014, up from 1.49% at end-April 2013. The increase was due to the continued workout of defaulted or credit risk names. However, one of the most significant drivers of net portfolio losses in 2014 has been the default of the Vivarte transaction. CLO 2.0s Become Effective: In the last 12 months, Fitch Ratings has rated 11 transactions that have become effective and which are included in the CLO Tracker data file; a further seven transactions have closed but have not yet become effective. The average time to ramp-up was 3.4 months and the average percentage ramped at closing was 66%. Strong Equity Cash Return: CLOs 1.0 rated by Fitch have performed in line with investor expectations, with an annual average cash return of approximately 14% and an average cumulative distribution near 90% of the equity balance. 80% of the CLOs 1.0 rated by Fitch made an equity payment on the most recent...
