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US CLO investors express cautious optimism for 2023
1 year ago
After a turbulent year in 2022, US CLO investors are sounding a cautiously bullish tone heading into 2023 -
Major fund withdrawals undermine credit momentum
1 year ago
Credit funds are extending their run of inflows into the end of the year, but investment grade momentum took a dent last week due to investors in one big fund pulling their money -
Canyon scores 225bp triple A print on latest CLO
1 year ago
Canyon Partners priced a new CLO on Thursday with the triple A notes printing at 225 basis points over Sofr -
US CLO tranches had best month of year in November: Barclays
1 year ago
CLO debt investors enjoyed their best month of returns for 2022 in November, with triple As returning an annualised excess return of 12% and triple Bs returning 37% on the month -
Sound Point prints its first new CLO in 11 months
1 year ago
Sound Point Capital Management returned to the CLO primary market on Monday to print its first new CLO in 11 months -
Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
1 year ago
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles -
CSAM and CVC take different paths to benchmark 220bp US CLO triple A print
1 year ago
Credit Suisse Asset Management and CVC Credit Partners each came out with a new CLO on Tuesday with senior triple A notes yielding 220 basis points over Sofr, proving the benchmark triple A print for tier one CLO managers is unchanged since October -
Outsized corporate rally puts financials RV in focus
1 year ago
The week is ending with resumption of credit’s recent rally after a brief pause, and Europe once again taking the lead over the US -
US CLO pipeline: PPM returns to playing field after 14-month absence
1 year ago
Five fresh deals have made their way on to the pipeline this week, including PPM Loan Management company preparing to end its 14-month drought -
European outperformance creates index options trading mismatch: Barclays
1 year ago
The recent outperformance of European credit over US has shifted the value of iTraxx index options, but CDX index volatility premiums stand out for having hit a new low -
Neuberger Berman prints US CLO with senior triple As hitting 220bp benchmark
1 year ago
Neuberger Berman priced a new CLO on Thursday with the deal's triple A notes placing at the current benchmark yield of 220 basis points over Sofr -
CLO managers to jump into action as Covanta loan proposal omits spread adjustment
1 year ago
Covanta Holdings is the latest example of a US loan issuer looking to switch benchmark from Libor to Sofr, but without an accompanying credit spread adjustment -
CLO triple As face contest with "appealing" US treasuries: Barclays
1 year ago
The challenge of issuing new CLOs has been put into sharper relief, with Barclays strategists arguing US treasuries look attractive versus triple A tranches -
US CLO issuance to drop 15% in 2023: Barclays
1 year ago
US CLO new issuance is likely to be around $117 billion in 2023, a decline of around 15% on 2022 -
Up to 40% more US loan supply will hit primary market next year: Barclays
1 year ago
US leveraged loan supply in 2023 will outstrip this year’s tally by a good margin, according to Barclays credit strategists in New York. But it will remain below average, particularly given the increased size of the index -
High yield markets win big in 2022’s love-letter to CDS
1 year ago
Tradeable credit assets have suffered a rough year for liquidity and returns, but credit derivatives are among a small group of products defiantly enjoying a bumper year. -
Credit funds at a glance (November 2022)
A round up of fundraising and people moves in credit -
AGL teams up with two arrangers on new US CLO
1 year ago
AGL Credit Management has worked with two arranging banks on its new $387.65 million CLO named AGL CLO 23 -
CLOs underperform recovery as central bank tone shifts: Barclays
1 year ago
CLOs have lagged the recovery in risk assets over the last week and remain at near year-to-date wides, according to research from Barclays. Strategists add CLO triple Bs look cheap versus high yield corporate bonds -
Sofr away from me – basis puts new CLO triple As in dire straits
1 year ago
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business -
CIFC's seventh new US CLO of year takes tally to $3.3 billion
1 year ago
CIFC Asset Management priced its seventh US CLO of the year on Friday, bringing its yearly issuance volumes to $3.3 billion and climbing to fifth on the manager leaderboard -
Credit/equity RV trades work better in selloffs than rallies: Barclays
1 year ago
Investors looking to exploit dislocations between high yield debt and equity would do better to short bonds following equity selloffs rather than buy bonds following equity rallies, according to Barclays credit strategists -
Credit funds at a glance (October 2022)
1 year ago
A round up of fundraising and people moves in credit
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Experienced structured credit trader to join bank after leaving Credit Suisse
1 year ago
Credit Suisse is set to lose a trader with almost 17 years experience at the firm to another bank in New York -
Trimaran comes at wider end with first CLO of year
1 year ago
Trimaran Advisors on Tuesday priced its first CLO of 2022
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