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CLOs are our highest-conviction investment category, says Oaktree
1 year ago
Oaktree Capital Management has said that CLOs are the firm's 'highest-conviction investment category' in a credit market outlook study published on Thursday, despite the recent turbulence stemming from the collapse of Silicon Valley Bank -
Euro CLO exposure to financial sector 'limited', say Fitch
1 year ago
European CLO exposure to the financial sector is 'limited' and CLO ratings will not be impacted by UBS's acquisition of Credit Suisse, according to new data from Fitch Ratings -
Loan trading within European CLOs drops to 0.6%: BofA
1 year ago
European CLO manager trading activity declined sharply this year amid less leveraged loan primary supply and declining secondary liquidity, according to Bank of America research -
Investors should pair short CLO triple As with long MBS for best returns, says Janus Henderson
1 year ago
Senior figures at Janus Henderson Investors have recommended that credit investors should pair short duration CLO triple As with longer duration mortgage backed securities to optimise their returns, in a research article published on Tuesday -
Five issuers account for 22% of Euro CLO triple Cs: BofA
1 year ago
22% of triple C-rated debt in European CLOs originates from just five issuers, according to analysis from Bank of America research this morning -
CLOs cheap to corporates but expensive to agency MBS, says BofA
1 year ago
CLO bonds are currently pricing cheap relative to corporates but look expensive relative to agency MBS bonds, according to new research from Bank of America -
CLO bond buckets balloon post-Volcker amendments, says BofA
1 year ago
CLO holdings of bonds in their portfolios has grown to $15 billion in the two years since changes to the Volcker rule allowed CLOs to hold the assets, according to new research from Bank of America -
US and European CLO metrics diverge, finds Barclays
1 year ago
CLO spreads saw a month-on-month move wider in December while key portfolio metrics such as weighted average rating factor (warf) and triple C buckets deteriorated in the US. However, European portfolio metrics showed some improvement -
CLO triple A tiering grew to 48bp by December, says PennMutual
1 year ago
The triple A spread differential between top and lower tier CLO managers widened to 48 basis points by the end of 2022 from just 18bp at the start of the year, according to new research published by PennMutual Asset Management -
US CLO investors express cautious optimism for 2023
1 year ago
After a turbulent year in 2022, US CLO investors are sounding a cautiously bullish tone heading into 2023 -
BofA withdraws forecast for US banks to return to CLO investing en masse in 2023
1 year ago
Bank of America has withdrawn its forecast that US banks will make any signficant return to investing in CLOs in 2023 following comments from the Federal Reserve's vice chair for supervision suggesting that capital requirements could increase further next year -
European CLO equity outperforms single Bs amid high return dispersion: Bank of America
1 year ago
European CLO returns have been negative across the capital structure this year, a research paper from Bank of America has found. Losses have been softened however due to an increasing three-month Euribor rate, high carry relative to corporates and relatively stable equity returns. -
$90 billion gross CLO issuance in 2023 with manager base to shrink, says BofA
1 year ago
Bank of America is forecasting $90 billion gross issuance of CLOs in 2023, split between $80 billion backed by broadly syndicated loans and $10 billion backed by middle market assets -
US CLO tranches had best month of year in November: Barclays
1 year ago
CLO debt investors enjoyed their best month of returns for 2022 in November, with triple As returning an annualised excess return of 12% and triple Bs returning 37% on the month -
Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
1 year ago
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles -
Euro CLO new issuance could reach €22 billion in 2023, says BofA
1 year ago
European CLO new issuance will reach €22 billion in 2023, strategists at Bank of America expect, while refinancing / reset volume should reach €3 billion under a ‘base case’ scenario -
CLO double Bs offer attractive entry point despite likely loan downgrades, says Neuberger
1 year ago
CLO double Bs offer investors value despite the risk of deteriorating credit quality in the leveraged loan market -
CLO triple As face contest with "appealing" US treasuries: Barclays
1 year ago
The challenge of issuing new CLOs has been put into sharper relief, with Barclays strategists arguing US treasuries look attractive versus triple A tranches -
US CLO issuance to drop 15% in 2023: Barclays
1 year ago
US CLO new issuance is likely to be around $117 billion in 2023, a decline of around 15% on 2022 -
CLOs underperform recovery as central bank tone shifts: Barclays
1 year ago
CLOs have lagged the recovery in risk assets over the last week and remain at near year-to-date wides, according to research from Barclays. Strategists add CLO triple Bs look cheap versus high yield corporate bonds -
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" -
Sofr away from me – basis puts new CLO triple As in dire straits
1 year ago
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business -
CLO portfolio metrics "hit an inflection point", says S&P
1 year ago
US CLO credit metricts "have hit an inflection point in recent months and started to turn towards the negative", according to new research from S&P Ratings -
Keep an eye on gaming, leisure and entertainment issuers in Euro CLOs, says BofA
1 year 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
1 year 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
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