Axa IM combines single As in European CLO refi
Deutsche Bank arranged the € 274.7 million transaction, which cuts cost of debt by 31.8 basis points

CLO reissues return to Europe after two years as Five Arrows reworks 2018 deal
Five Arrows paired with Morgan Stanley on Friday to reissue its 2018 vintage deal, Contego CLO VI

Blackstone and Hayfin get Euro CLO new issues rolling as single Bs diverge
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

Creditflux and Debtwire unveil CLO stressed and distressed market analysis
The first edition of the CLO Distressed Roundup, a joint-report by Creditflux and Debtwire, takes a deep dive into the distressed and stressed loans held by CLOs as of December. Our report shows CLO portfolios are 10.2% stressed and 4.17% distressed, lower than not only the nadir of the pandemic in May, but also before the pandemic

Sound Point breaks through Europe's five-year reinvestment barrier to set CLO benchmark
European CLO triple As have reached new tights with Sound Point Capital Management pricing triple As at 77 basis points over Euribor

Spire inserts triple A loan tranche in European CLO reset
Bank of America arranged the €411.4 million transaction, which includes split triple A, pari-passu tranches in loan and note formats

2020 European CLO absentee hits 80bp triple A tights while mezz trails wider
Barclays arranged the €407.5 million transaction on Friday

European CLO mezz drifts wider as Sculptor and GLG reset and refi
Sculptor has reset its inaugural European CLO, Sculptor European CLO I, via Bank of America

European CLO rollover rate slumps amid refi/reset surge
European CLO investors' rolling rate into refinancings and resets has dropped since the start of the year, with the huge pipeline, a flight to quality and caution about widening spreads all playing a part

Euro CLO mezz spreads leak wider but seniors hold firm as ICG resets
European CLO mezzanine reset spreads have widened out slightly this week, highlighted by Intermediate Capital Group’s reset of St Pauls CLO VI via JP Morgan

A brighter year ahead
Panellists on Creditflux’s CLO webinar described how CLO spreads are close to historic tights, ESG is entering the docs and managers have more flexibility with work-outs than ever before

European CLO and loan spreads jostle in tight race
New issue CLO spreads have tightened so sharply in Europe that market participants are questioning how long the process can continue. 

CLOs at a glance (March 2021)
A listing of CLOs that have priced in the last month

Answering the “what if?” question
CLOs can be complex, and efficiently calculating trading scenarios even more complex. But new tools are available to help managers quickly model hypothetical scenarios

It's all relative: CLOs march tighter as macro traders open positive CDS skews
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  

Barclays pulls levers as CVC resets and GoldenTree CLO surpasses Spire leverage
Barclays added to its arranging volume on Friday as GoldenTree Asset Management priced the market's highest levered European CLO

Hayfin targets market tights with €403.8 million Euro CLO and fourth-time Goldman pairing
Goldman Sachs won the mandate to arrange Hayfin's first new issue Euro CLO of 2021, Hayfin Emerald CLO VI

Investcorp and JP Morgan pair again to reap 2018 European CLO refi
Investcorp Credit Management has partially refinanced the five most senior tranches of its 2018 vintage European CLO, Harvest XX

BofA forecasts record European CLO volume in 2021 as another reset prices
Carlyle Group has become the first manager in March to reset a European CLO, while BofA estimates the European CLO market might break a new record in 2021

Oaktree resets European CLO at market tights
JP Morgan printed a €372 million reset of Oaktree Capital Management’s Arbour CLO IV on Friday afternoon, according to market sources. The deal points to further spread compression for CLO reset transactions, particularly for mezzanine tranches

Debutant Jefferies takes Euro CLOs to €2 billion in under two weeks with Hayfin reset
"Pay no attention to the man behind the curtain" is a famous injunction associated with the Emerald City. But it is hard not to notice the woman-led team at Jefferies driving CLO volume, given it passed another impressive landmark on Thursday by resetting Hayfin Capital's inaugural Emerald CLO I

European CLO repricings top €8 billion in 2021 as Ares and PGIM rework deals
Ares and PGIM printed two repricings of European CLOs  on Wednesday, taking year-to-date volume to €8.29 billion

Reset triple A tightening outstrips new CLOs as investors beg to roll
CLO triple A tranches are pricing tighter in the reset market than new issues in both the US and Europe, due to a quirk of market technical dynamics

KKR pushes for nearly five-year reinvestment as Redding Ridge resets €554 million CLO
The European CLO reset wave is proceeding apace with KKR and Redding Ridge pricing deals on Tuesday

Alcentra, BlackRock and CVC refi €1.5 billion of European CLO paper
Deutsche Bank arranged the transactions for BlackRock and CVC while Morgan Stanley arranged partial refinancings for three of Alcentra’s deals