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Do amend and extends now before big chunk of CLOs exit reinvestment, says BofA
11 months ago
Research analysts at Bank of America are recommending CLO managers complete amend and extend activity before a wave of transactions exit their reinvestment periods later in the year -
34% of CLOs rated by Fitch out of reinvestment
1 year ago
34% of the CLOs rated by Fitch Ratings have left their reinvestment periods including six deals that exited in May, the rating agency said in a note to clients on Thursday -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
European CLO managers trade loans to avoid (par) burn
1 year ago
Between March and July, European CLO managers traded €21 billion of assets within CLOs that were still in their reinvestment period as opportunities arose amid a weaker macro environment and Russia’s war with Ukraine -
Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
1 year ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
CLO engine sputters as loan recovery hits road block
1 year ago
US CLO issuance suffered a precipitous decline in August as firms struggled to adjust to the new pricing landscape -
CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
1 year ago
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default -
Beneath the triple C: ebbs and flows leave triple C levels at a temporary stasis
1 year ago
Following a rising tide of downgrades in May the loan market stabilised somewhat in June, with seven issuers held by CLOs downgraded to triple C and a counter-swell of five names upgraded to single B. -
Revlon spares no blushes for CLO managers in filing for Chapter 11
1 year ago
Troubled lender Revlon Consumer Products filed for chapter 11 bankruptcy late Wednesday night. The default is likely to have a weighty impact on the CLO market -
Beneath the triple C: CLOs take first knock since covid scrapes
2 years ago
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May -
Problem in checkout area as CLO favourite Diebold Nixdorf slips to triple C
2 years ago
Diebold Nixdorf, an Ohio-headquartered technology firm with $538 million in debt held by CLOs globally, was downgraded to triple-C by rating agency Moody’s on Friday -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill -
Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
3 years ago
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i -
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 -
CLOs hold €250 million of defaulted French events organiser Comexposium
3 years ago
CLOs hold €246.1 million of French events organiser Comexposium, which entered safeguard protection in the Commercial Court of Nanterre on Wednesday -
iQor files for chapter 11 with CLOs holding $260 millon
3 years ago
17 CLO managers hold $263.1 million term loans of customer services provider iQor, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas today -
Banks tighten asset approval terms for CLO warehouses
3 years ago
Managers have raised concerns over tighter, lender-friendly terms in new-look US CLO warehouses as banks gradually reopen these lending facilities -
Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
3 years ago
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades -
CLOs hold $600 million of bankrupt retailer Tailored Brands
3 years ago
Tailored Brands has become the latest US retailer to file for Chapter 11 as a result of the coronavirus-induced pandemic. 37 US CLO managers hold $588.9 million in term loans of the Houston-headquartered firm, -
Beneath the triple C: downgrades hold steady as Travelport loses its luggage
3 years ago
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers -
Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
4 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 -
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 -
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
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