Brigade prices first new European issue in 10 months
The latest print in the manager’s Armada series was the tightest European deal so far this month  

Brigade wraps up 2024 with third Euro reset
Brigade Capital Management has reset a 2019-vintage European CLO via Morgan Stanley  

Brigade prints wide of current Euro mark with CLO reset
Brigade has priced a reset of a 2018-vintage European CLO via Bank of America

Brigade prices unusual reset on rapidly-amortising CLO
The end of last week saw Brigade Capital Management price an unusual 2018-vintage reset that widened the deal’s overall cost of funding

Brigade prices new European CLO
Following a quiet period on the primary market, Brigade Capital Management returned to the primary market this week with its first European issue of the year

Brigade requests restructuring flex for pre-covid European CLOs
Brigade Capital is proposing to amend documentation in some of its pre-covid European CLOs to include new restructuring language, the firm wrote in a letter to investors in Armada Euro CLO II and Armada Euro CLO III 

Brigade teams up with UBP for long-short credit Ucits fund
The fund will pursue a long/short credit strategy that combines "fundamental credit selection with structured credit"

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

You seem familiar
The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator

CLOs at a glance (June 2022)
A listing of CLOs that have priced in the last month
 
   

Everyone’s ramping

Credit funds at a glance (October 2021)
A round up of fundraising and people moves in credit

CSAM regains best manager throne
Upstart CLO managers overtook more experienced rivals at last year’s Creditflux Manager Awards, but CSAM and other large firms, such as PGIM, emerged victorious in London this time around

Credit Rendezvous: And breathe...
The unanimous verdict is that credit spreads will be moving wider – they have to. But the difficulty credit fund managers face is predicting when the next sell-off comes and how sharp it will be. In the Q3 instalment of Creditflux’s Credit Rendezvous, the over-riding message from portfolio managers is that there’s little point in taking on too much risk. The report features the views of prominent credit figures including Paul Horvath (Orchard), Himani Trivedi (Nuveen), Ronnie Jaber (Onex), Graham Rainbow (Alcentra) and Michelle Russell-Dowe (Schroders). The report looks at 14 segments of the market including CLOs, direct lending, leveraged loans, distressed debt and credit derivatives.  

Credit funds at a glance (July 2021)
A round up of fundraising and people moves in credit

Brigade prices first European CLO new issue in 20 months
Brigade Capital Management has priced its first new issue European CLO since October 2019, leaving just five managers that have not printed a new issue since 2019 

CLO pipeline: queue gets longer as Blackstone goes again and Sancus makes first move
The queue to price for US CLO managers is only getting larger with 18 new issue CLOs in the pipeline, according to market sources, along with 18 repricings and two new issue European CLOs and two mid market CLO resets

Brigade chooses reset route for 2017 European CLO
Brigade Capital Management has chosen to reset its inaugural European CLO, becoming only the second manager to reset a 2017 vintage deal this year

Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels

European CLO managers switch legacy deals to originators ahead of Brexit deadline
A few European CLO managers are undertaking house keeping ahead of the end of the Brexit transition period in January, by switching the method by which their legacy CLOs comply with risk retention from sponsor to originator

The tranche market shines, whatever your view on credit
Index tranche volumes have reached record levels this year and CSOs have withstood the covid crisis. Panellists at the Credit Dimensions webinar outlined a range of trades in a thriving market

Points up front: How much do I owe you?
Payment systems in the credit industry had a bad August