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US CLO league tables: CSAM and JP Morgan refi run leaves rivals behind
3 years ago
Credit Suisse Asset Management and JP Morgan have been leading the US CLO manager and arranger league tables, respectively, since the start of the year. And the two CLO giants are showing no signs of letting up -
Ares prints CLO backed only by loans
3 years ago
Ares Management has produced its third new US CLO of the year and has adopted a new shelf name for a deal that appears to consist solely of loans -
CLO pipeline: Birch Grove and Fort Washington dish out first 2021 deals as Carlyle goes for sevenths
3 years ago
CLO investors can feast on a range of deals in the new issue market over the next month. -
Ares tightens 2019 CLO by 19bp with reset
3 years ago
Ares Management reset its 2019 CLO, Ares LI, via Barclays on Monday, tightening the deal's capital structure by 18.94 basis points in the process -
US CLO pricing lab: expensive legacy deals take priority as two-three year point on term curve tightens
3 years ago
The US CLO market may have gapped out in recent weeks, but expensive 2019 and covid-era CLO refis and resets are still in the money -
Ares and Black Diamond become latest CLO managers to refinance
3 years ago
US CLO refi supply climbed to $3.2 billion for the month of July on Thursday after Ares Management and Black Diamond Capital Management became the latest firms to refinance -
No summer slowdown for US CLO refis as July volume passes $2.7 billion
3 years ago
Two CLO managers refinanced legacy transactions on Tuesday, bringing total refinancing volume for July to above $2.7 billion -
Ares scores rare refi of 2018 CLO
3 years ago
Ares has teamed up with Goldman Sachs to print a lesser-seen refinancing of a 2018 CLO: Ares L -
CLO equity fluctuates as resets trigger upsizes and downsizes
3 years ago
A once-rare move of CLO issuers upsizing or downsizing their equity tranches in resets is entering the mainstream -
Two managers reset huge 2017 CLOs, boosting supply by $2.25 billion
3 years ago
Ares Management and CBAM have each priced resets of CLOs issued in 2017, adding $2.25 billion of supply to the market -
Not all resets created equal as some managers opt to keep triple C exposure high
3 years ago
A split is emerging in the CLO market, with some managers choosing to keep triple C concentrations elevated following a refinancing or reset transaction. As part of the trend, which began this month, some deals even refinanced while being in breach of portfolio concentration limits, typically set at 7.5% by rating agencies -
New issue CLO dry spell ends as Ares produces tight US deal
3 years ago
Ares Management has broken a six-day new issue CLO drought, teaming up with Goldman Sachs on its second deal of 2021 named Ares LX -
CLO pipeline: go long! new issues and resets push refis aside
3 years ago
The CLO market is ready to go beyond refinancings - after this year's opening blitz of those deals - into the longer tenored territory of resets and new issues -
Ares brings CLO's leverage down to less than five turns in $1 billion-plus reset
3 years ago
Ares Management has upsized its second largest CLO in a reset, bringing the deal to a par value of $1.19 billion - the seventh biggest CLO backed by broadly syndicated loans in the market -
Ares shaves 20bp off triple As with European CLO partial refi
3 years ago
Ares Management has refinanced the triple A notes on its 2014 vintage European CLO, Ares European CLO VII -
Ares affiliate re-emerges in mid market with first primary CLO for three years
3 years ago
Ivy Hill Asset Management, the direct lending affiliate of Ares Management, has priced its first CLO primary market transaction in almost three years, completing a $499.3 million new issue backed by loans to middle market companies -
Allstate CLO takes on ESG guidelines following reset
3 years ago
Fair Oaks Capital has laid claim to the first instance of converting a US CLO into an ESG-compliant transaction courtesy of a reset following the reworking of Aimco 2017-A this week -
Refis price on top of new issues as four managers print US CLOs
3 years ago
Four US CLO refinancings priced yesterday, giving the impression that CLO pricing is fitful and the term curve flat -
CLO pipeline: busy year, so let's take time to reset
3 years ago
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline -
Ares joins group of tight US issuers with sixth tightest 2021 CLO
3 years ago
Ares Management became the eighth CLO manager of the year to issue a five-year deal with funding costs below 150bp on Tuesday by teaming up with Natixis on its latest issue named Ares LIX -
European CLO repricings top €8 billion in 2021 as Ares and PGIM rework deals
3 years ago
Ares and PGIM printed two repricings of European CLOs on Wednesday, taking year-to-date volume to €8.29 billion -
Ares, Brigade and Redding Ridge issue CLO resets totalling $1.61 billion
3 years ago
$1.61 billion in CLO resets issued on Wednesday as new deals emerged from Ares Management, Brigade Capital Management and Redding Ridge Asset Management -
Ares/Crestline CLO overlap jumps to 60% following Ares takeover, Fitch says
3 years ago
CLO acquirers have been busy converting purchased portfolios to their house-style, according to research by Fitch -
OC health check: 41 CLOs heal their breaches
3 years ago
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates -
Ares rides vaccine rally to price tightest three-year US CLO
3 years ago
CLO primary spreads have tightened dramatically after Ares Management priced its first US new issue post-election, with weighted funding costs of just 167.38 basis points over Libor
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