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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. -
Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale -
European credit returns to peak covid levels with UK getting pounded
1 year ago
What looks set to be another challenging week for financial markets has opened as bearishly as last week ended, with credit spreads in Asia and Europe once again surging to new wides -
Nuclear power plant seizure amps up commodity chaos
2 years ago
The high volatility driven by Russia's invasion of Ukraine is taking financial markets to new extremes, with credit ending the week once again hitting new widest spreads since mid-2020 -
Global CLO trading lab: Seasoned equity prices lag as debt spreads level out
2 years ago
The CLO secondary market took a back seat to the surging primary market in August and September with secondary US CLO volume accounting for just 3.7% and 4.2% of the total US CLO market (primary and secondary volumes). But opportunities are there in CLO equity tranches -
Global CLO trading lab: Equity supply spikes as investors go long
2 years ago
CLO equity returned to the secondary market in a big way last week, after a month of very little visibility, with $118.3 million of US CLO and €44.9 million of European CLO subordinated notes on sale -
"Watch the IG credit curve — we may see steepening of IG 5s10s and flattening of 10s30s"
3 years ago
Stimulus measures are supporting short tenors, and pension demand for 30-year paper is strong, so 10-year IG credit may have few buyers -
CLO pipeline: all bases expand as more absentees join bonanza
3 years ago
The US CLO market is bubbling with issuance as 17 new issues and 15 repricings appear in the pipeline. Europe is set to welcome two new issues and nine repricings while Golub Capital looks to bring its first 2021 deal to the middle market -
CLO pipeline: snow business like the CLO business
3 years ago
CLO issuers are putting aside the cold snap and are warming up with a flurry of deals. -
Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
3 years ago
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics -
Beneath the triple C: slowest downgrade pace puts market in recovery mode
3 years ago
The CLO market recovery is starting to benefit from borrower downgrades falling to their slowest rate since the coronavirus crisis began in March -
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. -
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 -
KKR deploys 10% of $2 billion coronavirus dislocation credit fund
4 years ago
KKR Credit has plans to launch a $2 billion dislocated corporate and asset backed credit fund to take advantage of coronavirus-induced volatility. And the New York-based manager has wasted no time swooping on opportunities after deploying $212 million by 9 April -
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: 71% of equity positions trade as supply picks up
4 years ago
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally -
Loan trading round-up: CLO managers fall out of love with First Data
5 years ago
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans -
CLO round-up: it's a good time to be a debut manager
6 years ago
New managers are taking advantage of welcoming debt investors by speedily raising CLOs. Our analysis shows that 2017 is the perhaps the best time to price a debut CLO since 2013
18 results found Showing page 1 of 1
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