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PGIM follow up on refi with a US new issue CLO
2 months ago
PGIM priced Dryden 119 this morning, a USD 402.10m BSL CLO in which three classes split into senior and junior tranches -
US borrowers try again with high-water mark provisions
2 months ago
In the US, high-water marking of EBITDA was rebuffed back in 2022. But the concept has been used regularly in Europe and US borrowers are once again slipping it into credit agreements -
PGIM refinances two tranches of 2017 vintage US CLO
2 months ago
PGIM refinanced its Dryden 54 Senior Loan Fund yesterday, reworking the top two tranches of the pre-Covid era US BSL CLO -
Nomura and Allstate pair up for one of the tightest new issues this year
2 months ago
Nomura and Allstate teamed up on Friday for the first time to price one of the tightest deals of the year -
Oak Hill Advisors prints second new issue deal of 2024
2 months ago
Oak Hill Advisors printed a new US BSL deal on Friday, arranged by Morgan Stanley -
KKR chooses two year reinvestment period for latest BSL CLO
2 months ago
KKR priced KKR CLO45a last Friday, a short-dated 1Y/2Y USD 405.03m BSL offering -
Sculptor refinances four tranches of legacy OZLM IX
2 months ago
Sculptor completed a partial refi of OZLM IX on Friday, a legacy CLO dating back to 2014 -
Octagon adds new life to 2017 vintage US CLO
2 months ago
Octagon Credit Investors has refinanced Octagon Investment Partners 31, a frequently refinanced deal dating back to June 2017. -
Blackrock breaks through 150bps barrier
2 months ago
BlackRock hit a significant milestone on Friday, matching the tightest new US print so far this year with its half-billion-dollar BSL CLO -
CIFC keeps the momentum going with fourth CLO this year
2 months ago
CIFC ramped up the pace of its primary market issuances on Thursday, issuing its fourth deal of 2024 with a new US BSL transaction arranged via Barclays -
Blackstone prices second US new issue CLO of 2024
2 months ago
The world’s largest CLO manager Blackstone has priced its third US deal of the year, the USD 412.13m new issue Belmont Park CLO -
Oak Hill and BofA reset 2017 vintage US CLO
2 months ago
Oak Hill Advisors became the latest manager this year to reach back into the pre-Covid era, last week pricing a reset arranged by Bank of America -
Elmwood grows with giant USD 608m deal
2 months ago
Elmwood Asset Management priced its second new US deal in as many months on Thursday, as the New York-based manager further consolidated its busy 2023 with a super-sized USD 608.2m BSL issue arranged by Bank of America. -
Rates are moving lower, which makes CLO equity look better versus loans
3 months ago
The latest edition of The Last Tranche podcast talked to new Octagon CEO Gretchen Lam about triple A spreads, CLO redemptions and whether investing in third-party CLO equity makes sense again -
Alternative asset managers increasingly tapping wealth channel for private credit fundraising
3 months ago
Wealthy individual investors have become increasingly appealing to alternative asset managers looking to raise money for private credit funds as asset managers look to broaden fundraising beyond institutional investors -
BNP Paribas continues reset wave with a 2018 vintage CLO
3 months ago
BNP Paribas has further consolidated a prolific month for its CLO arranging business with its latest role as sole arranger for the reset of a 2018 vintage US deal -
Blackstone goes big for new US CLO
3 months ago
Blackstone yesterday priced its second deal of the year and first new issue, an upsized US BSL CLO that is the second-largest deal of the year -
AB adds MM CLO reset to its roster
3 months ago
Although most attention over the past week has been focused on the BSL market, AllianceBernstein has been active in the middle market arena, with a reset of its 2019-vintage ABPCI Direct Lending Fund CLO V -
Neuberger Berman returns to the primary market with new US BSL CLO
3 months ago
After printing two new US deals last year, Neuberger Berman has returned to the primary market for the first time in 2024, pricing a new half-billion-dollar US BSL CLO arranged by Barclays this week -
BNP Paribas arranges US BSL deal for CVC Credit
3 months ago
Fresh off the back of its Cordatus loan fund reissue, CVC Credit Partners yesterday returned to the primary market with a new US BSL CLO, in conjunction with arranger BNP Paribas -
Santander continues push into CLO structuring with new refi
3 months ago
Sculptor Capital Management last week priced its first deal of 2024, continuing Santander's rapid growth as an arranger, coming just days after its first lead arranger credit on Z Capital Credit Partners BSL CLO 2024-1 -
CIFC makes it big and beautiful with largest CLO this year
3 months ago
They say everything is bigger in Texas – and CIFC Asset Management has sought to prove the point, with this week’s super-sized USD 604.05m Texas Debt Capital CLO-I -
Ares joins the 150 club with latest US BSL CLO
3 months ago
Market heavyweight Ares priced its first deal for 2024 with a notably tight half-billion-dollar offering arranged by JP Morgan, market sources told Creditflux -
European CLO primary spreads still have a long way to go
3 months ago
Are European CLO spreads in the primary market cheap or expensive? Our latest research shows that while US managers can celebrate AAAs reaching the 150s, in Europe spreads still have a long way to go to reach historical norms. -
Elmwood returns to the BSL market with characteristically tight print
3 months ago
After a busy 2023 that took in seven deals, Elmwood Asset Management was among the managers taking advantage of favourable market conditions to price a new half-billion-dollar US BSL CLO
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