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Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
1 year ago
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it. -
Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
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 -
CLOs at a glance (November 2022)
1 year ago
A listing of CLOs that have priced in the last month -
CLOs at a glance (February 2022)
2 years ago
A listing of CLOs that have priced in the last month -
CLO managers show respect to their elders
2 years ago
Alongside lucrative new issues, managers also make time for refinancing and resetting old deals. Our data shows that, in 2021, mid-sized firms were the most effective at this balancing act -
CSAM regains best manager throne
2 years ago
Upstart CLO managers overtook more experienced rivals at last year’s Creditflux Manager Awards, but CSAM and other large firms, such as PGIM, emerged victorious in London this time around -
US CLO pipeline: 33 new issues enter market with historic CLO records on the verge of shattering
2 years ago
The US CLO market is running as hot as it has all year with a whopping 33 managers marketing new issues CLOs, according to market sources -
Record-breaking CSAM wins Creditflux Manager of the Year 2021
2 years ago
The Creditflux Manager Awards dinner was back with a bang last night as 250 attendees saw Credit Suisse Asset Management crowned Creditflux Manager of the Year for a record third time -
An alternative way of looking at CLO overlap
2 years ago
Analysing CLO collateral to look for overlap is critical for any CLO investor, but it is normally done either within a portfolio of CLOs or by bilaterally comparing two managers. In one of its latest research pieces, Moody’s Analytics has taken a different approach -
US CLO pricing lab: expensive legacy deals take priority as two-three year point on term curve tightens
2 years ago
The US CLO market may have gapped out in recent weeks, but expensive 2019 and covid-era CLO refis and resets are still in the money -
Global CLO league tables - May 2021 YTD
2 years ago
Global CLO league tables - May 2021 YTD -
US CLO league tables: CIFC makes big leap but CSAM and JP Morgan retain leads
2 years ago
There has been no change atop the US CLO league tables, but Credit Suisse Asset Management’s and JP Morgan’s leads are dwindling -
CLOs at a glance (June 2021)
2 years ago
A listing of CLOs that have priced in the last month -
CLO heavy hitters push $1.5 billion refi paper into market
3 years ago
Another $1.5 billion CLO refi paper has hit the market after Allstate, Columbia Management, CIFC Asset Management and Credit Suisse Asset Management priced cost-cutting deals -
2020 wrap: CLO funds bloom despite rocky ground
3 years ago
2020 was a busy year for CLO fundraising, with Creditflux recording at least 30 funds that launched over the 12 months to invest across the CLO capital structure -
CLO issuers flex their bond muscles
3 years ago
Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance -
Relative value has shifted towards CLO double Bs, conference hears
3 years ago
CLO double B tranches are on course for significant spread tightening, according to participants on day one of Creditflux's CLO Investor Summit on Thursday -
CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
3 years ago
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years -
Cut! Cineworld’s cancelled merger boosts CLO OCs
3 years ago
Investors in Cineworld’s $1.9 billion term loan breathed a sigh of relief in July after the UK cinema chain cancelled its merger with Canadian firm Cineplex, with holders repaid in full, according to market sources -
Three years after launch, Rockford Tower joins the elite
3 years ago
The CLO platform launched by King Street Capital Management in 2017 has been crowned Creditflux Manager of the Year -
Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
3 years ago
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios -
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 -
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. -
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 -
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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