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Stunning January rally means CLOs are back in business
1 year ago
Longtime observers of the CLO market tell Creditflux they have “never seen the market move so quickly” after a rip-roaring January saw a spectacular rally in both loans and CLO debt. -
Banks are motivated sellers of loans and CLOs can benefit, says Eagle Point
1 year ago
Banks offloading loans long held on their balance sheets are providing CLOs with the opportunity to pickup primary market assets at deeply discounted prices, Tom Majewski, managing partner at Eagle Point Credit Management said on a company earnings call on Tuesday -
Private equity firms are becoming CLO converts: TwentyFour
1 year ago
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense" -
Blackstone scores record with century of US CLOs
1 year ago
Blackstone Credit has become the first manager to price 100 US CLOs, following the printing of Storm King Park CLO in August -
The Last Tranche with Octagon's Nechamkin: Investors were selling the larger loans that were easier to sell
1 year ago
In this episode of the Last Tranche, Mike Nechamkin, chief investment officer and senior portfolio manager at Octagon Credit Investors, discusses the reasons behind the recovery in loan prices in recent weeks -
Widening asset/liability gulf will hurt CLOs: Barclays
1 year ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
Short duration CLOs are putting reset risk in the post: Barclays
1 year ago
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned -
Manager selection stakes are heightening as CLO pain points intensify: Barclays
1 year ago
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists -
CLO investors show more signs of optimism than other ABS: Barclays
1 year ago
CLO investors attending the Global ABS conference in Barcelona were more upbeat than those that work in residential mortgage-backed securities and other ABS, say Barclays securitised credit strategists. But the overall mood was sombre -
US managers open new CLO warehouses at rapid rate
1 year ago
US CLO managers are opening new warehouse facilities at a rapid pace, with some sources suggesting the rate of new warehouse formation to be the fastest in years -
Think of the arb, say US CLO panelists after big loan drop
1 year ago
Far from being a cause for alarm, falling loan prices have brought a welcome opportunity in new CLO issuance for managers and investors, according to speakers at the Creditflux Symposium in London today -
Loan buyers warned about rush of Sofr opt-in amendments
1 year ago
CLO managers must be mindful of loan amendments that facilitate a benchmark switch from Libor to Sofr, as they could find themselves buried in paperwork and locked into tight deadlines -
Tech firm eyes data-driven approach to CLO management
1 year ago
As New York-based tech firm Exos prepares to launch what it calls “the first truly tech-enabled CLO”, the specialist leading its efforts says technology could soon play a central role in CLO portfolio optimisation -
Attack-minded CLO managers capitalise on bearish outlook
2 years ago
Some of the most aggressive CLO managers have benefited from loan market volatility in March after having tweaked their portfolios in the months beforehand -
US loans recover but CLOs lag and issuance stutters
2 years ago
The US leveraged loan market spent the latter half of March recovering losses from Russia’s invasion of Ukraine, with prices now above where they were when the war started -
Sofr spike boosts CLO debt as Europe and US go out of sync
2 years ago
The sharp rise in three-month term Sofr has caused CLO relative value to shift decisively towards primary US CLO debt tranches in January as the floating rate benchmark shot up from 9.11bp to 17.06bp (from 1-20 January) -
Market ponders Sofr spread adjustment amid investor lag
2 years ago
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 -
CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
2 years ago
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion -
CLO resets drive equity returns to highest in five years: JP Morgan
2 years ago
Equity investors in US CLOs are earning, on average, the biggest returns of the past five years, finds JP Morgan – with deals reset this year having done most to raise the numbers -
Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
2 years ago
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait -
Nomura closes in on Sofr CLO milestone with 15bp emerging as standard for spread adjustment
2 years ago
Nomura is close to a major breakthrough by arranging the first CLO transaction with a Sofr pricing component -
CLO Census latest: voting crosses 200 as range of dealers lead in CLO origination
2 years ago
CLO market participants are placing value on the specialist service that dealers are providing, according to Creditflux’s CLO Census, with three different banks leading the way for US CLO execution, structuring and syndication. A silimar trend is in play in Europe -
Spread adjustment curve emerges for ground-breaking Walker & Dunlop Sofr loan
2 years ago
Walker & Dunlop has changed the credit spread adjustment (CSA) on its fully-Sofr $600 million loan, Debtwire reports, with a varied structure depending on the benchmark tenor -
Banks reject mandates amid loan surge as settlement lengthens
2 years ago
M&A bankers are turning down mandates and settlement times for US loan trades are extending as understaffed desks struggle to cope with record deal volumes -
Landmark Sofr loan nears with spread adjustment giving taste of things to come
2 years ago
The first fully-Sofr US loan is getting closer
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