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Centerbridge returns to the market with new US BSL CLO
5 months ago
After a somewhat quiet year on the primary market, alternative investment manager Centerbridge Partners this week priced its first CLO since February, in a USD 475.35m transaction -
Birch Grove passes $2 billion CLO volumes after fifth new issue
1 year ago
Birch Grove Capital priced a new CLO on Tuesday, bringing it's issuance volumes to $2.3 billion across five transactions since 2019 -
CLO term curve inversion hits new extreme with Trinitas print and sprint deal
1 year ago
Trinitas Capital Management became the sixth US CLO manager this year to issue a static CLO transaction -
Junior European CLO spreads edge tighter as Voya gets off the mark in 2021
2 years ago
Junior CLO spreads have come in tighter after Voya Investment Management priced its first European deal of the year -
Palmer Square ramps up Euro static CLO business with third new issue
2 years ago
Palmer Square Capital Management has settled down quickly in Europe with the Kansas-headquartered manager transferring its static CLO model to the continent for the third time since it debuted in August -
Global CLO trading lab: quality and optionality shine as 2020 and 2019 mezz trades up
2 years ago
The primary and secondary CLO markets are moving in tandem with both markets drifting wider amid a wealth of supply -
Euro CLO league tables: out with the old, in with the new as Jefferies leads way
2 years ago
Despite being a newcomer to the European CLO market this year, Jefferies has taken the market by storm and leads the way in overall European CLO issuance -
CLO triple As leak wider but mezz comes in as Carlyle, PGIM and KKR price Euro new issues
3 years ago
CLO heavyweights Carlyle, KKR and PGIM all took to the primary market on Friday pricing a total of €1.22 billion issuance -
Blackstone and Hayfin get Euro CLO new issues rolling as single Bs diverge
3 years ago
Blackstone paired with BNP Paribas for Carysfort Park, while Hayfin followed the yellow (or rather gold) brick road to pair with Goldman Sachs on Hayfin Emerald CLO VI -
It's all relative: CLOs march tighter as macro traders open positive CDS skews
3 years ago
Credit default swaps are back near where they started the year after giving up their early-February gains amid a rise in government bonds. CDS curves steepened over the past month and macro hedging has left indices trading with positive skews. But CLOs paint a calmer picture in which spreads have inched tighter -
PGIM resets Dryden 44 and switches from six-month to three-month Euribor
3 years ago
JP Morgan has arranged the reset of PGIM's 2016 vintage Dryden 44, switching paying liabilities from semi-annual basis to quarterly -
It's all relative: senior CLO tranches tighten 18% in Europe as CDS indices sit out rally
The corporate credit rally in January is notable because some assets tightened to levels not seen in over a decade (loans), others rallied albeit with a lag (CLOs) and the most liquid stream of credit (CDS indices) defied moves in other asset classes to widen
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US CLO league tables: new issue rankings go to wire as post-pricing upsizes pop up
3 years ago
The new issue US CLO rankings are tightly contested with JP Morgan leading Citi by just $641 million with one month left of the year. Even in December's typically slower weeks this is a closeable gap -
Invesco completes first European CLO since February
3 years ago
Invesco has printed its first CLO in Europe since the March sell off, teaming up with Barclays to issue the €305.4 million deal named Invesco Euro CLO V -
European triple As tighten to 106bp with CVC benchmark CLO
3 years ago
CVC Credit Partners priced its latest European CLO on Friday, securing the tightest triple A print since the March sell off -
AGL prices five-year reinvestment CLO to reach $3.7 billion issuance in 2020
3 years ago
AGL Credit Management has reached $3.73 billion new issue CLO volumes for 2020 by pricing its seventh deal of the year, named AGL CLO 9 -
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 -
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 -
Owl Rock gives two hoots after issuing second low-levered CLO
4 years ago
Owl Rock is sticking to its low-levered CLO strategy after pricing Owl Rock CLO II, backed by middle market loans, on Friday -
Global CLO round-up: Europe mops up demand, as Euribor hits the floor
4 years ago
The final stretch of the year began with a bang, with the first week of Q4 bringing $3.3 billion of CLO issuance in the US and €1.2 billion in Europe. But the resurgence in volumes was not the only talking point last week, with Europe coming into focus as spreads surfed tighter -
ICG prices short-dated reset of 2015 CLO
5 years ago
Intermediate Capital Group priced a short-dated CLO reset yesterday via Credit Suisse -
Benefit Street reworks 2016 CLO to reduce funding costs by 61bp
5 years ago
Benefit Street Partners has made a quick-fire return to the CLO market with a reset of its 2016 deal, Benefit Street Partners IX -
US CLO round-up: volumes move in sync with 2017, but it could not be more different
5 years ago
$111 billion of CLO isssuance this year compared to $113 billion by this point last year. But new managers, spread movements and no risk retention make it seem like a completely different environment -
B-wic round-up: above par bids flood in for CLO double Bs
5 years ago
$401.43 million worth of CLO paper was available via b-wics last week out of which $378.23 million (94.2%) traded, according to CLO-i -
B-wic round-up: demand for secondary CLO equity picks up in 2018
6 years ago
Secondary trading prices for US CLO debt tranches have been falling since the start of the year, with average cover prices for junior debt reverting to where they were six months ago. However, the opposite has to be said for CLO equity
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