CLO managers to jump into action as Covanta loan proposal omits spread adjustment
Covanta Holdings is the latest example of a US loan issuer looking to switch benchmark from Libor to Sofr, but without an accompanying credit spread adjustment

Credit Suisse European CLO syndication and origination head leaves amid restructuring
Credit Suisse’s head of European CLO syndication and origination is understood to have left the bank

Valeur hires ISP's structured credit head as it takes over management of CLO fund
Valeur and ISP Group’s collaboration on the CLO fund started in April 2020 with Valeur offering structuring services for the fund within its Ardesia platform

Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale

CLO triple As face contest with "appealing" US treasuries: Barclays
The challenge of issuing new CLOs has been put into sharper relief, with Barclays strategists arguing US treasuries look attractive versus triple A tranches

Structured credit gains focus from 75% of UK pensions: Aeon
Three quarters of UK pension schemes say they are increasingly focused on structured credit products

LCM passes $1.5 billion CLO new issuance in 2022
LCM Asset Management priced a fourth CLO of the year on Monday, taking its issuance volume for 2022 over $1.5 billion

CVC and PGIM add to European CLO new issue surge
CVC and PGIM joined Ares, Neuberger and Oaktree in pricing new issues last week

US CLO issuance to drop 15% in 2023: Barclays
US CLO new issuance is likely to be around $117 billion in 2023, a decline of around 15% on 2022

The Last Tranche with Bain's Wright: Manager consolidation will be likely as benefits of scale come to bear

In this episode of The Last Tranche, Bain Capital Credit managing director John Wright discusses the manager landscape in the CLO market

Euro CLO league tables: Barings €20 million behind PGIM in overall issuance as Jefferies extends lead
The European CLO manager base reaches 41 as six new issues priced for a total of €1.9 billion

Mid market CLO league tables: HIG returns to CLOs while Natixis gallops further ahead
Three managers priced a mid market CLO in October as volumes crossed $1 billion for the third straight month

US CLO league tables: Usual suspects keep market rolling as Citi moves within $1 billion of BofA
October experienced $7.1 billion of US CLO issuance with over half of that priced by the managers that occupy one to eight in the US CLO new issue league tables

Global CLO league tables - October 2022 YTD
Global CLO league tables - October 2022 YTD

Tikehau targets mid-November for new issue Euro CLO
Société Générale has picked up another co-arranger and co-placement agent role with Goldman Sachs on Tikehau CLO VIII, which is targeted to price in mid-November

Guggenheim returns to BSL CLO new issue market after two-year break
Guggenheim priced a static CLO this week, bringing to a close its two-year pause on issuing new deals backed by broadly syndicated loans

Ares prints new issue Euro CLO via BofA
Ares Management has priced a new issue European CLO, Ares European CLO XVI

"CLOs could withstand another 13.4% of downgrades to triple C if the price drops to 50"
CLOs are well positioned, even if there are mass downgrades to triple C  

Weren’t there more of us than this?
According to this year’s Creditflux CLO Census, the CLO industry is not feeling optimistic. Some investors have vanished and managers have not taken advantage of helpful market conditions

New US CLOs brace for EU’s Article 7 reporting requirements
Investors now need Article 7 reporting compliance for new non-EU securitisation investments (such as US CLOs). This includes high-level portfolio reporting to investors, including loan-by-loan data in greater depth than even CLO trustee reports provide.

US CLO pipeline: five-year triple As solidify at 220bp
US CLO spreads are showing signs of widening as the benchmark triple A levels shift by 10 basis points. Senior triple As are aiming for a 220bp benchmark as LCM Asset Management and Neuberger Berman market five-year deals

Western Alliance moves into CLO trustee business with aim of halving wait for reports
CLO trustees have come under fire recently but Western Alliance is looking to enter the space this year and make its mark by placing an emphasis on technology

European CLO market weathers liability-driven investment crisis as just 4% of b-wics fail to trade
European CLO b-wic supply surged in September as liability-driven investment strategies sought to raise collateral via the floating rate CLO market.

Apollo scooped up $1.1 billion CLO paper amid UK LDI crisis, officials confirm
Apollo Global Management bought a whopping $1.1 billion of triple A and double A-rated CLO paper yielding over 8% in the three weeks of elevated bwic supply in October

Cairn begins "new chapter" as it rebrands to Polus
Cairn Capital has been renamed Polus Capital Management, which brings it together with Bybrook Capital, the credit asset manager it acquired in 2021.