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"The reset market is open, but it doesn’t always make sense to extend the life of a CLO"
2 years ago
Strong secondary loan prices are making CLO liquidations a compelling option -
Past returns: KKR’s unusual CLO liquidation
2 years ago
Five years ago in Creditflux, we reported that junior debt investors in a KKR-managed European CLO voted to alter the deal’s documentation so they could drive a liquidation of the legacy deal, such that they would receive roughly 92% of par -
"If you sat still on a large portfolio of 2019 and 2020 CLOs, it may have shrunk by more than 25%"
With the majority of this year’s CLO deals being refis and resets, investors have had to run to stay invested2 years ago -
Past returns: Prophet’s early CLO redemption
2 years ago
In Creditflux five years ago, we reported that Prophet Capital, the control equity investor in Covenant Credit Partners CLO I, had driven liquidation of the deal -
2020 CLOs find redemption is sweet
2 years ago
The believers have been vindicated with 2020 CLOs among the best-performing of all time by IRR. Even those that have been reset have been a success with par flushes making for huge equity distributions. -
Liquidations emerge as speed bump to $1 trillion CLO market
2 years ago
CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. -
Sterling-heavy loan b-wic points to PGIM CLO
3 years ago
A £233 million-equivalent portfolio of bids wanted in competition (B-wic) on loans, comprising £177 million worth of sterling paper and €65 million of euro paper, is almost identical to collateral of PGIM’s Dryden 63 GBP CLO 2018 -
World's largest CLO set for downsize to $10.5 billion
3 years ago
The largest CLO in the world is being tweaked with a partial redemption and an extension of its reinvestment period -
Equity investors call time on CSAM bond-flex CLOs
3 years ago
Two of Credit Suisse Asset Management’s three bond-flex CLOs were called by their equity investors in October, according to notices seen by Creditflux, despite both deals being within their reinvestment periods -
Black Diamond CLO fails with buy back offer
3 years ago
Black Diamond CLO 2015-1’s offer to buy back senior notes has not gone through after the CLO’s class A1 and A2 investors did not submit any bonds -
Prophet closing hedge fund due to weak CLO liquidity
3 years ago
Prophet Capital is winding down its $500 million-plus CLO and structured credit hedge fund. The firm cites poor liquidity and uncertain valuations as the biggest factors behind its decision -
Points up front: Liquidating CLO can’t escape Standard & Poor’s
3 years ago
With over 1,000 CLO tranches on watch across the big three rating agencies, it’s good to see rigorous standards are being maintained and little things like CLO liquidation are not excusing deals from detailed scrutiny -
ArrowMark liquidates 2014 CLO after selling assets in February
4 years ago
ArrowMark Colorado Holdings has liquidated its CLO named Elevation CLO 2014-3 -
JP Morgan AM liquidates fund that made CLO warehouse investments
5 years ago
JP Morgan's Asset Management arm is liquidating the $1 billion Palm Lane Credit Opportunities Fund -
GSO CLO fund looks to wind up with offer to roll into manager's originator strategy
5 years ago
The board responsible for Carador Income Fund, managed by GSO Capital Partners, has given shareholders an opportunity to wind the fund up, alongside a rollover opportunity for shareholders into GSO's CLO originator fund, Blackstone/GSO Loan Financing -
Pension fund set to vote on rescinding York credit commitment and cutting Tricadia
5 years ago
The investment committee at San Bernardino County Employees’ Retirement Association has recommended that the pension fund rescind its commitment to a structured credit fund managed by York Capital Management, and terminate its relationship with multi-strategy credit manager Tricadia Capital Management -
CLO manager ‘unable’ to find assets and returns cash
5 years ago
CLO management fees are linked to the size of each deal, so naturally managers will fight tooth and nail to keep their deal structures intact. But PGIM defied this logic last month -
PDM liquidates CLO funds after 20% per year returns
6 years ago
Permira Debt Managers is liquidating two structured credit funds after generating strong returns -
Points up front: zombie managers near extinction
6 years ago
The long-term nature of CLOs means the market tends to have a large number of zombie managers, those with one or two deals outstanding but no plans for future issuance. However, a spate of redemptions, especially in Europe, has swept away some of the ghostly deadwood. -
Investors crystallise gains through liquidations
6 years ago
Refinancings and resets have dominated 2017, but CLO equity investors have found other ways to make strong returns -
CSAM scores rare double-digit final return for pre-crisis euro CLO
6 years ago
Credit Suisse Asset Management yesterday completed its first redemption of a European CLO, a rare deal that has made uninterrupted distributions to equity since before the crisis -
Loan b-wic suggests liquidation of 2007 European CLO
6 years ago
A loan portfolio circulating in the secondary market this week may represent the liquidation of a 2007 European CLO, based on analysis of its holdings -
Investors call time on Investcorp's 2006 European CLO
6 years ago
Investcorp Credit Management has redeemed the third European CLO the team launched when they were part of Mizuho in April 2006 -
Points up front: dying question
6 years ago
The delicate reason, why it may not be possible to call a CLO.. -
Investors agree wind-up call for KKR euro CLO 1.0
6 years ago
Investors have approved a plan that will allow KKR Credit to wind down a poorly performing 2006 European CLO
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