Creditflux

Volatility wave brings index-linked CLO funds into play
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’.

Anchorage markets CLO with MVOC test
Market value overcollateralisation (MVOC) tests are gaining prominence, with Anchorage Capital Group looking to incorporate one in its forthcoming high triple C CLO, according to marketing materials seen by Creditflux.

CLOs wrestle back control of the European loan market
The share of European loans bought by CLOs is now larger than those acquired by loan managed accounts and hedge funds, according to a research paper by Barclays.

Managers amend CLO structures amid refinancing ripple
CLO managers have deployed various measures to keep their deals ticking amid a European refinancing wave.

CSO arrangers look to build on $65bn of issuance in 2019
The synthetic bespoke tranche market this year has fallen short of expectations in terms of overall issuance volume, but ends with transformative inroads being made.

Issuers fashion new outfits for junior mezz

New GSO US CLO scores tightest funding costs since early October
GSO Capital Partners has returned to the CLO primary market and produced the tightest new issue for over two months

Neuberger Berman splits new CLO tranche into principal and interest
Neuberger Berman has split its latest CLO's double A notes into principal and interest-only bonds, according to market sources, in a structure that echoes the ‘mascot’ features that rose to prominence in the CLO market this year

Carlyle matches 2018 US new issue CLO volume with fourth deal of 2019
Carlyle Group completed its fourth US new issue CLO offering of the year on Friday, according to market sources

PGIM resets European CLO to cross €2 billion in 2019 issuance
PGIM reset its 2015 European CLO today, Dryden 35, via Goldman Sachs. It takes the PGIM’s 2019 European CLO volumes pass €2 billion

Oaktree scores second new euro CLO of 2019
Oaktree Capital Management priced its second new European CLO of the year, known as Arbour CLO VII, via Bank of America

Benefit Street completes new issue CLO via Morgan Stanley
Benefit Street Partners priced a new issue CLO via Morgan Stanley on Friday named Benefit Street Partners CLO XIX, according to market sources, with the deal pricing at $508.7 million

Golub sets new record with seventh US CLO of 2019
Golub Capital Partners has become the first CLO manager to price seven new issues in the US market since 2010

Fortress prices its first CBO of the year
Fortress Investment Group priced its first new issue CBO of the year on Friday via GreensLedge, the lead arranger on the deal, and Natixis

HalseyPoint markets debut deal with single Bs as senior US CLO spreads gap wider
HalseyPoint Asset Management is marketing a debut US CLO, which brings a return to CLO issuance for experienced portfolio managers Lynn Hopton and Yvonne Stevens

Barings splits triple As for latest new issue CLO
Barings has split its latest European CLO’s triple A notes into senior and junior tranches in a rare move for the European market

CSAM prices sixth new issue US CLO of 2019, passing $4 billion new issue volume
Credit Suisse Asset Management’s new issue US CLO volume yesterday surpassed $4 billion as the firm priced a $797.2 million deal named Madison Park Funding XXXVI

Global CLO league tables at a glance - November 2019 YTD
Global CLO league tables at a glance - November 2019 YTD

Mid market CLO league tables: first time managers crack the top five
Five new issue middle market CLOs priced in November for a combined total of $2 billion with Audax and Owl Rock doubling down in 2019.

Euro CLO league tables: GSO turbos charges its lead over CVC
GSO Capital Partners kept hold of the lead in the European CLO manager league tables thanks to its turbo charged reset of Holland Park

US CLO league tables: CSAM pulls away from pack
The back and forth tussle between Octagon Credit Investors and Credit Suisse Asset Management for the lead in the US CLO issuance league tables took a new turn in November

AGL targets new strategy with unusual low-levered CLO
AGL Credit Investors is testing the water with a new CLO structure, according to market sources

Onex resets debut euro CLO with triple As printing at 100bp
Onex Credit Partners has reset its debut European CLO via JP Morgan, as demand for triple A-rated euro CLOs continues to soften

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

CIFC prices a company-record sixth CLO of 2019
CIFC Asset Management yesterday priced its sixth new issue US CLO of the year for the first time in the firm’s history, according to market sources