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European companies reprice EUR 16bn of loans in 2024 as window opens
2 months ago
When the European loan market started to talk about rates peaking late in 2023, repricing rehearsed a comeback, but did so effectively in January this year -
Arini's hiring spree continues as it builds out CLO platform
9 months ago
Arini continues to beef up its loan team with the hire of a senior member of the credit team at Rothschild -
Barclays won't let sleeping dogs lie after another Newfoundland CLO reset
1 year ago
Newfoundland CLO, the long running and world's largest balance-sheet CLO, has been given a new leash of life by upsizing in a reset yesterday, according to announcements from Moody’s and Scope Ratings. -
Beneath the triple C: Life could be better, but it’s just a letter, under the CCC
1 year ago
Many market participants were eagerly looking forward to a break in December after a gruelling year, but the rating agencies were in no mood to oblige. -
CVC plots further quasi-CLOs after landmark €400 million deal
1 year ago
CVC Credit closed a CLO-like’ vehicle backed by senior secured loans in December. Officials at the firm say they are in early stage discussions to launch similar vehicles after interest from equity investors" -
European CLO managers trade loans to avoid (par) burn
1 year ago
Between March and July, European CLO managers traded €21 billion of assets within CLOs that were still in their reinvestment period as opportunities arose amid a weaker macro environment and Russia’s war with Ukraine -
Credit Suisse to streamline European CLO manager client list
1 year ago
Credit Suisse is unlikely to be among the heavyweights in European CLO origination with market sources indicating that the bank is reducing its CLO manager client list -
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 -
US loan index falls below 92 to almost wipe out gains since July
1 year ago
The S&P/LSTA Leveraged Loan Index sank to an average bid of 91.92 cents by Monday, down by two points in as many weeks, wiping out almost all the gains seen in the late-summer market rally -
Axa IM plots Euro CLO warehouse investment amid loan pressure and possible liquidations
1 year ago
Some European CLO warehouse may face liquidations and there will be further pressure on leveraged loans in the last quarter of the year, according to Axa Investment Management -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
1 year ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
1 year 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 -
Widening asset/liability gulf will hurt CLOs: Barclays
1 year ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
Beneath the triple C: ebbs and flows leave triple C levels at a temporary stasis
1 year ago
Following a rising tide of downgrades in May the loan market stabilised somewhat in June, with seven issuers held by CLOs downgraded to triple C and a counter-swell of five names upgraded to single B. -
Beneath the triple C: CLOs take first knock since covid scrapes
2 years ago
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May -
European CLO managers aim for bigger bond bucket fix
2 years ago
European CLO managers are eyeing larger fixed rate bond allocations amid dislocation and lower loan supply. This has, in turn, led to an increase in fixed rate tranches -
Packaging company Schur is painful for European CLOs
2 years ago
The dramatic fall in loans taken out by Austrian flexible plastic packaging manufacturer Schur Flexibles has shocked CLO managers. The firm is hiring PJT Partners and Allen & Overy ahead of a potential restructuring -
Banks join fight against slow loan settlement in mini-win for CLOs
2 years ago
Several developments are in the works to tackle painfully slow loan settlement times in Europe, with Goldman Sachs, JP Morgan, Clifford Chance and the Loan Market Association among the firms looking to drive change -
Alcentra makes leadership changes as European CLO head Rainbow goes part-time
2 years ago
Alcentra has announced changes to its leadership team with co-chief investment officer of liquid credit Graham Rainbow deciding to take on a part-time role at the firm -
Liquidations emerge as speed bump to $1 trillion CLO market
2 years ago
CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. -
Elfa adds to ESG fact sheet range in standardisation drive
3 years ago
The European Leveraged Finance Association (Elfa) will shortly publish sector-specific fact sheets for the transport and healthcare industries, sources say, bringing its total of ESG fact sheets to 12 -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill -
Sofr fix nears launch as CLOs face term rate void
3 years ago
Three months into 2021, grounds for optimism have grown little that a term rate will be found before the end of the year to replace Libor in loans, CLOs, CDS and other contracts. But hopes are rising that solutions such as credit spread adjustments could help mitigate performance uncertainty -
Barings sells €377m portfolio via b-wic to wind down European CLO
3 years ago
Barings was the seller of a mammoth €377 million loan b-wic on Thursday (12 February), Debtwire has reported -
Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
3 years ago
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i
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