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Two roads diverged in the CLO wood
In Europe, the third quarter was all twists and turns: volumes hit €11.9 billion, the ECB cut rates and CLO triple A spreads tightened 14bp in three deals. In the US, the path was more straightforward4 years ago -
CLO managers went to CCC, to see what they could CCC…
CLO portfolios are drifting towards low single B and triple C names. But triple C buckets are not in danger of overflowing, so managers can be even more aggressive5 years ago -
Market rallies as key CLO investor retreats
A key CLO triple A investor dropped back from the market in the second quarter of 2019, but, remarkably, CLO spreads tightened as repricings came back and other investors drove demand5 years ago -
CLO investors should be looking at CSOs
At Creditflux’s Credit Dimensions event in New York, structured credit investors were told how synthetic CDOs fit neatly alongside CLOs, and there is no need to pick one over the other5 years ago -
Anti-ageing elixir gives CLOs 10-year lifespan
With resets and reissues often giving CLOs a decade of life, managers may soon issue 10-year reinvestment deals as they seek to cut reset fees and reduce the limitation of WAL tests5 years ago -
Seriously, the CLO arb is difficult right now
We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December5 years ago -
A round-up of CLO performance
5 years ago -
Managers slide down term curve
5 years ago
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away -
It’s possible to be big — and still be picky
5 years ago
Our analysis of 2018 CLOs shows that firms such as Credit Suisse Asset Management and Sound Point Capital Management have built loan portfolios that are different to the rest of the market. -
Large, liquid loans aren’t always perfect
5 years ago
CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically -
Moving on from the late 2018 hangover
5 years ago
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues -
We can’t hide it any longer, we’re tiering up
5 years ago
With the opening months of 2019 highlighting a clear class system among CLO managers, there has never been a better time to assess tiering. We find that timing, patience and luck all play a role -
Keep calm and buy corporate loans
5 years ago
Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014 -
After early crescendo CLOs end on flat note
5 years ago
Huge issuance and the end of risk retention ensured the US CLO industry was buoyant in early 2018, but later in the year the term curve flattened, pricing levels became sporadic and volumes dwindled -
Widening whisks market back to 2017
5 years ago
Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous. -
Time to reprice? Then compare the market
5 years ago
CLOs no longer fizzle out. Instead, they go through multiple repricings, where, with stakes lower and deadlines tighter than when they were issued, their managers can try alternative arrangers -
Issuers excited by busy first quarter
6 years ago
After 13 months of compulsory risk retention for US CLOs, it seems that the simplified regulatory regime is already encouraging a host of CLOs from returnees and new entrants to the market
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Who predicted $145 billion of issuance?
6 years ago
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson -
CLO managers return to new issues
6 years ago
The frenetic pace of refis and resets slowed in the third quarter as CLO managers – new and old – turned their attention to building assets -
CLO boom encourages new ideas
7 years ago
Volumes are up, spreads are down and risk retention is a doddle. That must mean it’s time to push the boat out and innovate -
Refinancing and reset options change the face of CLOs
7 years ago
The CLO market is going into overdrive, with refis, resets and new issue deals combining to give investors an unprecedented choice of maturities. -
Who cares about risk retention?
7 years ago
Managers watching CLO spreads reach their tightest levels since the crisis had little time to fret about US risk retention
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