CLO pipeline: deal flow picks up as Amherst and SocGen work on mandates7 days ago
This week’s CLO pipeline looks very healthy in the US broadly syndicated loans CLO market with Amherst Pierpont and Societe Generale among the firms working on mandates
Euro CLO b-wic round-up: secondary volumes increase amid demand for short-dated paper8 days ago
Last week saw over €230 million of European CLO items listed on the secondary market, matching the almost €1 billion seen in refinancing volume.
US CLO b-wic round-up: secondary volumes reach new heights with equity lagging8 days ago
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest
Credit traders' kickstand: rally makes good on relative value plays, but high yield pitfalls abound11 days ago
Credit markets are ending the week on a stronger tone overall than they did last Friday, following supportive comments this week from both the US Federal Reserve and the European Central Bank meeting. But big drops in some individual company bonds shows there are still plenty of pitfalls to catch out the unwary
Correction: US CLO round-up: newcomers make waves in CBOs and mid market14 days ago
The CLO market is showing little sign of constraint as three new names entered the market last week – two debut middle market deals priced while one US CBO closed
CLO pipeline: new business and manager returns add ray of light as arbitrage clouds the picture15 days ago
The near-term CLO pipeline is shrinking amid familiar cries that the equity arbitrage is challenging. Adding to constraint fundamentals, the usual summer torpor is also approaching.
Euro CLO round-up: after three-year hiatus, two Apollo/Redding Ridge CLOs come along at once15 days ago
The Japanese bid for CLO triple A notes is taking a break for at least a few weeks, according to market sources, effectively removing a key contributor to the benchmark levels set this year.
Euro CLO round-up: benchmark ruffles up, but junior tranches sit tight21 days ago
CLO triple A benchmark levels underwent a shake-up last week as Credit Suisse Asset Management and HPS Investment Partners brought deals to the market with first-pay tranches printing above the recent benchmark of 108.5 basis points
US CLO round-up: dropping anchor (investors) brings CLO spreads tighter21 days ago
Syndication was the theme of the week across the global CLO market last week as managers and arrangers presented deals which were sold to a more diverse group of investors than has been the case for most of this year.
Global b-wic round-up: Short-dated CLO paper hits the market28 days ago
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.
Global b-wic round-up: US CLO equity continues its surge1 month ago
Last week marked the third straight week that the US CLO secondary market has seen total listings of under $600 million, but over a quarter of that was equity.
Managers slide down term curve1 month ago
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away
CLO pipeline: refinancings to make a comeback1 month ago
CLO refinancings look set to continue their recent surge in the US CLO market, with another five refinancings and two resets appearing in the pipeline.
US CLO round-up: managers flock back to market in Groundhog week1 month ago
The CLO market picked up where it left off as a variety of managers flocked to the primary market with new deals. There were some events which led us to believe that things were on repeat, with managers synchronising their issuance, more examples of structural innovation and PGIM pricing tight (again)
Mid market CLO round-up: Owl Rock perches in the CLO space with debut deal1 month ago
There was a flurry of activity in the middle market CLO space last week
Global b-wic round-up: secondary flows drop to $599 million in the US1 month ago
Secondary CLO trading took a back-seat last week, with European market participants away Monday and the US focused on 10 primary market pricings
Global b-wic round-up: focus shifts to the wings of the capital structure2 months ago
The secondary US CLO market looks to be rebounding after a slow end to the first quarter of 2019 with first-loss and first-pays drumming up attention
Loan trading round-up: CLO managers fall out of love with First Data2 months ago
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans
CLO pipeline: managers seek to return as others arrive, after testing Q12 months ago
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.
Euro CLO league tables: no arb, no refis, no debuts - but healthy new issuance2 months ago
New issues have dominated the European CLO market so far this year, representing 89.19% of total first quarter issuance
CLO pipeline: managers decide there's no point hanging about with quick-fire CLOs2 months ago
The CLO pipeline for the coming week shows signs of decent flow as managers ready themselves to offload deals.
Global CLO b-wic round-up: Europe and US an ocean apart as flows reverse2 months ago
Last week saw €102.35 million of European CLOs listed on the secondary market, only the second instance of 2019 with over €100 million of items put up for auction, but the US CLO b-wic market closed a strong month with a down week.
US CLO round-up: floodgates open in land of the giants2 months ago
The CLO market is starting to look like its old self again as deals came rushing in this week with eight new deals and one reissue and one reset pricing, totalling $3.77 billion.
Euro CLO round-up: a tale of two extremes2 months ago
It as the longest (dated) of CLOs, it was the shortest-dated of CLOs
Mid market CLO round-up: Cerberus steps up with unusual triple As2 months ago
Three middle market CLOs were brought to the market this week via Cerberus, Maranon and First Eagle
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