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Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
3 years ago
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels -
CLO pipeline: LCM switches arranger to complete deal and join issuance surge
3 years ago
Over $3.5 billion of global CLO issuance priced last week and managers in all three CLO markets are taking advantage of tightening spreads across the capital structure after three major covid-19 vaccine breakthroughs and increased confidence since the US presidential election -
Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
3 years ago
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs -
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 -
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. -
CLO pipeline: primary tightening opens door for CLO managers to print new issues
3 years ago
The CLO primary market is hitting a fast pace as it enters the last quarter of 2020. Last week brought a surge of new issuance as 11 US, two European and one mid market CLO manager priced their latest transactions -
OC health check: August reports slow torrent of fresh breaches to a trickle
3 years ago
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i -
Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
3 years ago
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to CLO-i -
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. -
Global CLO b-wic round-up: CLO lower mezz spreads tighten back after volatile two weeks
3 years ago
Secondary CLO spreads in the US and European markets have recovered after moving wider over the last two weeks -
Beneath the triple C: downgrades hold steady as Travelport loses its luggage
3 years ago
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers -
OC health check: CLOs heal up with no new breaches among US BSL deals
3 years ago
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs -
OC health check: CLO managers drop their breaches
3 years ago
114 CLOs reported overcollateralisation breaches last week, but only three deals reported breaches for the first time -
OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
3 years ago
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs. -
Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
4 years ago
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios -
OC health check: some CLOs cure failures, but quarter of US deals still in breach
4 years ago
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i -
Negative cash deal becomes first European CLO to fail OC test since sell off
4 years ago
260 US CLOs have failed an over-collateralisation test in the last two months and the first European CLO has breached a junior over-collateralistion since the credit sell off in March -
OC health check: eight CLOs report second month of test failures
4 years ago
20 CLOs reported overcollateralisation test failures last week, of which 12 were new breaches while eight were deals were failing for a second reporting period in a row -
OC health check: another two CLOs fail senior OC tests
4 years ago
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i. -
Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
4 years ago
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further). -
Former BofA CLO trading head lands at Swiss wealth manager after fundraise
4 years ago
Bank of America’s former European CLO trading head has landed at Swiss asset manager ISP Group -
Beneath the triple C: mighty CLO buckets from Akorns grow
4 years ago
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. -
US CRE CLO growth spurt encourages Europeans
4 years ago
The US CRE CLO market hit a record $19.2 billion in 2019 and sources say that a first ever European deal will be issued this year. They cite the growing commercial mortgage direct lending market on the continent as laying the foundations for a European CRE CLO. -
Global CLO b-wic round-up: equity, equity everywhere, but trading volumes sink
4 years ago
For the second week in a row, over $230 million of US CLO equity went on sale and multiple control equity positions were listed in the CLO secondary market -
Experienced CLO PM Bowers launches asset manager with private equity backing
4 years ago
Jonathan Bowers, a former partner and senior portfolio manager at CVC Credit Partners, has established an asset manager in partnership with a private equity firm
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