Credit Rendezvous: the upside of inflation
It is clear, inflation is not transitory and central banks are acting with several interest rate hikes likely in store for the US this year. That makes loans and CLO debt tranches attractive, but there could be opportunities beyond these floating rate assets

CSAM and KKR make structural changes to 2019 CLOs with refis
Managers priced more than $1.1 billion of CLO refinancings on Tuesday as Credit Suisse Asset Management and KKR turned legacy deals from 2019 into Sofr-based transactions

LSTA adds US CLO specialists Comer and Russell to its board
AGL's Wynne Comer and Morgan Stanley's Rachel Russell are two of four new members of the LSTA's board, replacing four members who have served multiple terms

Palmer Square dominates new issues with second US CLO of 2022
Palmer Square Capital Management on Monday priced its second new CLO of the year, bringing its issuance volume for January up to $1.26 billion

AGL prices US CLO with triple As at Sofr plus 133bp
AGL Credit Management on Monday issued its first CLO with liabilities linked to Sofr

CBAM goes on block with parent Eldridge exploring 'strategic options': Bloomberg
Eldridge Industries is said to be considering selling a stake of its $15 billion credit unit CBAM Partners, according to a report by Bloomberg, citing people familiar with the matter

PGIM switches 2019 CLO to Sofr with refi
PGIM has shifted the liability stack of its 2019 CLO named Dryden 80 to pay off Sofr by refinancing the deal on Friday

Neuberger Berman prints new CLO triple As at 130bp plus Sofr
Neuberger Berman priced its first Sofr-linked CLO on Friday

Fortress prints first Sofr-linked middle market CLO
Fortress Investment Group has priced the first middle market CLO with liabilities linked to Sofr

Zais scores first for new issue CLOs under Sofr regime
Zais Group has priced what sources say could be the first five-year new issue broadly syndicated loan reinvesting CLO issue of 2022 

Three-month term Sofr spikes ahead of rate hikes to bridge gap to Libor
Three-month term Sofr rates have shot up in the last few days with sources saying March interest rate hikes are being fully priced in. Three-month Sofr hit 17.11 basis points on Friday having been at 14.52bp on Tuesday and just 9.11bp at the start of the year.

Blackstone prices triple As at 130bp in five-year US CLO reset
Blackstone Credit on Thursday became the second manager to price a five-year reinvestment CLO referencing Sofr by resetting its 2019 deal named Allegany Park

CLO portfolio manager leaves MidOcean
An important figure in MidOCean's CLO business has left the firm. MidOcean has big hiring plans, but is in a CLO issuance drought having not priced a new deal since November 2019

Former Goldman CLO syndication head joins MidOcean in business development role
MidOcean Partners has hired a former CLO and ABS syndication head at Goldman Sachs as managing director 

Gapstow expects strategic deals as credit manager M&A volume slumps to $120 billion
M&A volume involving credit asset managers dropped last year with total target value assets under management slumping to $120 billion from $149 billion in 2020 (and $254 billion in 2019), according to Gapstow Capital Partners

Two CLO funds launch following at least 20 in 2021
Two US credit managers have kicked off the year by launching funds geared towards investing in CLO tranches

Octagon to switch 2019 CLO to Sofr and upsize by $137 million
Octagon Credit Investors is set to upsize a 2019 CLO by $137 million as it plans to reset the deal next week, transitioning the structure to pay its liabilities off Sofr in the process

Timber! Boutique US CLO manager looks to offload deal to Benefit Street
A boutique US CLO manager is set to offload collateral management rights for its 2014 US CLO to Benefit Street 

Dam breaks as first fully Sofr-CLOs shed light on price discovery
AB, Palmer Square Capital Management and New York Life Investment Management on Friday became the first CLO managers of deals with a full capital stack linked to Libor replacement rate Sofr, shedding light on the price discovery process after weeks of speculation

Blackstone cements top spot in record breaking year for CLO issuance
Blackstone Credit priced 2021’s last new issue broadly syndicated CLO on 17 December when it brought Stratus 2021-3 to market via Morgan Stanley (although Centerbridge Partners priced a new issue bond-flex CLO on 21 December), and it seemed only fitting the CLO giant should cap off 2021.

HalseyPoint keeps Libor-linked CLO notes after digital refinancing
HalseyPoint Asset Management has cut the funding costs of its 2020 CLO named HalseyPoint CLO II, managing to keep the notes linked to Libor by selecting a digital dutch auction to reprice the notes

Fortress pushes first post-Libor middle market CLO
Fortress Investment Group is marketing a new CLO via Deutsche Bank, which is understood to be the first middle market CLO to launch referencing Sofr

CLO primary pause ends as Fortress prints first deal of 2022
Fortress Investment Group has priced the first CLO primary market transaction of 2022

Investcorp hires senior official to lead new Los Angeles office
The firm has expanded its US presence in the west coast and has hired a senior official responsible for growing investor relationships in the region

CLO investor cash balances at lowest levels since 2009: JP Morgan research
A survey conducted by JP Morgan has suggested that CLO investors' cash balances are at their lowest levels since 2009 - but most managers want to add risk in the coming months