Axa IM returns to US new issue CLO market after one-year break
Axa Investment Managers has returned to the new issue CLO market in the US after pricing the $406.25 million Allegro CLO XII via BNP Paribas

CLO pipeline: 15 managers make a final push
15 US CLO managers are in the near term pipeline with just a few days before primary markets close for the holiday season. Among these, nine are aiming to price a new deal while the rest include a reissue, a reset and four refinancings.

Global CLO b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results

Axa IM completes rare CLO tranche repricing
Axa Investment Managers has completed a rare repricing of the fixed-rate notes of its 2018 CLO Allegro VIII. BNP Paribas arranged the $10.8 million repricing

Axa IM fund drops in July as it seeks call on non-paying 2013 CLO
Volta Finance, a publicly listed CLO fund managed by Axa Investment Managers, was down 1.2% in July (after its 11 cents per share dividend payment) due to US dollars depreciating against euros by 4.6% during the month, Axa said in the fund's monthly update

US CLO single Bs reach post-crisis tights despite rating pressure
US CLO single Bs are trading at their tightest levels since the coronavirus pandemic outbreak and ,while these bonds make up a tiny slice of the market, more and more instances of single B b-wics are ocurring

Axa IM reaches €1.05 billion for second infra debt fund
Axa Investment Managers’ real assets division has closed its second European infrastructure debt fund, European Infrastructure Senior 2, at €1.05 billion

OC health check: all quiet on the overcollateralisation front
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due.

Beneath the triple C: downgrades hold steady as Travelport loses its luggage
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers

OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs.

European CLO trader set to join Axa IM
An experienced CLO trader in London is going to be taking on his first buy-side role, sources say

Listed CLO fund rebounds in April with 5.7% gain
US and European CLO equity tranches brought in gains of 10% in April for the fund, US CLO debt 12.1%, ABS 0.6% and bank balance sheet transactions 0.3%

Listed CLO fund declares May dividend after equity avoids cashflow diversion
Axa Investment Management has declared an interim dividend on its listed CLO fund, Volta Finance, after cancelling its April dividend citing the uncertainty of cash flow payments

Global CLO b-wic round-up: equity makes a return as investors search for price levels
Three European CLO equity bonds have traded with colour attached in the last two weeks in the secondary market

Structured credit fund loses 32.4% in March as junior US CLO debt slumps
Volta Finance’s net asset value dropped 32.4% in March, according to a monthly report released yesterday. US CLO debt was the weakest performer for the structured credit fund, managed by Axa Investment Managers, losing 41.3%.

Four managers eye breakthrough new issue European CLOs
The European primary CLO market is showing signs of revival with four managers eyeing deals

Axa IM cancels Volta dividend due to CLO equity cash flow uncertainty
Axa Investment Managers has has cancelled the 28 April dividend payment to investors in its listed credit fund Volta Finance “in light of the ongoing uncertainty caused by the covid-19 pandemic"

Credit funds at a glance

A round-up of fundraising and people moves in credit

Fund perfomance: Slowdown for some as pandemic takes hold

Axa IM brings together real assets and structured finance in reorganisation
Axa Investment Managers is set to split its platform in two with an 'alternatives' business and a 'core' division  

Axa IM launches SRT fund after record-breaking 2019
Axa Investment Managers says it has held a first close on a fund that invests in significant risk transfers

Axa terminates $14 billion fixed income mandate with AB as it takes assets in-house
Axa has terminated a $14 billion taxable-fixed income investment mandate with AB

Axa IM makes savings at triple A level, but juniors widen as it prices new US CLO
Axa Investment Managers has priced a new US CLO which underlines how senior CLO spreads have been stable this year, while junior spreads have shot wider

Ex-CQS portfolio manager resurfaces at Axa IM
A former European leveraged loan portfolio manager who left CQS in July 2018 has resurfaced at Axa Investment Management

CLO pipeline: DFG keeps its finger on the pulse
It will be a busy year-end for new issue CLOs in the US. DFG is returning with Pulsar II, using collateral sourced entirely from the secondary market