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Japanese investors and ETFs bid up CLO triple As as US banks cool off
11 months ago
CLOs saw healthy demand from Japan in the first three months of the year, with Japan Post Bank and Norinchukin each increasing investments in the asset class. Japan Post’s CLO holdings stood at JPY2.3 trillion ($17.51 billion) as of 31 March, an increase of $550 million in the quarter and up 32.7% on the year prior. Nochu added $110 million to JPY6.4 trillion ($48.2 billion), or 13% of the bank’s investment portfolio. -
CLO market turns international as new investors land
1 year ago
The global CLO market attracted new investors over the first quarter of 2023, according to market sources, while others have moved across the capital stack or into different regions than those to which they have been accustomed -
Biggest investors add to CLO holdings — but Japanese banks buy more than US-based rivals
1 year ago
Most of the biggest CLO noteholders in the banking world increased their investments in CLOs in the fourth quarter of 2022, but industry insiders say the momentum in early 2023 has been with Japanese buyers over US domestic institutions -
JP Morgan leads bank investors in CLOs with $63.44 billion
1 year ago
JP Morgan was the only big US bank holder of CLO notes to meaningfully increase its investments in the third quarter of 2022, adding $9.84 billion according to latest financial statements -
Nochu turns tables after experiencing CLO walkouts
1 year ago
Norinchukin Bank’s retreat from global CLO investing — having agreed to take down the senior notes of several upcoming CLOs — has disappointed market participants. However, although they don’t condone such actions, sources say there were mitigating circumstances -
It's Nochu it's me: bank backs out of CLO triple A tranche as it takes sideline
1 year ago
Triple A CLO investor Norinchukin is understood to be taking a pause from investing -
Large US banks shed $8.5 billion of CLOs as others step up
1 year ago
Three of the largest investment bank buyers of CLO paper - Citi, JP Morgan and Wells Fargo - cut their portfolios by a combined $8.5 billion in this this year's second quarter -
European CLO market set to reap rewards from Harvest as Nochu returns
1 year ago
Prolific CLO triple A investor Norinchukin is set to make its grand return to European CLOs with the Japanese bank providing anchor triple A investment in Investcorp’s forthcoming new issue -
JP Morgan holds place as CLO market's largest noteholder
1 year ago
JP Morgan remained the world's largest CLO noteholder at the end of the first quarter, with $59.69 billion invested in the asset class as of 31 March - an increase of $1.11 billion from year-end -
Equity pushes back as Nochu eyes European CLO resets as path to comeback
2 years ago
CLO equity investors are understood to have pushed back against stipulations set by heavyweight CLO triple A investor Norinchukin, as the Japanese bank mulled rolling over into European CLO resets -
Nochu returns to CLO new issues after two-year break
2 years ago
Norinchukin Bank made its long-awaited return to the CLO primary market last month, investing in US CLO triple A notes once more -
Nochu again: Japanese bank makes tentative return to CLO primary investing
2 years ago
Norinchukin, the world’s largest holder of CLO notes, made a tentative return to primary investing last month -
US banks poised to overtake Nochu as largest CLO noteholders by year end
2 years ago
Norinchukin is on track to lose its position as the world's largest CLO noteholder after its portfolio shrank by 33.4% since the start of the year -
Norinchukin CLO book sheds $4.5 billion in Q1 as US banks step up
3 years ago
Norinchukin's CLO portfolio shrank by JPY 500 billion ($4.5 billion) in the first quarter, with the 6.76% drop representing its fastest decline on record -
Nochu stays on sidelines but hope lingers for return
3 years ago
Reports in the mainstream media last month suggested Japanese heavyweight CLO investor Norinchukin Bank was looking at deals in the market ahead of a return to CLO investments. -
Correction: JP Morgan shifts bulk of CLO portfolio to held to maturity
3 years ago
JP Morgan has shifted two thirds of its CLO portfolio to the 'held to maturity' part of its balance sheet, posting $31.15 billion worth of CLO holdings on 30 September of which $20.95 billion were held to maturity -
Big US banks pull back from CLO primary market to preserve cash
3 years ago
CLO triple As have tightened substantially in recent weeks to tights of 155 basis points in the primary market - but sources say the big US banks that typcially invest in these bonds are not buying -
Banks report billions in unrealised CLO losses
4 years ago
Some of the world's largest bank buyers of CLO tranches reported billions of dollars of gross unrealised losses in their their latest quarterly reports -
'Nochu covenant' leaves big CLO managers in a trading bind
4 years ago
Stipulations pushed into CLOs by the world’s largest CLO investor Norinchukin to limit its exposure to covenant-lite loans are causing headaches for managers on its approved list hoping to use the dislocation to build par -
Heavyweight investors poised to step up US CLO allocations
4 years ago
CLO issuance in 2020 could be boosted by the return of two of the asset class’s largest historic investors, sources say. -
Norinchukin's CLO portfolio decreases for first time in years
4 years ago
Japanese CLO heavyweight Norinchukin posted its financial statements yesterday, where it reported a 1.42% drop from its statements at the end of the second quarter -
CLOs' risk to Japanese banks 'subdued' despite ratings and mark-to-market risk, says Bank of Japan
4 years ago
The risk to Japanese banks posed by their investments in CLOs is ‘subdued’, according to the Bank of Japan Financial System Report -
Nochu's CLO holdings up 8% in Q2 while JP Morgan buys even faster
4 years ago
Norinchukin Bank’s CLO portfolio grew another 8% in the second quarter to JPY 8 trillion ($74.12 billion) by 30 June, according to the bank’s latest quarterly report which was released today -
US and European investors score new allocations to triple A CLOs as managers 'de-Nochu'
4 years ago
US and European investors in triple A-rated CLOs are in good spirits as the world’s largest buyer of these notes pulls back from investing -
CLOs are 11% of Nochu's assets as bank posts JPY 7.4 trillion investments
5 years ago
Norinchukin bought another JPY 600 billion ($4.77 billion) CLOs in the first quarter, taking its total investments in the asset class to JPY 7.4 trillion ($66.8 billion), according to the bank’s latest financial statements
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