New York Life ends 16-month new issue absence with new CLO
New York Life Investors priced a new CLO via JP Morgan on Monday, bringing to an end a 16 month absence from the new issue space

US CLO pipeline: issuers takes credit sell-off in their stride as supply picks up
Despite the collapse of Silicon Valley Bank and Signature Bank in the last week, the CLO machine has continued to churn with just shy of $5 billion of US and mid market CLO issuance this week

CLOs can weather a short recession, but maybe not a long one, conference hears
The US economy is likely to enter a recession in the first half of 2023, attendees at IMN's ABS East conference heard on Tuesday. While the severity of the downturn is unknown despite the Federal Reserve aiming for a 'soft landing', CLOs are well positioned to weather the storm - as long as the recession is contained in a relatively short period

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

Voya shaves 28bp with refi of 2019 CLO
Voya Alternative Asset Management priced a refinancing of Voya 2019-3 via GreensLedge on Friday and reduced the CLO’s cost of debt by 28.3 basis points

NYL and TCW each refinance legacy CLOs
New York Life Investment Management and TCW Group each refinanced a CLO on Thursday, with the two deals together worth almost $700 million

Global CLO trading lab: Seasoned equity prices lag as debt spreads level out
The CLO secondary market took a back seat to the surging primary market in August and September with secondary US CLO volume accounting for just 3.7% and 4.2% of the total US CLO market (primary and secondary volumes). But opportunities are there in CLO equity tranches

NYL prints second new CLO of 2021
New York Life Investment Management returned to the CLO primary market on Monday to print its second new deal of 2021

NYL returns to CLOs with $511 million first-time pairing via Credit Suisse
New York Life Investment Management priced its first new issue CLO in seven months on Thursday

CLO pipeline: US market on track for June boom
CLO issuance is set to boom in the coming weeks with the pipeline ballooning as the market looks ahead to June

CLO refi paper worth $1.61 billion hits market
Five managers have printed transactions worth a combined $1.61 billion over the last few days, in a CLO refinancing bonanza 

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

CSAM and NYL hit market with $1.2 billion of CLO refi paper
Credit Suisse Asset Management and New York Life have eached priced a CLO refinancing, with the two transactions totalling $1.17 billion

Barclays prices CLO refis for Kayne Anderson and NYL
Barclays priced two CLO refinancings on Friday, reworking deals managed by Kayne Anderson and NYL Investors. These total $742 million, meaning the US CLO market absorbed $8.42 billion of refi paper in January - or 38.55% of the total refis priced in 2020

CLO M&A to pick up with underperformers at risk
CLO manager consolidation is expected to be elevated into 2021 as the market recovers from the aftershock of covid-19

Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
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

Global CLO round-up: fresh start for five year deals as market reopens
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020

NYL prints five-year reinvestment CLO with triple As at 130bp
New York Life Investment Management has brought the second five-year reinvestment CLO to market and placed its triple A notes at just 130 basis points over Libor 

CLO pipeline: managers prepare to end quarter with a bang
CLO issuance is showing no signs of slowing down as spreads continue to grind tighter and election day draws ever closer

NYL markets five-year CLO with spreads poised to move tighter than Q4
NYL Investors is marketing a five-year reinvestment US CLO with price guidance indicating CLO spreads are tighter than they were during the sell off in the fourth quarter of 2019. However, IG and HY credit are on different paths

Fracking servicer FTS files for chapter 11 protection
Fracking servicer FTS International filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas Houston yesterday. The credit is not widely featured in CLOs with only nine managers holding $47.9 million of FTI’s term loans

Trading places: it can pay to bet on the little guy
It’s assumed investors know how good a CLO manager is by the rate at which they trade their way through a crisis. But this time fi ve small, nimble managers are outperforming the market

2018 US CLO adds junior class X tranche paying 10%
FlatIron CLO 18 investors have approved the inclusion of a class X note which will pay 10%, according to an announcement on the London Stock Exchange

Cashflowing 2018 CLO looks to issue class X notes
A 2018 US CLO, with low financing costs and a 5.18% junior OC cushion, is looking to issue more debt in the form of class X notes

New York Life takes annual shot at US CLO market
The manager's new US CLO comes with Libor circling the same level as when it last priced a new deal in 2018, but triple-A tranche levels are in a very different context