Benefit Street markets its first-ever European risk retention compliant CLO
Benefit Street Partners is working with JP Morgan to issue its first-ever CLO structured to comply with European risk retention regulations, in a bid to attract international investors

CLO pipeline: break's over - time to print deals
The CLO market has taken a slight pause after the independence holiday in the US last weekend, meaning the CLO pipeline includes a backlog

Kayne Anderson prices $293 million new CLO via JP Morgan
Kayne Anderson today completed its second new issue CLO of 2020 and its first amid the pandemic

CLO pipeline: Managers prepare to build on momentum in July
The demand for new issue CLO paper is strengthening with eight US CLOs, one mid market CLO and three European CLOs preparing to print in the coming days

US swaps rule relaxation brings underperformance of bank CDS
US Federal Reserve changes to the Volcker rule has caused bank stocks to surge, but credit market perceptions are less positive

Go for short-duration and high-end CLO paper, says JP Morgan
This year is shaping up to be nearly as weak for CLO new issuance as 2008, according to JP Morgan strategists, who recommend investors seek value in short duration double/triple A paper or in higher-tier triple/double B

CBAM become's Europe's first debut CLO manager of 2020
CBAM has become the first CLO manager to price its debut European transaction in 2020

Global CLO league tables - May 2020 YTD
Global CLO league tables - May 2020 YTD

Euro CLO league tables: fresh faces emerge with new deals
May was a month of fresh faces as three new managers entered the ring for the first time in 2020

CBAM readies debut European CLO
CBAM is marketing its first ever venture into the European CLO market with a deal named Vendome Funding. The Eldridge Industries-backed CLO manager is expected to price the transaction this week, via JP Morgan

Banks report billions in unrealised CLO losses
Some of the world's largest bank buyers of CLO tranches reported billions of dollars of gross unrealised losses in their their latest quarterly reports

Ares sets CLO triple A benchmark with senior notes at 170bp
Ares Management has priced a new three-year reinvestment US CLO at the tight end of price guidance, setting new benchmark levels in the process

Junior spreads finally tighten as Fair Oaks prices Europe's fifth pandemic-era CLO
Fair Oaks Capital today became the fifth CLO manager to price a new issue amid the coronavirus pandemic

Three-year US CLOs set to tighten as large managers market deals
US CLO triple A spreads are tightening sharply this week with market sources indicating that benchmark levels for three-year reinvestment deals have gone into the 180s

Gulf Stream prices upsized CLO as demand picks up
Gulf Stream Asset Management has priced a second CLO following its longawaited return to the market earlier in the year

Delayed issue double Bs reach Europe's CLO market as Fair Oaks markets new issue
Fair Oaks Capital is marketing a new issue European CLO via JP Morgan and has opted for just over a one-year reinvestment period

US CLO league tables: coronavirus brings changes in approach and new top manager
Amid a big slump in CLO primary issuance, new deals have taken focus and there are some notable changes at the top of the league tables

Global CLO league tables - April 2020 YTD
Global CLO league tables - April 2020 YTD

New slate of US CLOs shows evolving term curve
Three new CLOs are forthcoming from Partners Group, Gulf Stream Asset Management and Onex Credit Partners with each manager opting for a different reinvestment strategy  

US CLOs did not lose par in March, finds JP Morgan
A research paper from JP Morgan has estimated there was no US CLO par burn in March, although loss of par for the first quarter was 11%

Ares takes different approach to primary CLOs as it plans three-year US deal
The primary market for CLOs since the coronavirus escalated into a pandemic last month is evolving briskly with Ares Management planning a new US CLO with a three-year reinvestment period

SME CLO features PDL mechanism
Details of the groundbreaking Alhambra SME Funding 2019-1 — the first 2.0 CLO backed by loans to small and midsized enterprises — were revealed at the Direct Lending Forum jointly hosted by Creditflux and Debtwire last month.

We’ve got time to work this out
You might think direct lenders are very exposed to economic downturns. But at the Creditflux-Debtwire event last month, managers said they felt they had a few months to rectify problems

CLO managers favour tech, cable and healthcare as loan downgrade fears dominate, finds JP Morgan
Picking safe sectors to buy in the coronavirus crisis is a tough call, but CLO managers variously favour technology, cable/satellite and healthcare, according to a JP Morgan survey. There is much more consensus on dumping autos, energy, gaming/lodging/leisure and retail

Ohio pension injects $175 million into credit via JP Morgan and HPS
The School Employees Retirement System of Ohio has made a $175 million commitment to two strategies; high yield and direct lending