Elmwood resets 2021 vintage US CLO
Elmwood Asset Management this week priced its second transaction in seven days, hot on the heels of its new issue at the end of last week

New Ares CLO keeps pricing tight
The fourth Ares CLO of 2024, a new issue US transaction valued at USD 406m, priced this week, with the senior triple-As at 150bps over SOFR

Third time's the charm as 2013 vintage CLO gets reset
Oak Hill Advisors priced a third restructuring of one of its 2013-vintage deals on Tuesday

Distress rises in US CLO double Bs — but most have been in trouble for years
Despite the limited impact of the Altice debacle on the European market (as explored in our cover story), stress is building in some older US CLOs. The robustness of the CLO 2.0 structure has carried the market through a variety of crises, but now a number of junior tranches in US BSL CLOs are either defaulted or impaired.

Relative to Airbus, Boeing was long accountants but short engineers
A qualitative approach can help investors spot boards that are too focused on short-term returns

Oak Hill and BofA reset 2017 vintage US CLO
Oak Hill Advisors became the latest manager this year to reach back into the pre-Covid era, last week pricing a reset arranged by Bank of America

European CLO primary spreads still have a long way to go
Are European CLO spreads in the primary market cheap or expensive? Our latest research shows that while US managers can celebrate AAAs reaching the 150s, in Europe spreads still have a long way to go to reach historical norms.

How worried should we be about defaults?
As defaults in the US loan market continue to stack up, we investigate the fallout for CLO investors by focusing on the OC tests of double B tranches across 10 years of US CLO vintages

European CLOs win out against US deals
Last month, our analysis explored the performance of US CLOs that were previously reset. We found that they delivered higher distributions than deals which weren’t reset, with the exception of the 2017 and 2018 vintages (Creditflux September 2023 — Do resets help CLOs perform better?). This article expands that analysis to the European market, and compares the performance of US BSL and EU CLO equity tranches.

IIG Global Trade Finance Fund lawsuit targets CLO trustee and noteholders, alleging they reaped gains from fraud that cost fund USD 190m
IIG Global Trade Finance Fund launched an adversary proceeding in the US, seeking to hold certain noteholders along with the CLO trustee liable for benefiting from a Ponzi-like fraud scheme by IIG

Mount Street taps Dechert exec for client development role
The European-headquartered third-party loan servicer and credit asset manager is expanding Stateside. 

Bond-backed buyouts balloon as loan yields hit astronomical levels
Issuers tapping public syndication for leveraged buyouts have turned to the high-yield bond market in recent months, where levels of activity are impressive considering the current shortage of new money issuance.

May 2023 US Leveraged Highlights
Leveraged investors continue to favor bonds to loans, according to the Debtwire May 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high yield bond markets.

WhiteStar absorbs yet more CLO contracts
WhiteStar Asset Management has underlined its status as one of the leading acquirers of CLO platforms in recent times

Fund performance: European CLO funds lead the way
February was a positive month for many funds, as only one quarter failed to reach the black. This builds off a stellar start to the year: 96% of funds reached a positive return in January

CLO industry consortium to tackle Miami Triathlon in aid of cancer charity
A group of CLO industry specialists led by MidOcean Credit Partners' managing director Jamil Nathoo will participate in the Miami Triathlon next month to raise money for charity

Ivy Hill climbs back into CLO market after Natixis plants mid-market deal
Ivy Hill Asset Management is back with its first middle-market US CLO in two years 

Canadian bank moves into US CLOs after Natixis raid
The destination of the four senior members of Natixis's CLO team has been revealed

Former Zais CLO portfolio manager joins Sancus
Sancus Capital Management has hired a CLO business development head and portfolio manager from Zais Group

Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory

Ares senior official joins Vista to lead direct lending
Vista Credit Partners has appointed an experienced Ares official to lead its direct lending efforts

Plenty more US CLOs in the CCC as buckets pass 5%, finds S&P
US CLO triple C baskets have nudged to 5.02% in November from 4.4% the prior month

Credit pivots sharply as US returns to growth and ECB confirms record hiking cycle
After a wider start, credit markets reversed course Thursday having digested a strong US GDP reading and the European Central Bank lifting its base rate by 75bp – a move that confirms this as the region’s most aggressive ever hiking cycle

Zais CLO management figurehead leaves after nearly a decade
Zais's leveraged finance business head has parted ways with the firm

Three control CLO equity positions hit market with another to follow
Three anchor US CLO equity positions were listed on the secondary market yesterday in what was a busy day for investors