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Sixth Street new CLO scores fifth tightest funding costs in Q2
2 years ago
Sixth Street Partners priced its third new CLO of the year on Friday and scored the fifth tightest funding costs of the second quarter -
Blackstone scores one of tightest ever 2.0 US CLO funding costs
3 years ago
Blackstone Credit has priced one of the tightest 2.0 CLOs ever with funding costs of just 141.61 basis points -
Bain features triple B discount in third-tightest CLO post-covid
3 years ago
Bain Capital Credit priced its first CLO of 2021 on Monday, securing the third tightest funding costs for a five-year reinvestment deal post-covid in the process -
US CLO triple As tighten reach 105bp as CVC registers lowest funding costs since March 2018
3 years ago
CVC Credit Partners brought the CLO market to new tights on Tuesday after pricing its triple A notes at just 105 basis points over Libor -
BlackRock brings three-year US CLO triple As inside 100bp
3 years ago
BlackRock has priced a three-year reinvestment CLO via Morgan Stanley with the triple As yielding just 99 basis points over Libor -
CLO pipeline: OFS to make comeback as 2020 absentees eye new issues
3 years ago
As liability spreads tighten day by day, the CLO pipeline is filling fast. 2020 absentees are joining the parade as four US managers and three European managers aim to return to the new issue market after taking a break of 12 months or longer -
Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
3 years ago
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs -
US CLO round-up: 23 managers wait in the wings after avoiding pre-election rush
3 years ago
CLO managers rushed to the primary market last week as they sought to lock in financing before the US presidential elections. This resulted in one of the busiest weeks in the primary market with 10 new issues -
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. -
Chicago-based manager returns to CLO primary with first new issue for 17 months
3 years ago
PPM Loan Management has staged a CLO primary comeback by printing its first new issue deal in just over 17 months -
US CLO league tables: refis return as Apollo and Citi maintain leads
3 years ago
US CLO monthly issuance rose above $8 billion in July for the first time since the coronavirus pandemic wreaked havoc across the globe -
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 -
OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
3 years ago
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i -
Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
3 years ago
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios -
Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
3 years ago
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter -
OC health check: some CLOs cure failures, but quarter of US deals still in breach
3 years ago
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i -
Beneath the triple C: April showers send buckets overboard
4 years ago
Downgrade waves rocked the CLO market in April as Moody's and Standard & Poor's downgraded 135 corporate borrowers to triple C or below, from ratings above that level. The downgrades put CLOs in rough waters as $41.6 billion of such loans are prevalent in US CLOs while €5.64 are moored in European CLO portfolios – affecting 5.92% of the US market and 4.37% of the European market -
CLOs price at par again as TCW joins select group of new issuers
4 years ago
TCW Asset Management today joined the ranks of CLO managers to issue since the coronavirus pandemic dislocated markets -
TCW looks to price static US CLO with triple As at 230bp
4 years ago
TCW Asset Management is the latest manager to test the market for new CLOs amid the coronavirus crisis, with the firm targeting a Wednesday pricing date for its new deal named TCW CLO 2020-1 -
Seix upsizes 2016 CLO by over $100 million with reset via Mizuho
4 years ago
Seix Advisors has priced a $382 million CLO reset with triple A spreads coming in at 136 basis points over Libor -
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 -
Three US CLO anchor equity positions go on sale one week after payment dates
4 years ago
A trifecta of control equity positions in US CLOs are available to bid on later today, one week after all three deals made scheduled payments to their investors. -
Seix widens horizons with first Goldman-arranged CLO
4 years ago
Seix Investment Advisors has issued its second new CLO of 2019 named Mountain View CLO XV, according to market sources -
Global CLO round-up: Europe mops up demand, as Euribor hits the floor
4 years ago
The final stretch of the year began with a bang, with the first week of Q4 bringing $3.3 billion of CLO issuance in the US and €1.2 billion in Europe. But the resurgence in volumes was not the only talking point last week, with Europe coming into focus as spreads surfed tighter -
Global CLO b-wic round-up: control stake trades as junior notes come to the fore
4 years ago
The European and US CLO secondary markets produced high volumes of junior and subordinated notes last week. Over 30% of listings were rated as equity, single B or double B.
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