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US CLO round-up: roll up, roll up – CLO refis price wider than new issues
5 years ago
Forget about a CLO term curve with an efficient roll down; refinancings are proving to be expensive -
Global CLO round-up: what goes around comes around
5 years ago
It is no news that spreads are reverting back to the elevated levels of last year and, with each new deal pushing the market wider, the rolling three-month term curve in the US has been forced to stretch and move left, right and centre. -
Global CLO round-up: US market has a fair-way to catch up to Europe
5 years ago
As the Ryder Cup drives a wedge between the US and Europe, managers putt their hopes in CLOs. But the European market is in the lead with three deals to one as Creditflux goes to press -
US CLO round-up: what’s the benchmark these days?
5 years ago
They price at 112bp, they price at 126bp. They price at 116bp, they price at 123bp. They are US CLO triple As and they are pricing everywhere at the moment. -
Global CLO round-up: buttermilk-shakes things up as CLO spreads go everywhere
5 years ago
Ahead of the US Labor Day weekend, CLO issuers have been grafting away with $6.5 billion pricing across the US market through 11 deals -
CLO round-up: reset triple As price apart on divergent portfolios
5 years ago
CLO spreads have been volatile of late with seemingly no consistency in triple A CLO prints from deal to deal. In a reset-heavy week, BlackRock and Marathon Asset Management were positioned at opposite ends of the spectrum -
US CLO round-up: investors feast on over $3 billion of CLOs
5 years ago
One CLO manager has gone for a reissue as its main, another two have gone back for seconds of new issue - and this all leads to the inevitable: an expanding middle -
US CLO round-up: managers find short-dated resets are the way to go
5 years ago
Short-dated resets are popular right now - as are single B tranches -
US CLO round-up: volumes move in sync with 2017, but it could not be more different
5 years ago
$111 billion of CLO isssuance this year compared to $113 billion by this point last year. But new managers, spread movements and no risk retention make it seem like a completely different environment -
US CLO round-up: 2018 volumes hit $101 billion as short-dated CLOs come into fashion
6 years ago
CLO market participants were in high spirits at the Creditflux CLO Symposium and Manager Awards this week with attendees revelling in the amount of deal flow that the CLO market is generating -
B-wic round-up: demand for secondary CLO equity picks up in 2018
6 years ago
Secondary trading prices for US CLO debt tranches have been falling since the start of the year, with average cover prices for junior debt reverting to where they were six months ago. However, the opposite has to be said for CLO equity -
Mid market CLO round-up: Antares leads the way as triple As price at 125bp
6 years ago
Although US mid-market CLOs had a slow start to the year, the last two weeks have seen heightened activity in this sector with established players such as Antares Capital, Cerberus Capital Management, Fortress Investments and Midcap Financial pricing new CLOs -
US CLO round-up: market springs into life with non-risk retention compliant deals
6 years ago
US CLO risk retention is on the verge of being abolished (the 5% rule is set to be officially scrapped on 11 May) and the market seems to have made itself comfortable with ‘springing’ vertical strips -
US CLO round-up: managers make quick-fire return and numbering systems go out the window
6 years ago
It’s normal practice for managers to number their CLOs sequentially – but this week’s issuances have not paid heed to this practice, creating havoc for Excel spreadsheets and causing those of a scrupulous manner to take a sharp intake of breath -
B-wic round-up: mid market CLOs find new homes in secondary market
6 years ago
The US secondary CLO market has had another eventful week as $908.2 million worth of CLO notes were made available, out of which $693.2 million, or 76.3%, traded successfully -
US CLO round-up: triple A notes come in all different shapes and sizes
6 years ago
CLO triple As priced at varying levels this week with an 8.5bp gap between the tightest and widest prints -
B-wic round up: triple A investor locks in gains after major CLO auction
6 years ago
Senior notes completely dominated the secondary market last week as one investor decided to showcase a $635.54 million selection of triple A notes spanning 13 CLOs -
US CLO round-up: Despite big freeze, market issues a cool $4.6 billion of paper
6 years ago
CLO managers are snowed under in yet another busy week for the US market. This week, managers have priced deals with a wide range of leverage ratios -
US CLO round-up: there’s no time like the present to price CLOs
6 years ago
Risk retention will soon dissapear from existence. But CLO managers aren't hanging around -
US CLO round-up: Unfazed by risk retention uncertainty, a busy market tests reissue and L-shape trends
6 years ago
Qualms about the future of risk retention regulations have not impeded a busy week in primary market CLOs, with managers dabbling in reissues, L-shaped deals and shorter non-calls -
US CLO round-up: SEC’s loss and shifting CLO spreads shake things up
6 years ago
It was all going so smoothly in the CLO market, with very little volatility and seemingly never-ending spread tightening – but it’s fair to say things have changed -
US CLO round-up: who's going to be first to break 100bp?
6 years ago
US CLO spreads continue to rally and the question on everyone’s lips right now is: “when [not if] will triple As dip below 100 basis points?” -
Who predicted $145 billion of issuance?
6 years ago
That went better than expected: US risk retention came in, and $145 billion of global new issuance later, it’s clear that CLOs aren’t disappearing. By Tanvi Gupta and Sam Robinson -
US CLO round-up: spreads tighten as investors get comfortable with cushions
6 years ago
2018 is off to a promising start with the US CLO market having produced $7.0 billion of issuance -
US CLO round-up: the three stages of CLO management
6 years ago
An experienced CLO manager, a manager with a three year track-record in CLO management and two rookies priced deals this week. Our data shows that the market is applying a 9bp premium on triple A notes based on the experience of a manager
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