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US CLO spreads set to tighten across the stack as CIFC targets 170bp triple A print
3 years ago
CIFC Asset Management is marketing its first new issue CLO of 2020 with price talk for the triple A notes pointing to a print of around 170 basis points - a new market tight since the coronavirus pandemic began -
CLO double Bs go on late night b-wic as spreads tighten sharply
3 years ago
Investors are piling into junior US CLO tranches as traders begin to see economic recovery following the pandemic -
Akorn falls into bankruptcy with $321 million planted in CLOs
3 years ago
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday -
Credit pickers need luck to avoid OC trap
We know what you’re thinking: is my CLO failing its OC test? The truth is, in all this volatility, it can be hard to keep track, unless your deal has high quality liquid loans3 years ago -
Global CLO b-wic round-up: $8 billion of US CLOs listed in record-breaking March
4 years ago
Last week brought an end to the busiest month in both the US and European CLO secondary markets since at least 2014. $7.7 billion of US CLO paper was on sale in March with a further €1.8 billion of European CLO bonds available, bringing the total listed in Q1 to $13.9 billion and €3.6 billion -
US CLO issuers get pricing signals as triple As trade in secondary at 375bp
4 years ago
Would-be US CLO issuers were given an indication of pricing levels yesterday after a CLO that turns static in July hit the secondary market -
CIFC hires research head from Genworth Financial
4 years ago
CIFC Asset Management has hired a head of research in its New York office -
Beneath the triple C: mighty CLO buckets from Akorns grow
4 years ago
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. -
CIFC restarts refi wave with triple A tranche at 103bp
4 years ago
CIFC Asset Management has opted to refinance the triple A notes of its CIFC Funding 2013-1, scoring a tight print of 103 basis points in spite of the coronavirus-related market selloff -
CLO pipeline: CIFC becomes first of big three managers to plan new issue
4 years ago
New issue CLO paper is back on the agenda in the US as six new deals appear in the pipeline. This is a turnaround from the last two months, when CLO refinancings were more popular: 35 refis versus 26 new deals -
Making arb work of it
4 years ago
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. -
KKR beats CIFC's European CLO benchmark one day later
4 years ago
KKR Credit brought new issue CLO Avoca XXI via Bank of America last night and in doing so, set a new triple A spread benchmark for European CLO managers of 89bp and a cost of debt of 164.5bp -
CIFC pushes European CLO spreads to new tights
4 years ago
CIFC Asset Management’s second CLO in the European market, CIFC European Funding CLO II, has set a new benchmark for the year as triple A spreads move tighter to 90bp with a cost of debt of 165.6bp. -
CLO market celebrates Valentine's Day by romancing with resets
4 years ago
Refinancings have been the talk of the month in the CLO market, but this Valentines day saw managers turn their minds to resets -
CIFC prices refinancing of 2017 CLO
4 years ago
A busy week kicked off the new year with at least six CLOs in the market -
CLO refis come back in favour as PGIM and CIFC hit the market
4 years ago
PGIM and CIFC Asset Management launched US CLO refinancings this week via Bank of America and Citi, respectively, according to market sources. Price guidance on the triple A tranches indicates a solid opening to the year -
Euro CLO league tables: new issues shatter 2018’s record but total issuance falls
4 years ago
The European CLO market continues to grow at a record shattering pace with 2019 new issuance volumes totalling €29.8 billion, an 8% increase on 2018’s previous record figure, from 53 active managers -
Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events4 years ago -
CIFC prices a company-record sixth CLO of 2019
4 years ago
CIFC Asset Management yesterday priced its sixth new issue US CLO of the year for the first time in the firm’s history, according to market sources -
Deluxe bankruptcy causes picture to blur for CLOs
4 years ago
CLO managers hold $598 million of the video services company’s term loan, according to the latest trustee reports from CLO-i -
Any takers for illiquid European CLO equity?
4 years ago
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year. -
CIFC prices US CLO reset following streak of seven consecutive new issues
4 years ago
CIFC Asset Management yesterday took a break from its new issue CLO streak to price its first reset of 2019 via Goldman Sachs -
AGL pre-markets debut US CLO
4 years ago
AGL Credit Management is getting its US CLO issuance programme underway less than six months after being formed -
CIFC targets majority equity with latest CLO fund
4 years ago
CIFC Asset Management is making a quick-fire return to the market with yet another CLO-focussed fund – this time, the CLO manager is in the process of fundraising for a CLO equity fund, according to market sources -
14% of 2016 CLOs left waiting amid refinancing wave
4 years ago
One of the most prominent CLO market trends this year is the relative decline of the refi compared to previous eras, as wider spreads make these often costly transactions less economical. But one vintage has stood out as an exception: CLOs issued in 2016 have driven 65% of refi activity this year
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