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Private equity firms are becoming CLO converts: TwentyFour
1 year ago
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense" -
Keep an eye on gaming, leisure and entertainment issuers in Euro CLOs, says BofA
2 years ago
CLO investors should be mindful of industry concentration exposure, with the gaming, leisure and entertainment sector an area of focus, according to Bank of America research released yesterday -
Euro CLOs demonstrate "considerable resiliency" to upcoming CLO maturity wall, says S&P
2 years ago
Managers and investors should keep an eye on upcoming CLO maturity wall with “potential adverse effects” amid tighter financing conditions and the impact that could have on CLO performance and ratings -
Widening asset/liability gulf will hurt CLOs: Barclays
2 years ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
Short duration CLOs are putting reset risk in the post: Barclays
2 years ago
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned -
Manager selection stakes are heightening as CLO pain points intensify: Barclays
2 years ago
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists -
CLO investors show more signs of optimism than other ABS: Barclays
2 years ago
CLO investors attending the Global ABS conference in Barcelona were more upbeat than those that work in residential mortgage-backed securities and other ABS, say Barclays securitised credit strategists. But the overall mood was sombre -
CLOs look attractive after corporate rally - but not all tranches: Barclays
2 years ago
Rallying corporate cash credit spreads over the past two weeks have widened the basis with CLOs and made these products look attractive again, according to Barclays strategists -
Hidden loan tail risks and mounting single B exposure could pose problem for CLOs: Barclays
2 years ago
A solid rally for leveraged loans this week - against returning weakness in bonds - has put focus back on the market, which seemingly has little tail risk priced in. But short term support factors and a dwindling triple C bucket mask the quality skew, warn Barclays strategists in a note today - which could spell downgrades for single-B minus rated loans -
European CLOs well-placed to counter volatility: Fitch
2 years ago
High inflation could hamper borrowers, but European CLOs are in decent shape with most loan issuers having refinanced last year, according to a report by Fitch Ratings. Other parts of structured credit are not as well insulated against risks. -
CLO equity could get hurt by mismatch in credit spread adjustments: Barclays
2 years ago
The possibility that borrowers and sponsors start to use their clout to scrap credit spread adjustments from leveraged loans poses a risk for new CLO equity, while legacy deals also face transition challenges -
Impact of Russia-Ukraine war on Euro CLOs will be indirect, finds BofA
2 years ago
European companies largely do not have much direct exposure to Russia or Ukraine, but pricing and inflationary pressures may impact companies -
CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
2 years ago
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion -
Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
2 years ago
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait -
CLO demand to drive loan outperformance over bonds: BNP Paribas
3 years ago
The buying power of CLOs and funds could mean leveraged loans rally further and outpace high yield bonds, says BNP Paribas' credit research team -
ESG drive poses little threat to CLO returns or flexibility, says Moody's
3 years ago
Environmental, social and governance investment criteria are not impairing CLOs either in flexibility or performance, Moody's Investors Service has found in a new report -
CLO investors still hungry for triple As and double Bs, says JP Morgan
3 years ago
Most CLO investors are looking to add risk through deals in the months ahead, with very few inclined to reduce exposure, a JP Morgan survey has found - despite the historic flood of issuance in the first quarter of this year -
European CLO portfolio overlap increases by 3%: S&P
4 years ago
European CLO portfolio overlap for new issue deals since mid-March has increased to 37.73%, according to a recent report by S&P, around 3% higher than the average of 36% for all European CLOs rated by S&P -
CLO managers favour tech, cable and healthcare as loan downgrade fears dominate, finds JP Morgan
4 years ago
Picking safe sectors to buy in the coronavirus crisis is a tough call, but CLO managers variously favour technology, cable/satellite and healthcare, according to a JP Morgan survey. There is much more consensus on dumping autos, energy, gaming/lodging/leisure and retail -
Fed cut triggers Libor floors on third of US loans
4 years ago
Roughly a third of US loans effectively became fixed rate investments this week as Libor edged below 1% for the first time since January 2017
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