Investors fear CLOs running into overtime with WAL extensions
CLO investors have sharpened their focus on weighted average life (WAL) test and maturity extensions, with one US investor believing many are taking on more duration risk than they realise

Insurance capital charges may force CLOs to do the splits
The National Association of Insurance Commissioners’ (NAIC) long-awaited capital charges rejig is now in place, and it could result in life insurers changing their habits and CLO issuers splitting tranches

Golub prices another $1bn CLO in second-largest new deal of 2021
Golub Capital Partners has priced the second-largest new CLO of 2021 and its second $1 billion deal in as many months

Carlyle refinances whole stack of 2019 CLO
Carlyle Group has teamed up with Bank of America to refinance the entire capital stack of Carlyle US CLO 2019-2

CLOs at a glance (January 2022)
A listing of CLOs that have priced in the last month

Brace yourself for tiers, tightening and titanic CLO issuance
The European CLO market has shattered post-global financial crisis new issuance records in 2021 with €38.4 billion pricing, as Creditflux goes to press. But 2022 could prove even more abundant

Infra CLO becomes first to opt for solely Sofr benchmark
The first CLO to dine completely on Sofr tranches wasn’t a run-of-the-mill deal. Instead it was an infrastructure-loan securitisation issued by Starwood Capital at $500 million, named STWD 2021-SIF2, according to market sources

They said it: "The tone may have been too positive"
CLO market participants have been guilty of being overly bullish

First Euro CRE CLO points to likely growth market
CRE CLOs have been identified as a likely growth market in Europe following the successful pricing of the first transaction on the continent, according to sources

Record US CLO volumes predicted as warehouses boom
CLO market forecasts for 2022 suggest another strong year for US primary market volumes

Market ponders Sofr spread adjustment amid investor lag
The CLO market is waving goodbye to Libor as a benchmark rate and transitioning to alternatives for the first time in the history of the asset class. But there is no consensus as to what the Sofr spread adjustment should be, and some of the largest buyers are said to be slow to consider the impact of a benchmark transition

CVC shakes up structure with Apidos CLO reset
CVC has reworked the capital stack of a US CLO it signed last year, with a reset that shaves pricing but also shifts the size of tranches

Voya cuts CLO costs across stack with 2019 reset
Voya has reset a US CLO it printed in 2019, slightly increasing the size of the deal and shaving the price of every debt tranche in the capital structure

CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
The extreme parts of CLOs' capital structures will offer best value in 2022, but investors should be cautious on mezzanine tranches and consider hedges, say BNP Paribas strategists

Sculptor chisels fixed rate tranches into CLO with reset
Sculptor has reset a US CLO it signed in 2017, cutting the size of the overall debt stack but adding fixed rate tranches

PGIM expands all debt classes with Euro CLO reset
PGIM has reset a European CLO it signed late last year, greatly increasing the size of the deal in the process

MidCap returns to mid market CLO primary with first new deal in year
MidCap Financial has returned to the CLO primary market with its first new middle market deal in over a year

AMMC and Assured refinance CLOs to the tune of $715 million
American Money Management Corporation and Assured Investment Management together refinanced $714.8 million worth of CLO liabilities on Friday

Nassau resets post-reinvestment CLO from 2020
Nassau Corporate Credit has reset a 2020 CLO that has exited its reinvestment period

BlackRock and Irradiant refinance legacy CLOs
BlackRock and Irradiant Partners each refinanced a legacy CLO on Thursday

Panagram takes on 'structure advisor' role for mid market CLO as two deals price
Panagram Structured Asset Management has taken an advisor role for a BlackRock mid market CLO - one of two mid market deals Natixis arranged this week, with another for Nuveen Asset Management

Unique Onex CLO draws in ABS crowd with replenishment structure
Onex Credit Partners struck a compromise between debt and equity investors last week when it created the first CLO to feature a replenishment period, according to market sources. Creditflux analysis of the CLO's execution suggests it was well recieved. 

Barings prices short-dated reset of 2016 CLO
Barings priced a reset of Barings 2016-II last night, according to market sources, and opted for a short-dated 2.1 year reinvestment period

AGL and Blackstone place new CLO triple As at 113bp
AGL Credit Management and Blackstone Credit each priced a new CLO on Tuesday, with both deals securing triple A prints of Libor plus 113 basis points

Lev loan index rule change proposed to meet Sofr switch
Leveraged loan index stakeholders are being asked for feedback on a proposal that would allow the inclusion of loans linked to Sofr and scrap a minimum spread rule