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Palmer Square liquidates 2022 CLO through BWIC
3 months ago
Palmer Square is the seller of a mammoth EUR 350m loan and bond BWIC portfolio that was auctioned last Thursday (4 January) as it has been winding down Palmer Square European Loan Funding 2022-3 -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
Global 2022 CLO league tables
1 year ago
Global 2022 CLO league tables -
CLO rankings: manager AUM, advisory firm and trustees Q4 2022
1 year ago
As 2022 draws to a close manager consolidation through mergers and acquisitions have been balanced out by new market entrants to leave roughly the same number of managers that entered the year, at least for now. -
Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
1 year ago
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it. -
EIB backs German bank's SRT
1 year ago
Landesbank Baden-Württemberg has issued an SRT with support from the European Investment Bank. -
European CLO managers trade loans to avoid (par) burn
1 year ago
Between March and July, European CLO managers traded €21 billion of assets within CLOs that were still in their reinvestment period as opportunities arose amid a weaker macro environment and Russia’s war with Ukraine -
US and Europe divide honours between HY and IG as market rally extends
1 year ago
A second straight day of improvement is adding to this week’s gathering rally, but while US high yield is outperforming European the reverse is true in investment grade -
Ninety One holds first close on first private debt fund targeting sponsorless loans
1 year ago
Ninety One has made a breakthrough in its bid to build out a European private credit offering by holding a first close on a fund that will lend to sponsorless borrowers in Europe -
Spreads gap wider with UK inflation adding to cocktail of concerns
1 year ago
Evidence of financial markets hitting a resistance point after three weeks of improvement is growing, with Monday’s bearish shift extending over into early trading Tuesday -
LP round up: Oak Hill wins $3bn mandate as credit allocations near $10bn in March
2 years ago
Institutional investors revealed over $9.5 billion of allocations to credit funds in March. Oak Hill Advisors walked away with the largest mandate, as US heavyweight pension Calpers allocated a whopping $3 billion across several of its funds -
Riskiest names lead US credit rally as big number looms
2 years ago
US companies at the wider end of the high yield market have led the market's repositioning rally ahead of Wednesday's key inflation numbers, as investors brace for what could be a directional signal for Federal Reserve policy -
Global CLO trading lab: quality and optionality shine as 2020 and 2019 mezz trades up
2 years ago
The primary and secondary CLO markets are moving in tandem with both markets drifting wider amid a wealth of supply -
Credit fundraising: Audax scores big in lighter month
2 years ago
Fundraising markedly dropped in May, but credit funds still amassed $12.8 billion and 10 credit funds reached final closes across a variety of different strategies -
Tale of two leaders as Brazil and Italy go separate ways
3 years ago
The intervention of governments has been a prominent factor in financial market performance during the coronavirus pandemic. But Italy and Brazil have provided stark examples of how individual leaders can drive credit performance sharply in opposite directions -
Alcentra, BlackRock and CVC refi €1.5 billion of European CLO paper
3 years ago
Deutsche Bank arranged the transactions for BlackRock and CVC while Morgan Stanley arranged partial refinancings for three of Alcentra’s deals -
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 -
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 -
Compression gains mount as Moderna vaccine result boosts confidence
3 years ago
Compression trades are paying off today, with a new covid-19 vaccine announcement prompting a broad tightening of credit spreads in which high yield corporate indices lead the charge and financial names are outperforming investment grade corporate borrowers -
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. -
Global CLO b-wic round-up: CLO mezz tranches widen amid macro concerns
3 years ago
Last week was busy for the primary European CLO market but not for secondary, with €1.35 billion of new issue European CLOs priced across four transactions but just €190 million of European CLO paper listed in b-wics -
Banks regain composure to lead rallying charge
3 years ago
Financial names are among today's outperformers, reversing the trend of the early part of this week, as credit spreads return tighter -
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 -
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
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