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Global CLO trading lab: quality and optionality shine as 2020 and 2019 mezz trades up
2 years ago
The primary and secondary CLO markets are moving in tandem with both markets drifting wider amid a wealth of supply -
No labels mean CLO triple As refuse to budge as mezz rallies
2 years ago
Senior European CLO spreads are stuck in the mid 80s as mezzanine tranches rally, with market participants bemoaning the lack of depth in the triple A investor base relative to ABS products -
Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
2 years ago
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed -
BNP Paribas hires senior European CLO trader from asset manager
2 years ago
BNP Paribas has expanded its CLO trading team -
BofA and State Street divided over CLO convertibles
3 years ago
A split has emerged in the approach between the two big buyers of triple A-rated CLO tranches that are structured as loans -
Record-breaking Apollo and Blackstone European CLOs make first distributions
3 years ago
Two 2020 CLOs managed by Blackstone Credit and Redding Ridge (Apollo) that set equity cover records in the secondary CLO market earlier this year have made their first payments -
Global CLO trading lab: secondary volumes inflate and easily get absorbed
3 years ago
Weekly secondary CLO volume has been lower across the capital structure in recent weeks as 2021’s refinancing wave left investors with plenty of choice -
Morgan Stanley hires European CLO trader from buy side
3 years ago
Morgan Stanley has added to its European CLO trading team, bringing in an official who previously worked at a CLO fund manager -
BofA and Citi unveil multi-dealer platform for CLOs and loans
3 years ago
Bank of America and Citi have joined forces with plans for a multi-dealer CLO and loan platform which will cover trading, data and analytics -
CLO managers eye bonds as short-dated loan universe shrinks
3 years ago
European CLO managers that focus on bonds say they had flexibility in the first quarter as the new issue loan pipeline ramped up -
Global CLO b-wic round-up: record level of CLO paper stalls rally
3 years ago
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling -
Global CLO b-wic round-up: equity trades break new records as investors look to redeploy cash
3 years ago
The CLO secondary market is experiencing heavy churn with €273.5 million of European CLO paper and $1.05 billion of US CLOs listed last week. Within that supply, a record trade for a 2.0 European CLO equty tranche was recorded -
Barings sells €377m portfolio via b-wic to wind down European CLO
3 years ago
Barings was the seller of a mammoth €377 million loan b-wic on Thursday (12 February), Debtwire has reported -
Global CLO b-wic round-up: 2020 deals trade at premium
3 years ago
As the primary CLO market continues to grind tighter, the secondary market is holding steady, but last year's vintages are trading well as they near the end of their call-locks -
CLO equity record broken again as Blackstone European deal trades over 116
3 years ago
Within eight days of Redding Ridge Asset Management setting a record for the highest cover on a European CLO equity bond, Blackstone Credit has brushed it aside to claim top spot -
Redding Ridge equity covers at 116 for new European CLO record
3 years ago
Redding Ridge Asset Management set a new record on Wednesday as €5.2 million of RRE 4, a 2020 vintage CLO, traded in the secondary CLO market with a cover of 115.8 -
Global CLO b-wic round-up: US lower mezz trades strong, but European piece softens
3 years ago
CLO investors have had no chance to catch their breath after a historic 2020 as US CLO secondary volume reached $3.3 billion and European secondary listings topped €1 billion in January -
European CLO trades wide in secondary amid CLO risk retention issue
3 years ago
A European CLO manager has been caught in a rare situation owing to risk-retention compliance for its 2015-vintage Euro Galaxy IV – and CLO traders have factored this in the secondary market -
US and European control CLO positions land in secondary market
3 years ago
The first control equity positions of 2021 for the European and US CLO markets were listed in the secondary market on Thursday -
Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
3 years ago
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels -
European CLOs rise in secondary with Sound Point deal up 4.25 cents from issuance
3 years ago
Double-B rated CLO tranches received bids in the high 90s on Wednesday with Sound Point Capital Management’s debut European CLO attracting the highest cover of 98.25 cents on the euro. But the CLO rally is lagging moves in corporate credit -
Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
3 years ago
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 b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
3 years ago
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results -
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 -
European CLO double Bs jump wider amid October macro worries - but seniors stand firm
3 years ago
The fortunes of investment grade and high yielding European CLO tranches have gone in opposite directions in the last month. In a year where relative value has shifted several times, Creditflux analysis shows that new issue European CLO double Bs have blown out by 16.5% in October versus September, while triple A-rated notes have tightened 6.7% in that time
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