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European CLO managers aim for bigger bond bucket fix
2 years ago
European CLO managers are eyeing larger fixed rate bond allocations amid dislocation and lower loan supply. This has, in turn, led to an increase in fixed rate tranches -
Market participants split over biggest risk to CLOs: Creditflux US CLO Summit
2 years ago
There are potential threats to the CLO market from all angles, but during a lively opening panel at Creditflux’s US CLO Summit on Tuesday – the first CLO conference to be held in New York since the pandemic – speakers responded to a poll showing 67% of audience members felt inflation/rising interest rates was the biggest hazard -
Packaging company Schur is painful for European CLOs
2 years ago
The dramatic fall in loans taken out by Austrian flexible plastic packaging manufacturer Schur Flexibles has shocked CLO managers. The firm is hiring PJT Partners and Allen & Overy ahead of a potential restructuring -
Banks join fight against slow loan settlement in mini-win for CLOs
2 years ago
Several developments are in the works to tackle painfully slow loan settlement times in Europe, with Goldman Sachs, JP Morgan, Clifford Chance and the Loan Market Association among the firms looking to drive change -
Fitch cuts US leveraged loan default rate projection
2 years ago
US leveraged loan default rate is anticipated to be just 1.5% by year-end 2022, according to a new report from Fitch Ratings. That’s down from the rating agencies’ original 2.5%-3.5% projection -
Alcentra makes leadership changes as European CLO head Rainbow goes part-time
2 years ago
Alcentra has announced changes to its leadership team with co-chief investment officer of liquid credit Graham Rainbow deciding to take on a part-time role at the firm -
Liquidations emerge as speed bump to $1 trillion CLO market
2 years ago
CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. -
US CLO portfolio manager set to join fast-growing Redding Ridge
2 years ago
A US CLO portfolio manager is set to join Redding Ridge Asset Management next month, taking the firm's CLO PM roster to three -
Investors proclaim ‘CLO arb is good’
2 years ago
Hold on to your hats: at long last market participants agree that US CLO economics are in favour of equity tranche investors -
Elfa adds to ESG fact sheet range in standardisation drive
3 years ago
The European Leveraged Finance Association (Elfa) will shortly publish sector-specific fact sheets for the transport and healthcare industries, sources say, bringing its total of ESG fact sheets to 12 -
Fitch lowers US loan default rates for 2021 and 2022
3 years ago
The rating agency has $200.9 billion of ‘market concern loans’ on its radar, saying these have declined in volume for the 12th month straight but are still up 16% from pre-pandemic. -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill -
Loan pipeline builds to fuel US CLO production into Q2
3 years ago
US CLO new issuance, already on a high, is set to be spurred on by a healthy loan pipeline over the second quarter of 2021 -
Sofr fix nears launch as CLOs face term rate void
3 years ago
Three months into 2021, grounds for optimism have grown little that a term rate will be found before the end of the year to replace Libor in loans, CLOs, CDS and other contracts. But hopes are rising that solutions such as credit spread adjustments could help mitigate performance uncertainty -
Barings sells €377m portfolio via b-wic to wind down European CLO
3 years ago
Barings was the seller of a mammoth €377 million loan b-wic on Thursday (12 February), Debtwire has reported -
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 -
CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
3 years ago
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux. -
Europe leads corporate credit rally, but US outperforms in CLOs
3 years ago
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year -
US and European CLO PMs earn promotion as Carlyle's Pace takes on new role
3 years ago
Carlyle Group’s global head of liquid credit has decided to take on a new role as vice chair of global credit, according to an internal memo seen by Creditflux, which will involve investing capital across the Carlyle platform -
Beneath the triple C: cinemas get clipped but default picture improves
3 years ago
14 corporate debt issuers were downgraded to triple C or below in October by Moody’s or Standard & Poor’s – hurting $3.15 billion of US CLO loans, €761.73 million of European CLO portfolios and $37.95 million of middle market CLOs loans, according to CLO-i. Cinema chains were among those to suffer last month -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April -
Banks tighten asset approval terms for CLO warehouses
3 years ago
Managers have raised concerns over tighter, lender-friendly terms in new-look US CLO warehouses as banks gradually reopen these lending facilities -
Details emerge on nature of Revlon payment 'error' and lender attitudes
3 years ago
Fresh details have emerged on the nature of the ‘operational error’ Citi says took place when it transferred $900 million to Revlon loan holders -
Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
3 years ago
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades -
Fieldwood slips into second bankruptcy as CLOs hold $314 million
3 years ago
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years
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