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Triple As could fall to 80bp as Spire markets new issue Euro CLO
3 years ago
Spire is marketing its latest new issue European CLO, named Aurium CLO VII -
Invesco Euro CLO refi cuts 41.5bp from financings costs
3 years ago
Invesco has refinanced the four most senior tranches of its inaugural 2.0 European CLO. JP Morgan cut financing costs on Invesco CLO I by 41.48 basis points -
Oak Hill pairs with Citi on first new issue European CLO since 2018
3 years ago
Oak Hill Advisors has printed its first new issue European CLO in over two years and its first primary CLO transaction in Europe since a refinancing in 2019 -
OC health check: CLOs end 2020 with fragile recovery
3 years ago
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December -
Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
3 years ago
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs -
OC health check: 41 CLOs heal their breaches
3 years ago
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates -
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. -
OC health check: August reports slow torrent of fresh breaches to a trickle
3 years ago
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i -
OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
3 years ago
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. -
OC health check: breaches start to take toll on July payment dates
3 years ago
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches -
OC health check: all quiet on the overcollateralisation front
3 years ago
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due. -
Beneath the triple C: downgrades hold steady as Travelport loses its luggage
3 years ago
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers -
OC health check: CLOs heal up with no new breaches among US BSL deals
3 years ago
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs -
OC health check: CLO managers drop their breaches
3 years ago
114 CLOs reported overcollateralisation breaches last week, but only three deals reported breaches for the first time -
OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
3 years ago
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i -
OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
3 years ago
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs. -
OC health check: second European 2.0 CLO reports junior OC breach
3 years ago
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period. 314 deals are now reporting OC breaches as of the latest report, according to CLO-i. -
OC health check: some CLOs cure failures, but quarter of US deals still in breach
3 years ago
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i -
OC health check: eight CLOs report second month of test failures
4 years ago
20 CLOs reported overcollateralisation test failures last week, of which 12 were new breaches while eight were deals were failing for a second reporting period in a row -
OC health check: another two CLOs fail senior OC tests
4 years ago
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i. -
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 -
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. -
Global CLO b-wic round-up: that's another fine mezz you've gotten me into
4 years ago
European CLO investors are tripping over themselves to buy mezzanine paper in the secondary CLO market -
Euro trading: Vue proves to be leading light for CLOs, but liquid bonds play crucial support role
4 years ago
Vue International's newly issued loan starred in 25 CLO managers' portfolios, which bought €239.4 million of the loan in June and made it a box office hit among CLO managers, according to CLO-i. -
Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
4 years ago
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally
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