CLO 2022 Outlook: 2021 is hard act to follow, but CLO buyers have positives aplenty
New CLO issuance in 2022 will remain elevated but below 2021’s record numbers, banks agree. But there is no consensus among strategy desks on the volume of repricings to come, partly due to the unknown impact of the Sofr transition.   

CSAM runs in with opportunistic US CLO
Credit Suisse Asset Management has crossed the finish line with a $600 million print and sprint US CLO

Brace yourselves for increasing ESG basis in credit
One of the safest bets in credit for 2022 is that ESG focus will intensify, with market participants anticipating a surge of green bond issuance as well as widening spread dispersion between climate leaders and underperformers

BlackRock and Irradiant refinance legacy CLOs
BlackRock and Irradiant Partners each refinanced a legacy CLO on Thursday

Capital Four becomes seventh debut US CLO manager of 2021
Capital Four has become the latest debutant in the US CLO market by printing its first transaction via JP Morgan on Friday

Tight Oaktree CLO underlines 21% widening in Euro triple As this year
Oaktree Capital Management has priced its second European CLO of 2021 in a deal that highlights how far senior CLO spreads have drifted this year

Euro CLO league tables: Record new issuance month as CVC and Barclays jump back to top
November set yet another record for the European CLO market as managers priced €6.3 billion of new paper, the most in a month in the 2.0 era

Global CLO league tables - Nov 2021 YTD
Global CLO league tables - Nov 2021 YTD

US CLO league tables: Blackstone takes new issue lead amid monthly new issue record
The US CLO market priced $23 billion of new issues in November, setting a record for most new issuance in a month in the 2.0 era

Palmer Square opts for short tenor as it resets late 2020 CLO
Palmer Square Capital Management has opted for short duration in teaming up with JP Morgan to reset its late 2020 CLO named Palmer Square CLO 2020-3

CLO lower cap stack will outperform with $175bn new issuance in 2022: JP Morgan
Equity and lower rated tranche investors will do best as $175 billion of global new CLO issuance arrives in 2022, predict JP Morgan strategists in their annual outlook, taking market size to $1.2 trillion

Partners becomes first manager to refi rather than reset 2020 European CLO
JP Morgan won the mandate to refinance Penta CLO 8, which cuts the deal's cost of debt by 34.6 basis points

New Carlson and Silver Rock CLOs pull daily issuance over $2 billion yet again
Daily CLO issuance volume on Tuesday surpassed $2 billion for the second consecutive day, with the total including new deals from Carlson Capital and Silver Rock

It's All Relative: CQS, Capital Four and Tikehau look for CLO breakthrough as debutant premiums drop
The number of US CLO issuers in 2021 could be about to reach 106 with Capital Four, CQS and Tikehau looking to price debut deals, with price talk set at ambitious levels

CLO issuance set for big slump as managers relax on Sofr: JP Morgan
CLO new issue supply will likely decline sharply from this month to next, with the rush to complete deals ahead of the transition to Sofr base rates having added to November's historical heavy weighting over December, say JP Morgan structured credit strategists

Redding Ridge jumps to third spot as it resets 2020 European CLO
JP Morgan reset and upsized Redding Ridge's European CLO, RRE 5

US CLO league tables: Palmer Square stands tall in land of the CLO giants
The US CLO market has extended its run of incessant issuance with October having added $39.98 billion of CLO paper to the year’s tally, making it the second most productive month this year for overall and new issue volumes

CLO resets drive equity returns to highest in five years: JP Morgan
Equity investors in US CLOs are earning, on average, the biggest returns of the past five years, finds JP Morgan – with deals reset this year having done most to raise the numbers

Benefit Street upsizes 2019 CLO by over $50 million with new reset
Benefit Street Partners has teamed up with JP Morgan to reset Benefit Street Partners CLO XVIII, upsizing the deal by over $50 million in the process

NYL and TCW each refinance legacy CLOs
New York Life Investment Management and TCW Group each refinanced a CLO on Thursday, with the two deals together worth almost $700 million

These CLO docs could be better
It seems there’s not much to worry about if you’re in the CLO market. In Creditflux’s CLO Census, voters said docs should follow a template as Jefferies, AGL and Hayfin emerge as rising stars

CLO Census results: Citi and JP Morgan still top in US but Jefferies breaks through in Europe
Citi and JP Morgan are the clear favourites in US CLO arranging – the pair are locked in a close battle for supremacy over deal volumes and they have been voted joint-best at US CLO execution, according to the results of Creditflux’s CLO Census

Napier Park features highest 2021 triple A par sub in new European CLO
Napier Park has opted for a high par subordination on Henley CLO VI's triple As

Angelo Gordon inserts loan tranche as it prints second-largest CBO ever
Angelo Gordon has issued the second-largest bond-heavy CLO in the market, teaming up with JP Morgan to print the $847.7 million deal named AG CC Funding II

US CLO pipeline: Go long! Refis fall from favour as AMMC looks to join list of 2021 issuers
The only record left to fall this year in US CLOs is 2017’s refinancing total of $102.8 billion with the market $6.3 billion shy. Yet this segment shows little interest to break more records with the pipeline filled with new issues and resets as longer tenured deals are preferred.