Please enter a search term below

Search results

42 results found Showing page 1 of 2

  • CLOs at a glance
    New CLOs this month

    9 months ago

  • We made the most of a tricky situation
    The contrast between 2021 and the following 12 months could not have been starker. But although some heavy hitters remained on the sidelines, 94 US CLO managers priced new deals in 2022

     

    1 year ago

  • Can someone call the triple A? We’ve stalled
    CLO issuers are in need of AAA roadside assistance. Despite the emergence of new buyers, a lack of senior CLO investors — particularly US banks — has brought the primary market to a halt  

    1 year ago

  • Arb work pays off
    With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen  

    2 years ago

  • CLO wormhole opens as deal pricing blurs
    The CLO prints you see today might have happened a month ago. No, we’re not travelling back in time. Instead, a trend toward locking in senior notes a month early is skewing market pricing

    2 years ago

  • Woah, we’re halfway there
    Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform

    2 years ago

  • Waiting for afters
    Day one arb remains important, but last year there were opportunities aplenty in the secondary market, which put the onus on printing CLOs and waiting for the day after non-call periods expired

    3 years ago

  • It’s been a while — how’s tricks?

    The primary CLO market has been open since April, but 41 managers have not managed to price a US CLO in over a year and a lack of access to equity capital means they may struggle to return

    3 years ago

  • Managers weigh up matters of principal
    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

    3 years ago

  • Europe’s newcomers find ways to stand out
    Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

    3 years ago

  • A different kind of crisis
    Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

    3 years ago

  • CLOs at a glance
    A round-up of CLO primary and secondary

    3 years ago

  • We’ve survived before, we can do so again

    $7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

    4 years ago

  • Making arb work of it

    In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios

    4 years ago

  • Repricing spike points to sharp spread compression

    US loan repricing came to the fore in Q4, with higher quality credits hitting the market. The biggest was Refinitv, repricing at 325bp in December. Overall loan volumes fell 37% in 2019

    4 years ago

  • Issuers fashion new outfits for junior mezz

    Junior CLO tranches have lost around five points in the past quarter. In response, new issue desks are dressing up junior debt in two piece suits and designing a range of protective styles

    4 years ago

  • The machines are here to help

    A new generation of AI tools is helping CLO managers optimise their portfolio selection and trading strategies. Sky Road has made great strides in this area by creating a tool which helps identify trades

    4 years ago

  • 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 straightforward

    4 years ago

  • Lenders turn to quality over quantity

    Bond and loan volumes dropped in August amid signs that US investors are taking a safety-first approach: 46% of issuance was made up of loans rated BB-/Ba3, compared to 33% earlier this year

    4 years ago

  • Investors go first in lien at loan queue

    The risk premium for second lien US loans has widened in recent months, while first lien loan margins have gone the other way. It’s a clear signal that lenders are erring on the side of caution.

    4 years ago

  • Investors seek oasis as new issues dry up

    US loan issuance has fallen dramatically this year, but many thirsty investors found liquidity in the secondary market or took advantage of plentiful high yield issuance in a record quarter for bonds
     

    4 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 demand

    4 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 other

    4 years ago

  • Budge up, more new managers are coming

    Room for 10 more? The average loan overlap among recent European CLOs is 48.7% – so the expected influx of new managers will have to work hard to distinguish themselves from the pack 

    4 years ago

  • CLOs at a glance

    A round-up of CLO performance

    4 years ago

42 results found Showing page 1 of 2

Want all the latest news, comment, analysis and data?

Register now Start a Free Trial