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Euro CLO managers price €1bn as triple As surpass 100bp and capped tranches gain popularity
2 years ago
CBAM, Hayfin Capital Management and GoldenTree Asset Management have all taken to the European CLO primary market, adding €1 billion to 2021 volume -
CBAM prices 2021's third-largest CLO transaction via MUFG
2 years ago
CBAM teamed up with MUFG on Wednesday to price a $1.21 billion reset of CBAM CLO 2017-3 -
Euro CLO new issue 2021 volumes hit €17 billion as Palmer Square and Invesco price
2 years ago
-Invesco and Palmer Square have become the 35th and 36th European CLO managers to price new issues -
Post-covid US CLO resets pass $7 billion as DoubleLine prices
2 years ago
DoubleLine Capital became the 14th US CLO manager to reset a post-covid deal on Wednesday, bringing the volume of post-covid CLO resets over $7 billion for the first time -
Lighten up, these are due an upgrade
2 years ago
CLO triple C buckets were overflowing last year, but the average exposure is now 7.3%. That is still close to trigger levels, but CLO managers are relaxed, as further loan upgrades are on the horizon -
Fund lenders heighten scrutiny after alleged subscription credit facility fraud
3 years ago
An ongoing investigation into an alleged subscription credit facility fraud has left market participants questioning standard due diligence processes -
European CLO repricing volume passes €14bn as ICG resets 2019 deal
3 years ago
Intermediate Capital Group becomes the latest CLO manager to reset a deal, having reworked its 2019 vintage St Paul’s CLO X -
Credit returns to year-opening levels as bulls score five out five
3 years ago
Credit markets are on course for their fifth straight day of improvement, with CDS index spreads not only undoing last week's volatile move wider but regaining the tight levels at which they began the year -
It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally
The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen
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January European CLO volume shoots to €2.9 billion as Five Arrows refis 2017 deal
3 years ago
It has been a busy start to the year for European CLO investors, despite new issues having been slow to get going. Five Arrows is the latest manager to take advantage by refinancing a 2017 vintage CLO - Contego CLO I -
It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
3 years ago
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December -
Fortress refis two tranches and amends another from 2018 bond-flex CLO
3 years ago
Fortress Investment Group has teamed up with GreensLedge and Natixis to cut the funding costs of three tranches of its 2018-vintage bond-flex CLO named FDF IV, -
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 -
Compression plays out as HY and European CLO double Bs outperform
3 years ago
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield -
Three managers print middle market CLOs worth $1.3 billion
3 years ago
Three managers - Apollo affilliate MidCap, Cerberus, and Maranon - brought new CLOs to market backed by loans to middle market companies on Friday. Worth a total of $1.32 billion, the three CLOs account for 16% of 2020 mid market CLO issuance and 21% of total issuance post-covid -
Bain prints first European CLO of 2020 via Goldman
3 years ago
Bain Capital has priced its first European CLO of the year, via Goldman Sachs -
Primary European CLO market shows signs of life as Bain enters
3 years ago
Bain is pairing with Goldman Sachs for the €304.4 million transaction named Bain Capital Euro CLO 2020-1 -
Apex splits double B CLOs in first new issue in 13 months
3 years ago
Apex Credit Partners has returned to the CLO primary market with its first new issue in over a 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. -
Owl Rock surpasses $1 billion 2020 CLO issuance with three-tranche deal
3 years ago
Owl Rock has passed $1 billion in CLO new issue volume for 2020 by printing its third CLO backed by middle market loans since the March sell-off -
New CLO manager Ducenta Squared looks to bolster analysis team
3 years ago
Ducenta Squared Asset Management is looking to bolster its credit team in Los Angeles with the hire of a credit research analyst -
First Eagle prices one-year mid market CLO
3 years ago
First Eagle has priced its latest CLO backed by middle market loans -
Atlas XI CLO partial refi shaves 2% from triple-A tranche
3 years ago
Crescent Capital Group has joined a growing trend of managers refinancing the fixed rate notes in CLOs, with the deal becoming the ninth to do so in the past two weeks -
CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
3 years ago
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals -
DoubleLine makes CLO comeback with first new issue in over a year
3 years ago
DoubleLine Capital has returned to the CLO primary market with Parallel 2020-1, its first new issue in over a year
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