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It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
3 years ago
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December -
Relative value has shifted towards CLO double Bs, conference hears
3 years ago
CLO double B tranches are on course for significant spread tightening, according to participants on day one of Creditflux's CLO Investor Summit on Thursday -
OC health check: CLOs wake up when September ends
3 years ago
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August. -
Junior triple A-double A basis narrows as CIFC prices third post-covid CLO
3 years ago
CIFC Asset Management on Friday became just the ninth CLO manager to issue three new US CLOs post-covid after teaming with Citi on the $498.3 million deal named CIFC Funding 2020-III -
CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
3 years ago
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years -
Cut! Cineworld’s cancelled merger boosts CLO OCs
3 years ago
Investors in Cineworld’s $1.9 billion term loan breathed a sigh of relief in July after the UK cinema chain cancelled its merger with Canadian firm Cineplex, with holders repaid in full, according to market sources -
Three years after launch, Rockford Tower joins the elite
3 years ago
The CLO platform launched by King Street Capital Management in 2017 has been crowned Creditflux Manager of the Year -
Fieldwood slips into second bankruptcy as CLOs hold $314 million
3 years ago
CLO managers hold $314.5 million of oil and gas drilling company Fieldwood Energy, which filed for Chapter 11 bankruptcy yesterday for the second time in two years -
Investors spy opportunities in CLOs subject to negative rating action
3 years ago
Rating agency downgrades come into play in Thursday's secondary market for CLOs, with a $15 million b-wic at 10am New York time highlighting how double and single B spreads have moved in opposite directions through July -
CIFC prices new CLO tight of market with $50 million upsize
3 years ago
CIFC Asset Management on Monday priced its second new CLO following the coronavirus outbreak - and upsized the deal by $50 million before pricing -
CLO managers push for deeper triple C buckets
3 years ago
CLO managers in the US have launched a concerted effort for greater flexibility on their triple C test limits since the coronavirus-triggered sell off in March -
CLO pipeline: break's over - time to print deals
3 years ago
The CLO market has taken a slight pause after the independence holiday in the US last weekend, meaning the CLO pipeline includes a backlog -
Double B CLOs on downgrade watch up for grabs as market eyes tightening
3 years ago
CLO double B spread averages tightened 24.44 basis points on Wednesday, ending a 22-day widening streak. On Thursday, a b-wic of seven CLO double Bs goes live at 11am New York time and should clarify if spreads will tighten further -
CIFC and RBC plan first new CLO partnership for over five and a half years
3 years ago
CIFC is marketing CIFC Funding 2020-II, the firm's second new CLO since the coronavirus pandemic began, and is working with RBC to arrange the deal -
CLO double A-single A basis falls to just 10bp in 2.0 record
3 years ago
The basis between US CLO double As and single As has fallen to just 10 basis points – which is the lowest it has been since the financial crisis in 2008, according to Creditflux data -
Voya prices first new issue US CLO of 2020
3 years ago
Voya Alternative Asset Management priced its first US new issue CLO of the year on Friday -
Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
3 years ago
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios -
OC health check: second European 2.0 CLO reports junior OC breach
3 years ago
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period. 314 deals are now reporting OC breaches as of the latest report, according to CLO-i. -
Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
3 years ago
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter -
CIFC CLO funds outperform after using tech to identify tail risks
3 years ago
CIFC Asset Management has been using technology to its advantage as two of its CLO funds were in the top 10 of our credit hedge fund return tables in April -
US CLO spreads set to tighten across the stack as CIFC targets 170bp triple A print
3 years ago
CIFC Asset Management is marketing its first new issue CLO of 2020 with price talk for the triple A notes pointing to a print of around 170 basis points - a new market tight since the coronavirus pandemic began -
CLO double Bs go on late night b-wic as spreads tighten sharply
3 years ago
Investors are piling into junior US CLO tranches as traders begin to see economic recovery following the pandemic -
Akorn falls into bankruptcy with $321 million planted in CLOs
4 years ago
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday -
Credit pickers need luck to avoid OC trap
We know what you’re thinking: is my CLO failing its OC test? The truth is, in all this volatility, it can be hard to keep track, unless your deal has high quality liquid loans4 years ago -
Global CLO b-wic round-up: $8 billion of US CLOs listed in record-breaking March
4 years ago
Last week brought an end to the busiest month in both the US and European CLO secondary markets since at least 2014. $7.7 billion of US CLO paper was on sale in March with a further €1.8 billion of European CLO bonds available, bringing the total listed in Q1 to $13.9 billion and €3.6 billion
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