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Brigade, GoldenTree and Sculptor reset $1.5 billion of CLOs
3 years ago
Brigade Capital Management, GoldenTree Loan Management and Sculptor Capital Management took to the CLO primary market on Friday to price a combined $1.53 billion in CLO resets -
CLO pipeline: Carlyle eyes fourth new issue in two months but refis and resets dominate
3 years ago
Manager focus has shifted to reworking vintage CLOs to lower funding costs in a much tighter market, with the new issue US market having slowed -
CLO pipeline: busy year, so let's take time to reset
3 years ago
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline -
GoldenTree joins 2021's top five biggest CLOs with $707.1 million deal
3 years ago
GoldenTree Asset Management priced a $707.1 million CLO reset on Wedesday, catapulting the deal straight into the top five largest broadly syndicated loan-backed CLO transactions by volume for 2021 -
Credit fundraising: ESG centre stage as capital pours into new strategies
3 years ago
Sustainability was the watchword for fundraising in February, amid a flurry of fund launches as well as first closes for impact funds and sustainable bond funds -
LP round up: pensions plan private credit pacing as strategic credit takes on "midfield" role
3 years ago
US pensions have allocated $1.4 billion across 22 credit funds including those managed by Angelo Gordon, Ares and GoldenTree, according to recent board documents seen by Creditflux. Meanwhile a pension fund draws parallels between strategic credit and Jordan Henderson -
Elements work against CLO managers in Q3
3 years ago
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future -
Global b-wic round-up: Europe drifts wider
3 years ago
The CLO secondary market had a robust week with $860 million of US CLO paper and €315 million worth of European CLO bonds listed. But spreads widened off the back of concerns over lockdowns across the globe, the increased risk of downgrades and tomorrow’s US presidential election -
LP round up: EIF backs four debt funds while Carlyle wins $1 billion
3 years ago
Institutional investors have allocated just over $4 billion to 27 credit managers in October board meetings -
Former GoldenTree high-flyers launch structured credit firm in Los Angeles
3 years ago
A former GoldenTree senior portfolio manager and business development specialist have launched an asset manager that will invest across an array of structured credit, including CLOs, synthetics and private transactions -
LP round up: Connecticut eyes Fortress for private credit partnership
3 years ago
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux -
Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
3 years ago
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week -
Managers weigh up matters of principal
3 years ago
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par -
Spreads tighten as GoldenTree and BlackRock print tightest CLO triple As since March
3 years ago
The CLO market moved tighter on Friday as GoldenTree Loan Management and BlackRock each priced new issues with triple As at 155 basis points over Libor, scoring a new record print following the coronavirus sell off in March -
CLOs at a glance: global market hits post-outbreak high
3 years ago
Primary issuance is on the rise as global CLO volumes in June stand at $7.22 billion as Creditflux goes to press, exceeding the $7.12 billion in May -
CLO pipeline: manager prepares crowning return as primary market gets busy
3 years ago
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence -
$350 million of CLO collateral drips into default as oil companies file for Chapter 11
4 years ago
CLOs hold $353 million worth of debt of two oil and gas companies - Ultra Petroleum and Gavilan Resources - which have become the latest casulties of the precipituous decline in oil prices. The pair filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Thursday and Saturday, respectively -
US CLO league tables: coronavirus brings changes in approach and new top manager
4 years ago
Amid a big slump in CLO primary issuance, new deals have taken focus and there are some notable changes at the top of the league tables -
Seven points basis opens up in CLO triple Bs - but Investcorp trades well to defy trend
4 years ago
Triple B rated tranches once again swamped the secondary CLO market yesterday and trading levels suggest the basis between bonds on negative watch/outlook versus those not subject to a downgrade is about seven points -
Frontier bankruptcy dials up pressure for 90 CLOs
4 years ago
Nine CLO managers hold $217 million of Frontier Communications’ debt across 90 CLOs, as the telecommunications company filed for Chapter 11 protection in the US Bankruptcy Court Southern District of New York -
Global CLO b-wic round-up: CLO triple As recover but mezz left behind
4 years ago
The CLO secondary market was a tale of two halves last week. 100% of all bonds listed in b-wics on Monday and Tuesday had no covers released (either traded or did not trade), but the end of the week was a different story for both markets -
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 -
Global CLO league tables - January 2020 YTD
4 years ago
Global CLO league tables - January 2020 YTD -
Global CLO round-up: welcome back, give us a (refi) wave
4 years ago
Tighter corporate credit spreads means new issue volumes are down, but it makes a decent entry point for new CLO managers to price deals and also makes refinancing CLOs imperative
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