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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 -
Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
4 years ago
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further). -
Another $1.68 billion of US CLO paper is refied
4 years ago
Four CLO refis worth $1.68 billion priced on Wednesday and Thursday of this week, with the 2017 vintage still appearing the most attractive -
Cairn prices €419 million CLO with triple-As tight of market
4 years ago
Recent spread dispersion in the European CLO market is evidenced by Cairn Loan Investments’ pricing of a €418.73 million CLO in which the triple-A tranche came tight of the 10-day rolling average but the single-B piece was deeply discounted -
US loan trading: CLOs treated to DaVita as Refinitiv outflows escalate
4 years ago
US CLO managers were treated to a $2.75 billion term loan B by kidney dialysis services provider DaVita, which became the most popular issuer in August. And Refinitiv US Holdings continued to be the most sold US issuer by CLOs, according to the latest trustee reports from CLO-i -
Euro CLO round-up: debt investors own the floor as tempo picks up
4 years ago
It was one of those rare weeks in Europe when volumes surpassed the much larger US CLO market and, to cap it all off, spreads made a big jump tighter. -
US CLO round-up: Fed up of waiting
4 years ago
The US CLO market made a bright start this year, but 2019 now lags 2018 and 2017 after a weak August checked its momentum. This has left some pinning their hopes on a favourable outcome to the US Federal Reserve meeting this week, amid political overtures to up its game in the wake of the European Central Bank's stimulus package -
US loan trading: Sinclair loans dominate the airwaves as CLOs tune in
4 years ago
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July -
PGIM scores Europe's tightest CLO print of 2019 as resets make a comeback
4 years ago
PGIM yesterday reset its 2016 CLO named Dryden 48 via BNP Paribas, according to market sources, scoring the European market’s tightest triple A print of the year at 101 basis points over Euribor -
PGIM to join exclusive list of managers to reset, rather than refi, a euro CLO
4 years ago
PGIM is set to join the small but growing list of managers to reset a European CLO this year, as the manager teams up with BNP Paribas to bring a reset of Dryden 48 Euro CLO -
GSO's Phoenix Park CLO is reborn following reissue
5 years ago
GSO Capital Partners has reissued its 2014 CLO Phoenix Park via BNP Paribas -
Global CLO round-up: buttermilk-shakes things up as CLO spreads go everywhere
5 years ago
Ahead of the US Labor Day weekend, CLO issuers have been grafting away with $6.5 billion pricing across the US market through 11 deals -
London-based direct lender wins as San Francisco pension fund deploys into private credit
5 years ago
A Californian pension fund has mandated $60 million to a strategic credit fund, as part of its private debt pacing plan to deploy up to $750 million to private debt annually -
US CLO round-up: managers find short-dated resets are the way to go
5 years ago
Short-dated resets are popular right now - as are single B tranches -
Canyon slashes 2016 CLO's funding costs by over 83bp following reset
5 years ago
Canyon Capital has reset a 2016 CLO and slashed its funding costs by 83.35 basis points, according to market sources -
CSAM issues first CLO transaction since scooping top Creditflux award
6 years ago
Hot on the heels of being crowned CLO manager of the year at the Creditflux Manager Awards last week, Credit Suisse Asset Management has landed a $60.5 million upsize for its 2016 CLO transaction Cadogan Square VII -
B-wic round-up: it's never too late to buy CLO equity
6 years ago
Secondary CLO market trades from the last week show that investors feel there is value in legacy CLOs where the call options have already been exercised and the debt repaid -
Schroders debuts its first UK infrastructure debt fund
6 years ago
Schroders has announced the launch of its UK Infrastructure Debt fund, which will target investment from UK pension funds and insurance companies -
CLO round-up: market participants welcome back returning CLO managers
6 years ago
CLO managers returning to the market after a period of absence has been the main story of the last week. -
Boutique manager makes the cut and returns to US CLO market with reset
6 years ago
A 132bp CLO triple-A print is about par for the course for smaller CLO issuers. One such boutique manager has returned to the CLO manager to reset triple As at exactly that level -
CLO round-up: US CLO triple As hit 121bp amid late flurry of deals
6 years ago
What had started off as a quiet week in the new issue CLO market has ended with a bang as MJX Asset Management refinanced a deal on Thursday while American Money Management (reset) and CVC Credit Partners (new US CLO) have priced today -
TPG refinances $438 million of debt in US CLO refi
7 years ago
TPG Institutional Credit Partners has made its first move in the CLO market this year -
MJX teams with CLO arranger for fifth primary deal in a row
7 years ago
MJX Asset Management is preparing a refinancing of its 2015 CLO, Venture XIX, according to a notice available on CLO-i -
European CLO triple-A spreads dip below 100bp as BlackRock prices
7 years ago
BlackRock has priced its second European CLO and in the process it has achieved a market-leading triple-A print of 98 basis points over three-month Euribor -
CLO manager picks JP Morgan to arrange reset of mammoth CLO
7 years ago
A large CLO manager is preparing its third CLO reset of the year
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