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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 -
Seix CLO passes AMR refi test at second auction
3 years ago
Seix Advisors successfully executed a digital refinancing of its 2019 vintage CLO named Mountain View XIV on Thursday via the applicable margin reset (AMR) process -
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 -
Junior triple A-double A basis narrows as CIFC prices third post-covid CLO
3 years ago
CIFC Asset Management on Friday became just the ninth CLO manager to issue three new US CLOs post-covid after teaming with Citi on the $498.3 million deal named CIFC Funding 2020-III -
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: CLOs get their sneakers on as retailers run into bankruptcy
3 years ago
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades -
LP round up: horseshoe does the trick for Pimco and other distressed managers
3 years ago
Institutional investors poured $2.7 billion into credit this week through 14 managers, according to board documentation seen by Creditflux -
SkyBridge slashes structured credit exposure by 32%
3 years ago
A New York-based fund of funds has slashed structured credit exposure by 32% since March while increasing distressed allocation by 16%, according to an investor letter seen by Creditflux. The fund is also rejigging the portfolio towards allocations with larger managers -
OC health check: US CLOs hit by new round of test failures
4 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. -
'Nochu covenant' leaves big CLO managers in a trading bind
4 years ago
Stipulations pushed into CLOs by the world’s largest CLO investor Norinchukin to limit its exposure to covenant-lite loans are causing headaches for managers on its approved list hoping to use the dislocation to build par -
94% of S&P-rated single B CLOs at risk of downgrade as 48 tranches join watchlist
4 years ago
Standard & Poor's has added a further 48 CLO tranches to its creditwatch negative list -
ArrowMark prices static US CLO as spreads drift wider
4 years ago
ArrowMark Partners has priced a static US CLO with triple As at 250 basis points, matching the print from GSO's Stratus Funding 2020-1 (another static deal) at the start of April -
ArrowMark markets static US CLO
4 years ago
ArrowMark Partners is working with Goldman Sachs on a static US CLO, according to market sources -
LSC bankruptcy leaves print marks on CLOs
4 years ago
CLOs hold $84.3 million of the debt of LSC Communications, which filed for Chapter 11 in the Southern District of New York yesterday. -
US pension to cut long-term private markets pacing plan by 10%
4 years ago
The Educational Employees' Supplemental Retirement System of Fairfax County is considering reducing its 10-year private markets pacing plan commitments by around 10%, according to board documentation seen by Creditflux -
CLO pipeline: newcomers look to impress at debutante ball
4 years ago
The pace of CLO issuance accelerates with each passing week, with debutantes lining up to join more prolific managers as Europe builds momentum and the US floodgates open -
CLO pipeline: new kids in class look to excel on first assignments
4 years ago
The summer holiday is well and truly over with the European CLO market building on last week’s momentum as three new deals and one reset are to enter the primary market. -
CLO pipeline: Golub and Sound Point to cement positions among market leaders
4 years ago
Last week there were nine CLOs priced in the US market, including four broadly syndicated loan new issues and two middle market new issues, whereas there was no issuance in Europe. The CLO action over the next few weeks is again weighted towards the US, according to market sources -
CLO pipeline: refis can't wait till after summer
4 years ago
The CLO market in both the US and Europe looks to be slowing down in the near future with only two deals added to the running pipeline. -
CLO pipeline: CSAM and Octagon look to move further ahead of the chasing pack
4 years ago
The CLO pipeline in all three markets looks similar to last week with a reduction of only around $500 million in predicted new issue volumes in each of the US, European and mid market CLO spaces. But all three of these market segments look healthy with new issues and refinancings being favoured by managers -
CLO pipeline: there's no drought here as market is doused with deals
4 years ago
Deal-makers have been taking in their H2O with little sign of summer slowdown in the CLO market as the pipeline approaches full force -
CLO pipeline: managers return in force after varying time-outs
4 years ago
CLO managers in all markets are taking the view that the time is ripe to print their latest deals. There are 30 transactions in the US CLO pipeline this week with a further four in the middle market space and Europe -
CLO pipeline: Barclays and Goldman branch out to mid market
4 years ago
The US CLO pipeline has been full in recent weeks and this continues, with 18 new issue CLOs and a further nine refinancings appearing this week. -
CLO pipeline: newcomer emerges with unusual transaction
4 years ago
The US CLO pipeline continues to fill up, with 20 new issue US CLOs featured and another 17 deals set to be refinanced. -
CLO pipeline: deal flow picks up as Amherst and SocGen work on mandates
5 years ago
This week’s CLO pipeline looks very healthy in the US broadly syndicated loans CLO market with Amherst Pierpont and Societe Generale among the firms working on mandates
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