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Brightwood returns to CLO market for first time this year
7 months ago
Brightwood Capital has priced a new middle market CLO, Brightwood Capital MM CLO 2023-1, arranged by GreensLedge with RBC as co-placement agent -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
1 year ago
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it. -
European CLO managers trade loans to avoid (par) burn
1 year ago
Between March and July, European CLO managers traded €21 billion of assets within CLOs that were still in their reinvestment period as opportunities arose amid a weaker macro environment and Russia’s war with Ukraine -
Things are looking up... for curve steepener trades: Barclays
1 year ago
Investment grade credit index curves look too flat, say Barclays strategists – and that makes it a compelling time to consider steepener trades in Europe and the US -
What matters is what you do with it
1 year ago
CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
1 year ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
Blackstone keeps up momentum with benchmark US CLO print
2 years ago
Blackstone Credit on Friday priced its first new CLO of the year, producing the largest and tightest 2022 transaction to date -
CSAM and KKR make structural changes to 2019 CLOs with refis
2 years ago
Managers priced more than $1.1 billion of CLO refinancings on Tuesday as Credit Suisse Asset Management and KKR turned legacy deals from 2019 into Sofr-based transactions -
Nassau resets post-reinvestment CLO from 2020
2 years ago
Nassau Corporate Credit has reset a 2020 CLO that has exited its reinvestment period -
Managers make rare capital structure rejigs with 2020 CLO refis
2 years ago
Two CLO managers have refinanced 2020 CLOs while taking the rare step of altering the deals' capital structures -
Manager wins £1.7 billion IG credit mandate from UK's St James’s Place
2 years ago
The UK wealth manager has awarded a £1.7 billion ($2.28 billion) global invevstment grade credit mandate -
JP Morgan raises 2021 US CLO forecast to record $135 billion
2 years ago
JP Morgan's research desk has raised its US CLO new issue forecast for 2021 to $135 billion -
Global CLO pricing lab: let’s all point at that 108bp print while spreads leak out
2 years ago
The tsunami of CLO paper coming to market is the biggest technical factor causing spreads to widen, according to sources -
Regulators call on CLO managers and investors to understand conflicts of interests
2 years ago
The International Organisation of Securities Commissions has issued four questionnaires for bank lenders, CLO investors, CLO managers and leveraged loan sponsors to understand risks in leveraged loans and CLOs -
It’s all relative: the Cornetto trilogy of CLO triple Bs
2 years ago
CLO arrangers have let their imaginations run wild when assembling triple-B rated notes – not because these have been tricky to shift, but because there is appetite for triple B CLOs that don't taste vanilla. The result is fat, split and overlapping triple Bs -
Spire slashes 70bp off CLO funding costs as it upsizes 2020 deal in reset
3 years ago
The London-based manager worked with Bank of America to reset the deal late Friday, upsizing the CLO to €447.7million from €425 million at issuance -
It's all relative: CLOs march tighter as macro traders open positive CDS skews
3 years ago
Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter -
Rockford Tower and Oak Hill reset $1.1 billion of CLOs
3 years ago
$1.12 billion fresh CLO reset paper hit the market on Thursday as Rockford Tower Capital Management and Oak Hill Advisers each reworked transactions -
It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
3 years ago
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018 -
It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally
The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen
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OC health check: CLOs end 2020 with fragile recovery
3 years ago
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December -
Financials lead tightening as calm markets greet Biden inauguration
3 years ago
If there is any volatility around the transition on Wednesday to Joe Biden's US presidency, it looks unlikely to come from financial markets, with CDS indices among the better performing assets in an unruffled day -
OC health check: 41 CLOs heal their breaches
3 years ago
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates -
IG names hit hardest as cocktail of woes routs market
3 years ago
Investor nervousness is evident at the start of the week with a big widening of spreads on Monday as lack of accord on a new US stimulus package added to concern about rising coronavirus case numbers and jitters in the oil market
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