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CLO Census latest: voting crosses 200 as range of dealers lead in CLO origination
2 years ago
CLO market participants are placing value on the specialist service that dealers are providing, according to Creditflux’s CLO Census, with three different banks leading the way for US CLO execution, structuring and syndication. A silimar trend is in play in Europe -
Spread adjustment curve emerges for ground-breaking Walker & Dunlop Sofr loan
2 years ago
Walker & Dunlop has changed the credit spread adjustment (CSA) on its fully-Sofr $600 million loan, Debtwire reports, with a varied structure depending on the benchmark tenor -
Nine CLOs each — and every one of them is different
2 years ago
CLO giants Blackstone and Carlyle Group have printed nine new US CLOs apiece this year, but CLO market participants say managers are creating distinct portfolios -
Landmark Sofr loan nears with spread adjustment giving taste of things to come
2 years ago
The first fully-Sofr US loan is getting closer -
Credit investors seek alpha as delta variant creates volatility
2 years ago
The leveraged loan and private debt markets have been on a tear for the first half of the year, but analysts are forecasting a more volatile six months ahead -
Siaci €202 million loan to leave CLOs after merger as new debt guided in low 400s
2 years ago
Burrus has outlined price talk on an €850 million loan backing its acquisition and merger with Siaci, a popular CLO credit -
BofA and Citi unveil multi-dealer platform for CLOs and loans
3 years ago
Bank of America and Citi have joined forces with plans for a multi-dealer CLO and loan platform which will cover trading, data and analytics -
BlackRock shaves top but widens rest of stack with Euro CLO reset
3 years ago
BlackRock has reset a 2016 vintage CLO, pricing the triple A tranche inside the average for new issue European deals but widening lower rated tranches from where they refinanced in 2019 -
European CLO and loan spreads jostle in tight race
3 years ago
New issue CLO spreads have tightened so sharply in Europe that market participants are questioning how long the process can continue. -
CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
3 years ago
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux. -
Europe leads corporate credit rally, but US outperforms in CLOs
3 years ago
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year -
CLO rally keeps primary market flowing for most prolific issuers
3 years ago
The rally in CLO liabilities in September has given fresh impetus to the primary CLO market, which has benefitted from almost six months of favourable market dynamics -
Legacy CLO warehouses brought into scope of Fed's talf programme
3 years ago
The US Federal Reserve has published an updated term sheet and FAQ for its term asset-backed securities loan facility programme with amendments to allow a greater scope of CLOs as eligible collateral -
Loan market slump feeds into CLO pricing
4 years ago
The loan market opened this week 2-4 percentage points lower than last week, pushing it toward 90—a threshold it has not crossed since February 2016. CLOs have reacted to this rapid drop -
Volatility wave brings index-linked CLO funds into play
4 years ago
Defensive positioning from loan managers has led to bifurcation in that market, but CLO fund managers are taking an attack-minded approach with ‘index-linked funds’. -
Managers amend CLO structures amid refinancing ripple
4 years ago
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave. -
Marathon issues CLO with limitation on B3 loans
4 years ago
Marathon Asset Management’s new $405 million US CLO has a 25% cap on loans rated B3 and below, says a source close to the deal -
DFG seeks secondary loans for new series of Pulsar CLOs
4 years ago
DFG Investment Advisers is launching a new line of CLOs with collateral sourced entirely in the secondary market -
The Last Tranche with THL’s Herzig: loan bifurcation and the direct lending safety net
4 years ago
For Creditflux's Last Tranche podcast, THL Credit’s Michael Herzig joins Hugh Minch and Seth Brumby to talk, among other things, about bifurcation in the US loan market, why some borrowers might suffer refinancing woes and how large direct lending funds can step in to provide financing to even large-cap companies -
Euro CLO managers ditch Moody’s as negative views rise
4 years ago
European CLO managers have begun turning against Moody's as it has rapidly increased the number of loan issuers it has placed on negative outlook. -
US CLO managers see positives as docs include negative notation language to ease move to new reference rate
4 years ago
Europe might be making progress, but US CLO managers are less than preoccupied with the looming transition away from US dollar-Libor based pricing. -
US loan trading: CLO managers on cloud nine after Ultimate Software allocations
4 years ago
CLO managers took down about 27% of Ultimate Software's loans in April, when the cloud operator issued its $2.3 billion first lien term loan due 2026, according to CLO-i -
Market bemoans Europe’s lack of CLO manager tiering
4 years ago
Manager tiering became a hot topic in Europe again last month following Credit Suisse Asset Management’s decision to break with tradition by syndicating its triple A notes in Madison Park Euro Funding XIV, rather than place the notes with an anchor investor. -
Loan trading round-up: CLO managers fall out of love with First Data
5 years ago
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans -
Tail wags dog as European CLOs' 108bp benchmark drags loans
5 years ago
European CLOs usually price on the back of where underlying loans are printing, but this year the reverse looks to be true
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