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Elmwood officially reopens CLO reset market with five-year extension of debut deal
3 years ago
Elmwood Asset Management has completed the US CLO market's first reset transaction for almost eight months, after teaming up with Citi to reset its debut CLO from 2019 named Elmwood CLO I -
[update] Beneath the triple C: theme parks take portfolios on downward ride
3 years ago
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April -
AB returns to mid market CLOs with first new issue post-covid
3 years ago
AllianceBernstein has issued its second middle market CLO of 2020, and its first in the post-covid market environment -
High yield shorts and basis trades abound as borrowers race to issue
3 years ago
Discrepancies between high yield bonds and CDS could be a rich mine of activity in the coming months, say investors, with volatility set to rise while defaults and late cycle signals avail trading opportunities -
New York fund manager hires former Ellington CSO specialist
3 years ago
A credit fund manager has hired a structured credit specialist to cover corporate credit and structured credit products such as CLOs and CSOs -
We've got five years, what a surprise
3 years ago
The third quarter will be remembered as a period of breakthroughs for the CLO market, fuelled by renewed hope of returning to a degree of normality after the coronavirus pandemic changed everything in mid-March -
Silver Rock becomes third debut US CLO manager of 2020
3 years ago
The world welcomed a new CLO manager into the market yesterday as Silver Rock Management issued an inaugural transaction via Citi -
Anchorage mixes it up with unusual 'partial reset' of US bond-flex CLO
3 years ago
Anchorage Capital Group has become the first manager to partially reset a bond-heavy CLO -
Former LibreMax official reunites with colleague at distressed firm
3 years ago
A6 co-founder Michael Fine, former head of corporate credit at LibreMax, has appointed a former colleague as head of trading and research -
Perceptive holds $1.1 billion final close on healthcare direct lending fund
3 years ago
Perceptive Advisors has held a $1.1 billion final close on its its third healthcare-focused direct lending fund, Perceptive Credit Opportunities Fund III -
Senior bond-flex CLO tranches are 'cheapest bonds within securitised products': BofA
3 years ago
Triple A-rated notes of bond-flex CLOs are 'one of the cheapest bonds within securitised products', according to a new research paper by Bank of America -
Värde names deputy CEO and several promotions
3 years ago
The transitional appointments follow George Hicks, co-founder and co-CEO, saying in July last year he would move to an executive chair role by the end of 2021 -
Z Capital hires from DFG and CVC
3 years ago
Z Capital Group has added loan specialists from CVC Credit Partners and DFG Investment Group in New York -
Selecta splashes CLOs with bankruptcy credit event
3 years ago
Selecta Group has triggered a bankruptcy credit event, the Emea Determinations Committee has ruled -
US CLO round-up: New Mountain gives a peek at better times
3 years ago
CLO primary issuance has produced healthy volume over the last few weeks with new issue paper totalling $7.9 billion since 21 September. -
Global CLO b-wic round-up: CLO mezz tranches widen amid macro concerns
3 years ago
Last week was busy for the primary European CLO market but not for secondary, with €1.35 billion of new issue European CLOs priced across four transactions but just €190 million of European CLO paper listed in b-wics -
Mallinckrodt takes chapter 11 prescription as CLOs hold $650 million
3 years ago
CLO managers hold around $657.8 million debt of Mallinckrodt, a Dublin-headquartered biopharmaceutical company that has filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware -
Chicago-based manager returns to CLO primary with first new issue for 17 months
3 years ago
PPM Loan Management has staged a CLO primary comeback by printing its first new issue deal in just over 17 months -
First Eagle refinances partially paid-down senior CLO tranche
3 years ago
First Eagle Investment Management has teamed up with Citi to refinance a triple A-rated fixed CLO tranche that has been partially paid down -
CLO pipeline: three behemoths prepare for quick-turnaround new issues
3 years ago
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types -
Tranche traders smell the coffee as Crossover default percolates
3 years ago
Selecta Group looks set to become the third European credit event in as many months to hit series 33 of the iTraxx Crossover index and tranches based on series 32 -
Elmwood preps first reinvestment-extending CLO reset since sell-off
3 years ago
Elmwood Asset Management, the CLO manager linked with Elliott Management, is on track to reopen the US CLO reset market officially. The firm is planning a five-year reset of its inaugural CLO from 2019, Elmwood CLO I, with Citi overseeing arranging duties -
CVC shaves 13bp off 2015 CLO's funding costs after single tranche refi
3 years ago
CVC Credit Partners has teamed up with Barclays to refinance the fixed-rate notes of its US CLO named Apidos XX -
CLO collateral managers who are able to update their documents could gain warf advantage
3 years ago
Moody’s is reviewing its approach to warf. Changes could boost managers’ ability to trade -
IG tranches look 'boring' after distressed names ejected at roll
3 years ago
September’s index rolls brought tranche traders some of the starkest portfolio changes in recent years, with fallen angels and defaults shifting correlation dynamics. This creates relative value openings, but investors will take longer to move into new series as they require extra analysis, say dealers.
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