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US managers recalibrate as Euro CLO portfolio spreads rise: Moody's
1 year ago
CLO managers have had to readjust this year and data from Moody’s Investor Services shows weighted average rating factor scores for all US CLOs have held steady, while weighted average spreads have dropped 0.15% -
Attack-minded CLO managers capitalise on bearish outlook
2 years ago
Some of the most aggressive CLO managers have benefited from loan market volatility in March after having tweaked their portfolios in the months beforehand -
Zais CLO reset prices wide of market, but strong portfolio boosts junior tranches
2 years ago
Zais Group has followed up its new issue CLO last month by resetting a 2020 CLO, sources say. Just like Zais CLO 17, the reset Zais 16 was arranged by Jefferies, and again priced substantially wide of market averages. However, the junior notes priced in line with, and at times tighter than, Zais 17 – perhaps reflecting the strong positioning of Zais 16’s portfolio. -
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. -
Fieldwood slips into second bankruptcy as CLOs hold $314 million
3 years ago
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years -
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 -
OC health check: US CLOs hit by new round of test failures
3 years ago
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i. -
Credit pickers need luck to avoid OC trap
We know what you’re thinking: is my CLO failing its OC test? The truth is, in all this volatility, it can be hard to keep track, unless your deal has high quality liquid loans4 years ago -
OC health check: another two CLOs fail senior OC tests
4 years ago
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i. -
Making arb work of it
4 years ago
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. -
CLOs dock $100 million of Pier 1 as it plunges into Chapter 11
4 years ago
CLOs hold just over $100 million debt of Pier 1 Imports, which filed for voluntary Chapter 11 in the US Bankruptcy Court for the Eastern District of Virginia yesterday -
Few CLOs charred by Murray bankruptcy
4 years ago
25 CLO managers hold $389.6 million exposure to the debt of coal company Murray Energy Holdings, which filed for Chapter 11 bankruptcy in the Southern District of Ohio on Tuesday, according to the latest trustee reports from CLO-i -
Seriously, the CLO arb is difficult right now
4 years ago
We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December -
Zais CLO equity attracts high price in secondary market
6 years ago
An investor, who had seen a Zais CLO return 100% of capital through equity distributions alone, has sold the top-performing CLO's equity notes
15 results found Showing page 1 of 1
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