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Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
1 year ago
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it. -
Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale -
CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
2 years ago
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default -
Quarterly rankings: Carlyle climbs to top of pack with CBAM boost
2 years ago
Carlyle Group has cemented itself as the largest manager globally, following its acquisition of fellow CLO manager CBAM -
European CLO market gets underway with two refis, one reset and bubbling pipeline
2 years ago
Managers priced two European CLO refis and one European CLO reset on Thursday as Barings, Blackstone and Carlyle all reworked deals -
Global 2021 CLO league tables
2 years ago
Global 2021 CLO league tables -
Global CLO league tables - Nov 2021 YTD
2 years ago
Global CLO league tables - Nov 2021 YTD -
Global CLO league tables - Aug 2021 YTD
3 years ago
Global CLO league tables - Aug 2021 YTD -
Euro CLO league tables: Blackstone back on top while Jefferies extends lead as focus turns to new issues
3 years ago
2021 European CLO issuance crossed €60 billion in July, which is more than the 22 months that preceded this year -
Global CLO league tables - Jul 2021 YTD
3 years ago
Global CLO league tables - Jul 2021 YTD -
CLO pipeline: Birch Grove and Fort Washington dish out first 2021 deals as Carlyle goes for sevenths
3 years ago
CLO investors can feast on a range of deals in the new issue market over the next month. -
CLO pipeline: queue gets longer as Blackstone goes again and Sancus makes first move
3 years ago
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 -
Euro CLO league tables: cramming a year's worth of work in two months
3 years ago
It is no surprise the European CLO market has been experiencing fatigue at times this year with the last two months of issuance alone almost equalling issuance figures for the whole of 2020: last year €22.78 billion worth of European CLOs priced, while in March and April 2021, managers brought €21.48 billion to market -
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 -
Global CLO trading lab: secondary volumes inflate and easily get absorbed
3 years ago
Weekly secondary CLO volume has been lower across the capital structure in recent weeks as 2021’s refinancing wave left investors with plenty of choice -
CLO pipeline: expensive 2019 CLOs in vogue with 32bp savings potential
3 years ago
The CLO pipeline is dominated by refinancings and resets, with new issuance taking a backseat -
CLO pipeline: Carlyle eyes fourth new issue in two months but refis and resets dominate
3 years ago
Manager focus has shifted to reworking vintage CLOs to lower funding costs in a much tighter market, with the new issue US market having slowed -
It's all relative: CLOs are lagging no more, as Carlyle deal drags market tighter
3 years ago
“CLOs are lagging” has been a much repeated refrain over the last nine months. But Carlyle Group has this week produced a US CLO that has dragged spreads to their tightest point in three years so that, rather than comparing CLOs to pre-covid levels, they should be assessed against early 2018 -
Global CLO league tables - November 2020 YTD
3 years ago
Global CLO league tables - November 2020 YTD -
Euro CLO league tables: Barclays heads close race for new issues
3 years ago
Bridgepoint became the fifth European debut manager in 2020 when it teamed up with Barclays to price Bridgepoint CLO I on 13 November. The €301.85 million deal featured triple A notes at 121bp over Euribor, 11bp wide of market tights -
CLO pipeline: LCM switches arranger to complete deal and join issuance surge
3 years ago
Over $3.5 billion of global CLO issuance priced last week and managers in all three CLO markets are taking advantage of tightening spreads across the capital structure after three major covid-19 vaccine breakthroughs and increased confidence since the US presidential election -
CLO pipeline: three behemoths prepare for quick-turnaround new issues
3 years ago
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types -
Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
4 years ago
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to CLO-i -
Euro CLO league tables: Apollo blasts its way to top spot
4 years ago
July marked the largest month of European CLO issuance since coronavirus pandemic-induced volatility hit financial markets -
Global CLO league tables - July 2020 YTD
4 years ago
Global CLO league tables - July 2020 YTD
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