Supply/demand technical forces CLO spreads to shoot wide
CLO spreads defied positive economic conditions and blew out in March and April. The widening came despite ample liquidity and investors looking to rotate into floating rate assets

Mid market CLO league tables: Antares and Wells Fargo press reset to lead market
Following March's $5.87 billion, the busiest month of mid market CLO issuance since at least 2016, April felt like a quiet month for mid market CLOs with $2.26 billion pricing across three new issues, two resets and one partial refinancing

US CLO league tables: CSAM and JP Morgan lead the way as refis take over
For the third straight month US CLO issuance topped $35 billion, with $22.9 billion of the $35.9 billion in April coming from repricings

Global CLO league tables - April 2021 YTD
Global CLO league tables - April 2021 YTD

LP round up: $3.2 billion flows to 21 managers as private credit illiquidity premium holds firm
Investors allocated at least $3.2 billion to credit managers in April - and direct lending funds were in favour with Churchill and Ares being awarded two mandates

Structurers tempted by buy-side perks amid CLO bonanza
Do you have experience structuring CLOs? If the answer is yes, then your skills are in demand, with asset managers keen to add CLO capital markets specialists amid the onslaught of CLO transactions that have taken place this year

CLO fund comes top by distance in middling month for credit
A CIS Asset Management fund, which invests mainly in US CLO equity, was the star performer in March after gaining 7.36% in the month

Past returns: Hedging is back
Ten years ago in Creditflux we reported that loan managers had begun hedging after loan prices stabilised back to par following the global financial crisis. These loan managers were worried about future loan slumps and began using credit options and ETFs

They said it: "The CLO business continues to move forward... it is still going strong"
A spokesperson for Deutsche Bank says it is committed to US CLO new issues

"Why can’t loans and CLOs simply move to three-month treasury bills as our reference rate?"
Sofr may be touted as Libor’s natural replacement, but the best known rate in the world is also an option

WhiteStar finally makes it to Europe
US CLO manager WhiteStar Asset Management opened an office in London last month in what officials describe as the culmination of a plan that has been many years in the making

ESG factors show up in leveraged loan pricing in US
Environmental, social, and corporate governance factors are filtering through to the US CLO market and influencing loan prices

Fund performance: Lightning strikes twice as range of credit funds deliver
What seemed like a chance occurrence in February has struck again in March, as seven categories make our top 10 best performing hedge funds

Credit hedge funds (May 2021)
Credit hedge fund returns

Ucits at a glance: Altana moves into pole position
March marked a drop in pace for Ucits funds as only 62% of funds made positive returns, compared to 80% in February

CLOs are here to help with infrastructure expansion
Issuers of CLOs backed by infrastructure debt are looking forward to a boom as investors turn to infrastructure projects as a way out of the pandemic slump

Credit funds at a glance (May 2021)
A round up of fundraising and people moves in credit 

CLOs at a glance (May 2021)
A listing of CLOs that have priced in the last month

US Libor falls to record low of 17.29 basis points on 21 April
Three-month US Libor plunged to historic lows last month, posting at just 17.29 basis points on 21 April

CLOs cushioned as regulators get more comfortable on Sofr
The quest to find a suitable Libor replacement looks to have taken a big step forward in recent weeks, with hopes rekindled that securitised products such as CLOs and ABS could soon make use of a term Secured Overnight Financing Rate (Sofr)

Non-mandated CDS clearing leaps ahead of margin deadline
The regulatory drive to increase clearing of derivatives is making big strides in the credit market. But a standout feature of 2021 is the acceleration in central counterparty clearing of products not subject to a regulatory mandate, such as CDS index options and single names

CLO life experiences part I: "We have not reflected the communities we serve"
In the first in a three-part series, Creditflux spoke with senior people of colour in the CLO industry about their experiences. This provides perspective on how the CLO market has evolved and must continue to do so. In today's edition, Citi's Brian Bejile shares his views.  

Credit fundraising: three massive European direct lending funds notch up €17.6 bn
Fundraising figures continued upwards in April as just over $24 billion was raised for credit funds, alongside $3.2 worth of allocations to credit managers. Nine funds held final closes including the largest European direct lending fund raised to date

Axa IM joins group of post-reinvestment CLO refinanciers
Axa Investment Managers has teamed up with Goldman Sachs to refinance a CLO four months out of reinvestment

Carlyle and Aflac officials lead new ACC committee with ESG template outlined as priority
The Alternative Credit Council has launched an ‘investor manager committee’, chaired by Carlyle Group’s Erica Frontiero and Elena Boeva from Aflac Global Investments, that has ESG in private credit as one of its first orders of business