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Beneath the triple C: CLOs take first knock since covid scrapes
1 year 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 -
Differences emerge in shape of new CLO bond buckets
3 years ago
The future of bonds in CLO portfolios is beginning to take shape after amendments to the Volcker rule came into effect in October last year -
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 -
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 -
Europe leads corporate credit rally, but US outperforms in CLOs
3 years ago
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year -
European CLO double Bs jump wider amid October macro worries - but seniors stand firm
3 years ago
The fortunes of investment grade and high yielding European CLO tranches have gone in opposite directions in the last month. In a year where relative value has shifted several times, Creditflux analysis shows that new issue European CLO double Bs have blown out by 16.5% in October versus September, while triple A-rated notes have tightened 6.7% in that time -
Five year structures back in vogue as Diameter prices bond flex CLO
3 years ago
Diameter Capital Partners has priced the third five-year CLO structure amid the coronavirus pandemic, after teaming with GreensLedge to issue its latest CBO named Diameter Credit Funding III, -
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 -
Bond flex CLOs makes rapid MVOC recovery to underline evolution from CBOs
3 years ago
Bond flex CLOs, much like regular CLOs, are feeling the pain from March's sell off, but they have made a swift recovery -
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). -
We need to talk about high triple C/bond-heavy CLOs
4 years ago
It’s tranched, has exposure to corporate credit and looks and behaves a lot like a CLO – only it’s slightly different. There is so much variety in the CLO market that the industry is faced with a dicey problem: how do we differentiate between the different flavours of CLOs? -
Fortress produces $1 billion quasi-CBO
6 years ago
Fortress Investments has produced one of the biggest quasi-CBOs since the financial crisis after pricing FDF IV at $1,018.8 million on Friday. -
London-based private equity firm looks to land in credit
7 years ago
High profile firm hunts a credit head to build a sizeable business in this area -
ICG prices first euro CLO since 2014 following new hires
7 years ago
Intermediate Capital Group has priced its first European CLO in nearly two years, according to market sources -
Ivy Funds plants new bond fund with Pictet
8 years ago
Ivy Funds has announced the launch of a new bond fund which intends to capitalise on low interest rates -
Golub Capital prices first CLO of the year following recent hire
9 years ago
Sources say that Golub Capital Partners CLO 22(B), a $503 million CLO, priced on Friday -
Investor fears grow over rising loan leverage in CLOs
9 years ago
Rising leverage is investors' biggest concern about CLO collateral, according to voting at the Creditflux Investor Summit earlier this month -
Angelo Gordon hires ex-GE pair for new mid-market business
9 years ago
Angelo Gordon has announced that it has taken on two former GE mid market loan specialists for a new mid-market lending business which was first revealed in the latest issue of Creditflux -
RBS set to trim its US CLO business
9 years ago
RBS is expected to down-size its asset-backed division in the US over the next year or so in a move which will see cuts to its US CLO business, sources say -
$180 billion US pension fund seeks fixed income portfolio manager
10 years ago
One of the largest US state pension funds with $180 billion in assets, is seeking a senior fixed income portfolio manager. Candidates are notified: 10% of your time will go into meetings -
US manager keeps up the momentum with another new CLO
11 years ago
One of the most active CLO issuers in recent times has launched another CLO -its first this year -
Large CLO manager raises $50 million for new loan fund
11 years ago
A prolific CLO issuer is aiming to launch what is thought to be its first loan fund -
CDO manager appoints a new key man for its deals
12 years ago
A European CDO manager has succesfully appointed a new key man for its deals after a key man event was triggered in September -
Former Merrill officials join broker-dealer
14 years ago
A structured products group that is staffed by several former Merrill Lynch executives launched in July -
High profile start-up hires structured credit veteran
14 years ago
Boutique investment bank StormHarbour Securities has continued its rapid expansion by hiring Calyon's former structured credit sales head
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