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B- share of CLO portfolios rated by S&P hits all-time high after 30 downgrades in a month
1 year ago
The share of CLO portfolio assets rated B- by S&P hit an all-time high of 29% after 30 loans were downgraded in August -
Primary US CLO equity more attractive than secondary, says PineBridge
1 year ago
Primary market CLO equity offers better value to investments in the secondary market, according to a new article from PineBridge Investments -
CLO engine sputters as loan recovery hits road block
1 year ago
US CLO issuance suffered a precipitous decline in August as firms struggled to adjust to the new pricing landscape -
Market sentiment shifts as investors turn bullish on loans and CLOs
1 year ago
CLO market sentiment has shifted decisively in recent weeks with investors expressing more optimism than earlier in the year -
Middle market CLOs facing "unexpected headwinds", says S&P
1 year ago
Middle market CLOs are facing 'unexpected headwinds' as their liability costs rise faster than their asset spreads -
CLO equity arb gets squeezed but investors eye recovery swing
1 year ago
The CLO equity arbitrage endured a wildly volatile first half of 2022, but observers say the time could be right to buy into the asset class -
Oxford Lane reveals reinvestment goal as it trades over $200 million in secondary CLOs in Q2
1 year ago
Senior officials at Oxford Lane Capital Corp described the firm's second quarter approach to CLO investing on a Tuesday earnings call, revealing trades of CLO equity and junior debt amounting to $237.8 million -
CLO market mood sours amid bitter economic outlook
CLO market participants are privately discussing their concerns regarding the medium-term future of the loan market as the prospects of a prolonged economic downturn mount
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Bridgepoint becomes control equity investor in 2021 CLO after secondary trade
1 year ago
Bridgepoint says it bought an additional 30% equity stake in its third European CLO, Bridgepoint CLO 3, meaning the firm has a majority equity interest in the deal at 61%. The price suggests the CLO is performing well -
History suggests best CLO equity returns come after periods like today's, say Oxford
1 year ago
Research published by Oxford Funds argues that stressed periods in the loan market are typically followed by the best CLO equity returns, suggesting today's vintage of CLO equity could be among the best performing -
CLO counterparties hunt for signs of optimism: SFIG conference
1 year ago
Leveraged loan and CLO investors are hunting for signs of optimism as they face the prospect of a US recession -
European junior CLO debt can withstand downturn without taking principal loss: TwentyFour
1 year ago
European CLO single Bs are able to weather a “moderately pessimistic forecast” in which loan defaults spike to 6.5% for two years, without coming close to taking a principal loss, according to a blog written by TwentyFour Asset Management’s Elena Rinaldi. -
Oaktree identifies CLOs among top picks in credit
1 year ago
Oaktree Capital Management’s head of performing credit Armen Panossian has outlined CLO tranches among his three favoured investments in this market -
Beneath the triple C: CLOs take first knock since covid scrapes
1 year ago
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May -
Investors turn to secondary market amid recession fear
1 year ago
CLOs and loans weathered a sudden sell-off in May as investors began to factor in a higher likeli-hood of recession -
Problem in checkout area as CLO favourite Diebold Nixdorf slips to triple C
1 year ago
Diebold Nixdorf, an Ohio-headquartered technology firm with $538 million in debt held by CLOs globally, was downgraded to triple-C by rating agency Moody’s on Friday -
Loan dip brings longest CLO primary pause since January
1 year ago
CLO primary business has been put on pause as the market grapples with a selloff in loans, meaning no new transactions have been issued so far this week -
Defaults should keep low despite looming recession, says TwentyFour
1 year ago
Corporate default rates should remain low even as the chance of a recession looms larger, according to a new report from TwentyFour Asset Management -
Redding Ridge wins four as CSAM retains CLO manager of the year crown
1 year ago
Credit Suisse Asset Management cemented its position as the most successful CLO manager at the Creditflux awards on Tuesday night in London's Landmark Hotel. The biggest CLO awards ceremony ever hosted by Creditflux was hosted by Krishnan Guru-Murthy in front of an audience of 360 people. -
CLO triple As lag recovery as IG relative value opens up
1 year ago
The CLO market rebounded in late April after a volatile two months following Russia’s invasion of Ukraine, but triple A notes have lagged the recovery even as mezzanine debt tranches tightened -
Attack-minded CLO managers capitalise on bearish outlook
1 year 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 -
Market participants split over biggest risk to CLOs: Creditflux US CLO Summit
1 year ago
There are potential threats to the CLO market from all angles, but during a lively opening panel at Creditflux’s US CLO Summit on Tuesday – the first CLO conference to be held in New York since the pandemic – speakers responded to a poll showing 67% of audience members felt inflation/rising interest rates was the biggest hazard -
Three US CLOs join growing list of deals to default
2 years ago
Another three US CLOs have the ignominy of having their tranches downgraded to D, taking the total list of 2.0 CLOs to default to eight. Before August 2021, 2.0 CLOs had a clean record according to S&P ratings -
CBAM: star power, friends in insurance, and doing things 'my way'
2 years ago
"And now the end is here, and so I face that final curtain... I've lived a life that's full, I traveled each and every highway, And more, much more
I did it, I did it my way". Sinatra could easily have been thinking of CBAM when he penned these lyrics. We look back at how a group of experienced CLO officials came together to launch a mega player in the CLO business in no time at all -
Packaging company Schur is painful for European CLOs
2 years ago
The dramatic fall in loans taken out by Austrian flexible plastic packaging manufacturer Schur Flexibles has shocked CLO managers. The firm is hiring PJT Partners and Allen & Overy ahead of a potential restructuring
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