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Middle market issuance continues with Deerpath deal
5 months ago
Deerpath Capital Management has priced its second new middle market deal this year, a transaction valued at USD 353.65m featuring three fixed-rate tranches -
Blue Owl prices latest MM CLO
6 months ago
American private credit specialist Blue Owl yesterday priced its fifth new deal of the year, market sources said, in a USD 397.3m US transaction arranged by Société Générale -
AGL prices new transaction from 'core' shelf of low levered CLOs
9 months ago
AGL Credit Management priced a new CLO with super low leverage on Friday, the first new issue from its 'core' series of low levered deals since 2021 -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
1 year ago
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it. -
Nuveen prints short-dated US CLO
1 year ago
Nuveen Asset Management priced a new CLO on Monday, becoming the second manager of the day to print a three-year reinvestment deal's senior triple A notes at 230 basis points over Sofr, although without disclosing discount margins -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
1 year ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
Flurry of US CLOs print as Barclays boosts CLO issuance with Brigade and Bain deals
2 years ago
Barclays has brought over $906 million of issuance to the market, printing deals for Bain Capital Credit and Creditflux’s newly crowned US CLO manager of the year Brigade Capital Management -
Euro CLO cost of debt retraces to 2020 year-end levels as BofA revises reset forecasts
2 years ago
Blackstone Credit and CVC Credit printed the first new issues since the loan market wobble, while Bank of America has revised its refi/reset forecast down from €35 billion to €19 billion -
Franklin makes it back to CLOs as parent company looks to issue through two channels
2 years ago
Franklin Advisers has made a return to CLO management after 10 years in a deal arranged by JP Morgan -
PGIM expands all debt classes with Euro CLO reset
2 years ago
PGIM has reset a European CLO it signed late last year, greatly increasing the size of the deal in the process -
Angelo Gordon keeps hold of mezz tranches with mid market CLO
2 years ago
Angelo Gordon has moved into middle market CLOs by printing its first deal backed by loans to middle market companies. The firm retained all junior and mezzanine liabilities in a deal that appears not to carry a public rating -
Trinitas partially refinances 2016 CLO via Natixis
3 years ago
Trinitas Capital Management refinanced the triple and double A notes of its 2016 deal Trinitas CLO IV on Friday -
CLO pipeline: OFS to make comeback as 2020 absentees eye new issues
3 years ago
As liability spreads tighten day by day, the CLO pipeline is filling fast. 2020 absentees are joining the parade as four US managers and three European managers aim to return to the new issue market after taking a break of 12 months or longer -
Beneath the triple C: cinemas get clipped but default picture improves
3 years ago
14 corporate debt issuers were downgraded to triple C or below in October by Moody’s or Standard & Poor’s – hurting $3.15 billion of US CLO loans, €761.73 million of European CLO portfolios and $37.95 million of middle market CLOs loans, according to CLO-i. Cinema chains were among those to suffer last month -
Euro CLO primary mezz snaps wider but senior holds firm as Ares and PGIM print
3 years ago
Fears around a second wave of coronavirus pandemic have pushed European mezzanine spreads wider since September, with new CLOs from PGIM and Ares Management underlining this shift -
Akorn falls into bankruptcy with $321 million planted in CLOs
4 years ago
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday -
Who's got the moves Europe: TV producer's loans rally most as recovery begins
4 years ago
The S&P/LSTA European Leverage Loan Index ended the week at 82.98 on 3 April – recovering 4.06 points from 78.92 on 24 March which was the lowest point for the index since the 2008 financial crisis. -
Beneath the triple C: $1 billion of CLO credits take a dive
4 years ago
$957.9 million worth of loans held by CLOs suffered downgrades to triple C last month, with a further $442.1 million of existing triple C credits getting knocked lower still, according to the latest trustee reports on CLOi. -
Cairn teams up with NatWest and GreensLedge for first-time CLO partnership
4 years ago
Cairn Capital is working with NatWest Markets and GreensLedge to refinance its 2016 vintage CLO named Cairn CLO VII -
Global CLO b-wic round-up: control stake trades as junior notes come to the fore
4 years ago
The European and US CLO secondary markets produced high volumes of junior and subordinated notes last week. Over 30% of listings were rated as equity, single B or double B. -
Global CLO round-up: it's time to rethink benchmarks
4 years ago
The CLO market broke out of holiday mode last week by presenting strong issuance on both sides of the Atlantic - $2.8 billion in the US and €1.6 billion in Europe. High volumes have brought with them bigger shifts in market dynamics. This week put the focus on tightening spreads, as benchmark triple A levels dipped. -
Chenavari changes tack and chooses vertical risk retention in first CLO for 17 months
4 years ago
Chenavari Investment Managers is set to end its near 17-month absence from the CLO primary market -
Florida-based manager revives plan for rare emerging markets CBO
4 years ago
RVX Asset Management has launched an unusual securitisation backed by emerging markets debt, according to market sources -
Euro CLO round-up: benchmark ruffles up, but junior tranches sit tight
5 years ago
CLO triple A benchmark levels underwent a shake-up last week as Credit Suisse Asset Management and HPS Investment Partners brought deals to the market with first-pay tranches printing above the recent benchmark of 108.5 basis points
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