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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 -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April -
Questions will need answering about where a manager's fiduciary responsibility lies
3 years ago
A university lecturer gives Welshcake a shock with a CLO presentation that points to shady trading games -
Methodology tweaks could prove a boost for CLO warfs
3 years ago
Moody’s proposed CLO methodology changes could impact 8% of US and European CLO tranches positively, the rating agency says -
Europe’s newcomers find ways to stand out
3 years ago
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data -
CLOs face trading restrictions as bankruptcies mount
3 years ago
CLO managers could be handcuffed in impending bankruptcies if tranche downgrades continue and restricted trading periods kick in -
A different kind of crisis
3 years ago
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests -
Beneath the triple C: April showers send buckets overboard
4 years ago
Downgrade waves rocked the CLO market in April as Moody's and Standard & Poor's downgraded 135 corporate borrowers to triple C or below, from ratings above that level. The downgrades put CLOs in rough waters as $41.6 billion of such loans are prevalent in US CLOs while €5.64 are moored in European CLO portfolios – affecting 5.92% of the US market and 4.37% of the European market -
Who’s got the moves Europe: CLO managers enjoy climb of Everest
4 years ago
The European S&P/LSTA Leveraged Loan index enjoyed a strong month in April as it rose from 83 of par on 1 April to 89.2 by the end of the month. The index closed at 89.4 on 4 May to start the week -
CLO market braces for another wave of loan downgrades
4 years ago
A wave of negative rating actions swept the leveraged loan and CLO market in April. “Companies will look to secure incremental capital which will lead to further rating pressure,” says Philip Raciti, portfolio manager and head of US performing credit at Bardin Hill Investment Partners -
Investors query loan b-wic objectives as trade rates plummet
4 years ago
Over €1 billion worth of loan paper has appeared in the form of European loan b-wics in March, according to market sources. But buyer appetite has been low -
Ellington sells large chunk of assets from European CLO warehouse
4 years ago
Ellington Management sold €69.5 million from its CLO warehouse on a b-wic dated 12 March, according to market sources -
Managers amend CLO structures amid refinancing ripple
4 years ago
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave. -
Established firms say managers new to European CLOs will struggle to attract assets
4 years ago
New managers making their way in the European CLO market may have a fight on their hands, with sources noting the difficulty these firms face in getting sizeable allocations. -
Doing CLOs is hard work as recovery lags
4 years ago
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more -
Loan trading round-up: CLO managers fall out of love with First Data
5 years ago
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans -
Moving on from the late 2018 hangover
5 years ago
It might be too early to call a full recovery, but it’s fair to say that the US loan market is back on track with $48 billion of institutional issuance in 2019 — 88% of which is made up of new issues
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