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Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill -
Creditflux and Debtwire unveil CLO stressed and distressed market analysis
3 years ago
The first edition of the CLO Distressed Roundup, a joint-report by Creditflux and Debtwire, takes a deep dive into the distressed and stressed loans held by CLOs as of December. Our report shows CLO portfolios are 10.2% stressed and 4.17% distressed, lower than not only the nadir of the pandemic in May, but also before the pandemic -
Cairn fills CLO gap by assigning bigger role to loan portfolio manager
3 years ago
Cairn Capital has given CLO portfolio manager responsibilities to a loan portfolio manager, following the departure of CLO portfolio manager Marcus Knight earlier this year -
European CLO and loan spreads jostle in tight race
3 years ago
New issue CLO spreads have tightened so sharply in Europe that market participants are questioning how long the process can continue. -
Redding Ridge equity covers at 116 for new European CLO record
3 years ago
Redding Ridge Asset Management set a new record on Wednesday as €5.2 million of RRE 4, a 2020 vintage CLO, traded in the secondary CLO market with a cover of 115.8 -
US and European control CLO positions land in secondary market
3 years ago
The first control equity positions of 2021 for the European and US CLO markets were listed in the secondary market on Thursday -
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 -
Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
3 years ago
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i -
CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
3 years ago
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux. -
Vaccine boosts credit as PE firms open up to bridge loans
3 years ago
The leveraged loan and CLO markets ended 2020 on a long-awaited high after multiple vaccines for covid-19 were rubber-stamped by regulators -
All’s well that ends well in 2020 OC tests
Swathes of CLOs failed over-collateralisation tests last year, but unlike the drawn-out recovery following the 2008 financial crisis, the return to compliance after the covid-19 crash was rapid3 years ago -
Europe leads corporate credit rally, but US outperforms in CLOs
3 years ago
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year -
European CLOs will perform well in 2021 but expect new deal quality drop, says Moody's
3 years ago
In a report published today, rating agency Moody's said CLOs will continue to perform due to credit enhancement levels and despite rising defaults. But CLO portfolio overlaps look set to increase -
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 -
European CLO double Bs jump wider amid October macro worries - but seniors stand firm
3 years ago
The fortunes of investment grade and high yielding European CLO tranches have gone in opposite directions in the last month. In a year where relative value has shifted several times, Creditflux analysis shows that new issue European CLO double Bs have blown out by 16.5% in October versus September, while triple A-rated notes have tightened 6.7% in that time -
CLO Census results: Citi comes out top but several banks make big leaps
3 years ago
Citi has been voted top in five out of the eight primary CLO categories as part of the 2020 Creditflux CLO Census, but BNP Paribas, Goldman Sachs, Jefferies and Natixis are among the banks that have made huge strides compared to last year -
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. -
CLO Census reaches deadline day with arrangers in close race
3 years ago
More than 200 votes have already been cast for this year’s Creditflux CLO Census with just a few hours to go before the survey closes. Responses collected so far show that there is stiff competition among the leading CLO arrangers -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April -
Banks employ tools to dig into CLO warehouse exposures
3 years ago
Credit analytics firm Oxane Partners has started a new business catering to the needs of CLO warehouse lenders, say officials at the company -
Methodology tweaks could prove a boost for CLO warfs
3 years ago
Moody’s proposed CLO methodology changes could impact 8% of US and European CLO tranches positively, the rating agency says -
CLO Census latest: ESG trashed and lauded, while b-wic no shows draw ire
3 years ago
The CLO community is making its voice heard courtesy of Creditflux’s CLO Census, with ESG proving divisive in the early stages of voting -
Creditflux CLO Census 2020 goes live
3 years ago
The annual survey aims to determine who the best CLO service providers are – including arranging banks, law firms, trustees and trading desks and answer key questions such as did CLO managers take advantage of the sell-off this year? -
CLO Census 2020 to open next week - make sure your firm is listed
3 years ago
The Creditflux CLO Census 2020 is expanding its scope in what is the most comprehensive study of its kind. The definitive survey of global CLO market participants, which last year drew 201 responses, is set to go live on 1 October -
Fair Oaks rotates to Euro CLO equity after 32% gain on double Bs
3 years ago
Fair Oaks Capital is starting to rotate back to CLO equity positions after taking advantage of the stabilising market and using profits from its higher-quality, more opportunistic trades earlier this year to carefully dial up the risk
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