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Carlyle and KKR greet US holiday with $830m of CLO refis
2 years ago
Carlyle Group and KKR each refinanced CLOs with the two deals totalling $830.3 million, according to market sources -
US CLO pricing lab: let’s refi like it’s 2017
3 years ago
The new issue US CLO market has been a slow burn over the last two weeks with only six deals being brought to the market amid wider triple A spreads. But the repricing market has been booming with today’s triple A levels still comparatively cheaper than previous vintages exiting their non-call periods -
CLO refi wave continues as CIFC and Oaktree join the fun
3 years ago
CIFC Asset Management and Oaktree Capital Management have become the latest managers to join the CLO refinancing craze, each teaming up with Morgan Stanley to cut the funding costs on 2019-vintage deals -
CLO refi paper worth $1.61 billion hits market
3 years ago
Five managers have printed transactions worth a combined $1.61 billion over the last few days, in a CLO refinancing bonanza -
Euro CLO league tables: Refi return spurs European CLOs towards record volumes
3 years ago
A record shattering month as refi wave continues -
Italian banks widen sharply as risk-on drive falters
3 years ago
Italian banks are among Wednesday's underperformers as single name credits play catch up with a shift wider in indices, amid signs the recent bull run is petering out -
Assured hits benchmark in second pairing with Barclays on European CLO
3 years ago
Assured Investment Management has teamed up with Barclays to print its latest European CLO, BlueMountain Euro CLO 2021-1 -
LCM cuts triple A notes to 98bp with $495 million CLO refi
3 years ago
LCM Asset Management teamed up with Bank of America on Tuesday to refinance three senior debt tranches of a 2017 CLO -
High yield credits play catch up as central banks put brakes on bull run
3 years ago
High yield single names gained attention on Thursday, as financial markets took a breather after three days of improvement to digest UK and China central bank policy signals -
MJX prints first reinvesting CLO of the year
3 years ago
MJX Asset Management has become the first CLO manager to print a reinvesting new issue transaction in 2021, teaming up with Jefferies as lead arranger and Bank of America as co-arranger on the $507.3 million deal, named Venture 41 -
York completes first new issue CLO of 2020
3 years ago
York Capital Managemend priced its first new issue CLO of the year on Friday, teaming up with Goldman Sachs on the $387.6 million deal named York CLO-8 -
Senior bond-flex CLO tranches are 'cheapest bonds within securitised products': BofA
3 years ago
Triple A-rated notes of bond-flex CLOs are 'one of the cheapest bonds within securitised products', according to a new research paper by Bank of America -
Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
3 years ago
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics -
OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
3 years ago
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. -
Noble Corp auction date set as low recoveries stack up
3 years ago
The Americas Determinations Committee has set a date to settle CDS referencing the offshore driller, which looks set to follow Chesapeake Energy as the latest in a run of big pay outs for protection buyers -
OC health check: breaches start to take toll on July payment dates
3 years ago
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches -
AlbaCore becomes third manager to debut in euro CLOs in 2020
3 years ago
AlbaCore Capital has joined the ranks of CLO managers after pricing its first-time transaction named AlbaCore Euro CLO I -
Beneath the triple C: April showers send buckets overboard
3 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 -
US CLO league tables: coronavirus brings changes in approach and new top manager
4 years ago
Amid a big slump in CLO primary issuance, new deals have taken focus and there are some notable changes at the top of the league tables -
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 -
OC health check: failures lift above 100 as five more deals breach senior test
4 years ago
Another 116 CLOs have breached their overcollaterisation tests in the last week, according to the latest trustee reports on CLO-i. Out of this, five deals have failed OC tests for all classes – bringing the overall tally of deals that have breached senior OC tests to nine. -
Investors pull $10.9 billion out of corporate IG ETFs in one week
4 years ago
Outflows from loan and high yield bond exchange traded funds have exacerbated the liquidity pressure facing credit investors, sources say, as market volatility intensifies after economists slashed global forecasts -
US CLO league tables: $2 billion reissue fires Apollo and JP Morgan to top spots
4 years ago
Apollo Global Management and JP Morgan teamed up to price the largest CLO of the 2.0 era in February that helped propel both to the top of the US CLO and global CLO league tables -
Huge CDS gap yawns between US and Europe, despite Fed intervention
4 years ago
Having crossed paths in a rare moment of compression on Monday, iTraxx Europe and its US counterpart CDX IG have since undergone one of their biggest moments of dislocation since the global financial crisis, as an emergency rate cut by the Federal Reserve failed to comfort investors about the impact of the coronavirus on the US economy -
Global CLO round-up: welcome back, give us a (refi) wave
4 years ago
Tighter corporate credit spreads means new issue volumes are down, but it makes a decent entry point for new CLO managers to price deals and also makes refinancing CLOs imperative
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