Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

UBS Global Head of CLO Trading Jason Schechter Leaves Bank

Don't Miss Out —
Follow us on:
UBS Global Head of CLO Trading Jason Schechter Leaves Bank
UBS AG has arranged five CLOs backed by widely syndicated loans this year, according to Bloomberg data. Photographer: Valentin Flauraud/Bloomberg

Sept. 26 (Bloomberg) -- Jason Schechter, global head of collateralized loan obligation trading at UBS AG in New York, has left the bank.

Schechter joined UBS last year from Barclays Plc where he was a managing director and structured-credit trader, according to data compiled by Bloomberg. Karina Byrne, a UBS spokeswoman, confirmed the departure and declined to comment further. Schechter declined to comment.

No replacement for Schechter has been named yet, according to a person with knowledge of the move who asked not to be identified because it hasn’t been announced publicly. His responsibilities have been assumed by other members of the team.

CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.

There have been $28.2 billion of CLOs backed by widely syndicated loans issued this year, the most since 2007, according to Bloomberg and Morgan Stanley data.

UBS has arranged five CLOs backed by widely syndicated loans this year, according to Bloomberg data.

CLO issuance increased as the price of leveraged loans rose. Loan prices climbed to 96.3 cents on the dollar Sept. 25 from 91.1 cents on Jan. 3, as measured by the S&P/LSTA U.S. Leveraged Loan 100 Index.

The price of AAA CLO debt rose to 95.25 cents on Aug. 23, the highest level since June 2011, according to Morgan Stanley data. The highest-rated portion of these funds fell to a low of 69 cents in April 2009.

To contact the reporter on this story: Kristen Haunss in New York at khaunss@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.