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Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
3 years ago
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios -
Akorn falls into bankruptcy with $321 million planted in CLOs
4 years ago
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday -
CLOs hold $100 million of Intelsat debt as it files for bankruptcy
4 years ago
CLOs hold nearly $100 million of the debt of Intelsat, a Luxembourg-headquartered fixed satellite services provider, which filed for chapter 11 protection in the US Bankruptcy Court for the Eastern District of Virginia late last night -
Beneath the triple C: April showers send buckets overboard
4 years ago
Downgrade waves rocked the CLO market in April as Moody's and Standard & Poor's downgraded 135 corporate borrowers to triple C or below, from ratings above that level. The downgrades put CLOs in rough waters as $41.6 billion of such loans are prevalent in US CLOs while €5.64 are moored in European CLO portfolios – affecting 5.92% of the US market and 4.37% of the European market -
Who’s got the moves US: oil and gas leads renaissance for US CLO managers
4 years ago
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week -
Longview Power turns to coal for handful of CLOs
4 years ago
CLOs hold $43.9 million of the debt of US power company LongView Power, which filed for Chapter 11 in the District of Delaware yesterday -
Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
4 years ago
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further). -
S&P puts 48 triple C-heavy CLOs on negative watch
4 years ago
A spike in loan assets rated triple C as a result of the coronavirus pandemic has led S&P Ratings to put 48 CLO tranches on negative watch -
Who's got the moves US: Carlyle leads as $3.7 billion of CLO loans recover
4 years ago
CLOs were exposed to $833.4 million worth of paper in the 10 term loans that suffered the largest price falls last week. But CLOs also had exposure to $3.67 billion of loans that recovered the most over the seven days. -
Beneath the triple C: mighty CLO buckets from Akorns grow
4 years ago
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. -
McDermott slips into bankruptcy with CLOs holding almost $1 billion
4 years ago
42 CLO managers hold $957.6 million of the debt of McDermott International, which filed for Chapter 11 bankruptcy on Tuesday. Under the plan, McDermott’s term loan and revolving lenders will receive 94% of McDermott’s reorganised equity and $500 million in take back senior secured term loans. Term loan claims are expected to recover 84%, according to a disclosure statement -
CLOs face losses as Constellis loan drops to 28.5
4 years ago
32 CLO managers hold $640.4 million of Constellis Holdings’ debt, which Moody's downgraded to C after the company missed an amortisation payment due 31 December -
US loan trading: CLOs treated to DaVita as Refinitiv outflows escalate
4 years ago
US CLO managers were treated to a $2.75 billion term loan B by kidney dialysis services provider DaVita, which became the most popular issuer in August. And Refinitiv US Holdings continued to be the most sold US issuer by CLOs, according to the latest trustee reports from CLO-i -
CLO managers lick their wounds with Joerns bankruptcy
4 years ago
Seven CLO managers hold $92.3 million exposure to US healthcare equipment businesses Joerns Woundco Holdings, which filed for Chapter 11 bankruptcy on Monday -
CLO issuance will temper as market remains in 'exploratory mode', notes BAML research
5 years ago
Following a bout of volatility in the loan market, CLO issuance will be tempered as debt and equity investors rediscover correct pricing levels, according to a new research paper published this week by Bank of America Merrill Lynch -
24 CLO managers hold J Crew loan as it drops 4.62%
5 years ago
A total of 109 CLOs hold $219.4 million exposure to J Crew, whose Term Loan B traded down 4.62% from yesterday -
European loan portfolio manager parts ways with CQS
5 years ago
A European leveraged loan portfolio manager at London-based CQS has left the firm, Creditflux has learned -
Fight for US loans commences following risk retention U-turn
6 years ago
US CLOs are set to be free from risk retention in the next few weeks. Headache over for US CLO managers? Not really – now it becomes a fight to source the assets that will populate CLOs -
European CLO pioneer Wallace set to leave Maltese bank
6 years ago
A loan portfolio manager – who was behind a pioneering European 2.0 CLO – has left MeDirect Bank
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