CSA does not make sense for new loans and CLOs, say market participants
Credit market participants have not been too hung up on what the credit spread adjustment should be on new CLOs and loans aligning to term Sofr – and that’s a positive, according to speakers on a webinar hosted by DealCatalyst

HPS upsizes US CLO equity tranche and lowers deal leverage with reset
HPS Investment Management priced a $472.2 million CLO reset on Tuesday, upsizing the deal's equity tranche by $7.65 million in the process

Neuberger Berman refis 2019 US CLO with fixed rate triple As
Neuberger Berman has teamed up with BNP Paribas to refinance the entire capital stack of its 2019 CLO named Neuberger Berman Loan Advisers CLO 34

CIFC plans second US CLO in philanthropic series with new payment profile
CIFC Asset Management is preparing the second deal in its CLO Initiative for Change series, with the parties behind CIFC Funding 2022-II committing “over $200,000” to the Teak Fellowship

Elmwood prints first new Sofr-linked CLO to include single B-rated notes
Elmwood has priced the first new Sofr-linked CLO to feature single B-rated notes

Women in CLOs, CLO Summit and Credit Dimensions to return to New York in March
Creditflux has announced our three New York events will now take place at the end of March. We will host Women in CLOs on 28 March, followed by the CLO Investor Summit on 29 March and Credit Dimensions, our event for the synthetic structured credit community, on 31 March

Global CLO trading lab: Payments season prompts equity to surge but short-dated bonds trade low
Over the last two weeks, $2.8 billion of US CLOs and €640 million of European CLO paper have appeared on b-wics, with equity making up 33% and 40% of the respective markets

Franklin makes it back to CLOs as parent company looks to issue through two channels
Franklin Advisers has made a return to CLO management after 10 years in a deal arranged by JP Morgan

TCW refinances 2019 CLO at $370 million
TCW teamed up with Jefferies on Friday to refinance its CLO named TCW 2019-2

AIG, BlackRock, First Eagle and GoldenTree bring weekly CLO reset volume to $5.9 billion
Four managers capped off a huge week for US CLO reset activity by reworking 2019 deals, bringing weekly reset volume to $5.85 billion across 12 transactions

CLO pipeline: US manager base poised to hit 119 and Europe 57
The CLO market is open to newcomers as both the US and European are set to welcome first time CLO issuers – BlueBay Asset Management in the US and Acer Tree Investment Management in Europe

US CLO league tables: No static shock as Palmer Square conducts CLO traffic yet again
It was a slower start to the year for US CLO new issuance as  managers printed $4.56 billion of new paper against an average new issue volume of $5.88 billion in January in the last five years. But then again, the CLO and loan industries have had to contend with the not-so-small issue of replacing their favourite floating rate benchmark

Global CLO league tables - January 2022 YTD
Global CLO league tables - Jan YTD

Asset manager to launch debut 'public' CLO with Apollo backing
A large global asset manager is making its long-awaited move into US CLOs with market sources indicating it is launching a deal with support from Apollo, having executed a private CLO in partnership three years ago 

PGIM achieves tightest five-year CLO of 2022
PGIM on Thursday issued its first new CLO of the year, scoring the tightest liability pricing of any five-year reinvestment deal to date this year

Bain navigates market volatility with new US CLO
Bain Capital Credit priced its first Sofr-linked CLO on Thursday, despite a backdrop of sharply widening credit markets

Three new deals bring weekly US CLO reset volume to $3.9 billion
Three US CLO resets priced on Thursday, bringing weekly reset volume for the week to $3.9 billion across eight transactions

Digital CLO refis show worth as way of sticking by Libor
When regulators outlined that Libor would not be used on primary market transactions in 2022, they probably did not contemplate CLO refinancings sticking to the benchmark (refis are deemed to be primary market transactions)

CLOs should realise gains from reorg equity positions: Pearl Diver
Reorg equity sitting within CLOs has risen in value over the last year and Pearl Diver Capital says it may be a good time to exit these positions “and realise value for CLOs”

Sofr spike boosts CLO debt as Europe and US go out of sync
The sharp rise in three-month term Sofr has caused CLO relative value to shift decisively towards primary US CLO debt tranches in January as the floating rate benchmark shot up from 9.11bp to 17.06bp (from 1-20 January)

Whitestar swoops for US CLOs as it readies European deals
MacKay Shields has completed its exit from CLO management after it emerged that the asset manager has transferred the rights to two of its US CLOs to Whitestar Asset Management

CLOs at a glance (February 2022)
A listing of CLOs that have priced in the last month

CLOs and loans find footing as post-Sofr trends emerge
The US leveraged loan and CLO markets transitioned to a new base rate from 1 January without the lengthy issuance pause that was widely predicted in the months leading up to the switch

CLO managers to ramp up mid-market loan holdings
Mid-market loans may increasingly infiltrate broadly syndicated loan CLOs as managers seek to boost returns amid tighter leveraged loan spreads

Migration into floating rate kicks off with record loan inflows
The leveraged loan market received record-breaking inflows from retail funds in January as investors pivoted into floating rate products in advance of interest rate rises