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Barings prices two deals in a day
5 months ago
In a highly unusual move, Barings yesterday priced two middle market CLOs, worth a combined USD 862.15m, within hours of each other -
Second BlueBay CLO in a month shines a light on spread tightening
7 months ago
BlueBay priced its fourth US CLO on Friday, arranged by parent company RBC. Both CLOs have almost identical structures allowing for a comparison on recent primary spread tightening. -
Northwestern surpasses $1 billion CLOs issued
8 months ago
Northwestern Mutual surpassed $1 billion CLOs issued on Tuesday after printing its third transaction named 720 East CLO 2023-II -
2023's mid market CLO volumes pass $13 billion as Ivy Hill prices
9 months ago
Ivy Hill Asset Management priced its second middle market CLO of the year on Wednesday named Ivy Hill Middle Market Credit Fund XXI -
New Barings CLO scores first sub-200bp triple A print since July
1 year ago
Barings broke the US CLO market's issuance drought on Thursday, pricing the first primary transaction of the week and scoring the tightest debt execution since July in the process -
Italian rout gathers pace as credit relationships warp well beyond historical norms
1 year ago
Renewed selling pressure on Thursday has taken credit spreads back towards the year’s wides, with financial borrowers underperforming as Chinese covid cases, US inflation and a drought in Italy all weigh on sentiment -
Arb work pays off
2 years ago
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen -
Caution returns to credit trading following tech sector rout
2 years ago
After a strong Tuesday session, financial markets are taking a more cautious step back on Wednesday amid returning inflation concerns and following a weak session for Chinese tech stocks -
Blackstone, Chenavari, CIFC and Five Arrows add €2 billion to weekly Euro CLO issuance
2 years ago
Nearly €2 billion of European CLO issuance priced this week, with Blackstone, Chenavari, CIFC and Five Arrows adding to Napier Park’s reset earlier in the week -
Cross Ocean targets up to $1 billion for European special situations fund
2 years ago
Cross Ocean Partners is seeking up to $1 billion for its latest European special situations fund -
Partners prints five-year European CLO with ESG-scored deal
2 years ago
Partners becomes second European CLO manager to breakthrough the five year reinvestment period -
Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
2 years ago
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed -
PineBridge resets 2016 CLO for five years with triple As at 120bp
3 years ago
PineBridge Investments teamed up with Goldman Sachs on Thursday to reset its 2016 CLO named Galaxy XXII -
It's all relative: CLO spreads explore record tights as credit indices hit impasse
3 years ago
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged -
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 -
US and European control CLO positions land in secondary market
3 years ago
The first control equity positions of 2021 for the European and US CLO markets were listed in the secondary market on Thursday -
Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
3 years ago
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i -
It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
3 years ago
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December -
Index sell off hits at start of busy week for primary
3 years ago
Credit is stumbling into the week, with a widening of index spreads that noticeably underperforms stock markets -
OC health check: CLOs wake up when September ends
3 years ago
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August. -
CLOs hold €250 million of defaulted French events organiser Comexposium
3 years ago
CLOs hold €246.1 million of French events organiser Comexposium, which entered safeguard protection in the Commercial Court of Nanterre on Wednesday -
CLO pipeline: Allstate looks to end 15-month new issue absence
3 years ago
Allstate is among those managers looking to issue a CLO as the primary market heads into September, traditionally one of the busiest months in the new issue calendar -
CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
3 years ago
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals -
2018 US CLO adds junior class X tranche paying 10%
3 years ago
FlatIron CLO 18 investors have approved the inclusion of a class X note which will pay 10%, according to an announcement on the London Stock Exchange -
Bankruptcies mount with CLOs not on level playing field
3 years ago
Over $2.4 billion of CLO collateral has been caught up in bankruptcies since coronavirus-related volatility began, according to CLO-i. Bankruptcies are not a level playing field for CLOs - and although documention ammendments on what a CLO can or cannot do in a restructuring are not happening yet, sources say talks may arise in the future
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