Creditflux

Kroll fires back at ‘factual errors’ in WSJ CLO rating report
Kroll Bond Rating Agency has hit back at the Wall Street Journal article that suggested the firm gives higher ratings to CLOs than its competitors

US CLO league tables: CSAM climbs to the top
Only $10.9 billion was brought to the US CLO market last month, while in the middle market CLO space, no deals priced. But Credit Suisse Asset Management dared venture into the primary market and as a result it moves to the top of the league tables

PGIM teams up with BNP Paribas for new issue US CLO
PGIM priced its fifth new issue CLO of the year on Friday in a $401.3 million transaction arranged by BNP Paribas

Euro CLO round-up: debt investors own the floor as tempo picks up
It was one of those rare weeks in Europe when volumes surpassed the much larger US CLO market and, to cap it all off, spreads made a big jump tighter.

PGIM scores Europe's tightest CLO print of 2019 as resets make a comeback
PGIM yesterday reset its 2016 CLO named Dryden 48 via BNP Paribas, according to market sources, scoring the European market’s tightest triple A print of the year at 101 basis points over Euribor

PGIM's euro credit research head joins former colleague at Angelo Gordon
PGIM’s head of European credit research has joined Angelo Gordon

CLO pipeline: Golub and Sound Point to cement positions among market leaders
Last week there were nine CLOs priced in the US market, including four broadly syndicated loan new issues and two middle market new issues, whereas there was no issuance in Europe. The CLO action over the next few weeks is again weighted towards the US, according to market sources

PGIM to join exclusive list of managers to reset, rather than refi, a euro CLO
PGIM is set to join the small but growing list of managers to reset a European CLO this year, as the manager teams up with BNP Paribas to bring a reset of Dryden 48 Euro CLO

US CLO league tables: JP Morgan narrows gap to Citi in new issues to $50 million
July saw $14.9 billion of issuance in the US CLO space with $9.4 billion of that in new issue CLOs. One of the transactions brought to the market was Whitebox Capital Management’s debut CLO, Whitebox I.

Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally

CLOs at a glance

PGIM goes all in as it refis 2016 CLO for second time
Having refinanced the junior debt in a US CLO last year, PGIM has refied the entire capital stack of its 2016-vintage CLO

PGIM resets January 2019 'print and sprint' CLO for three years
PGIM has teamed up with Jefferies to reset its ‘print and sprint’ CLO from earlier this year, extending the deal’s reinvestment period for three years

US life insurers grew their CLO investments by 31% in 2018, finds Moody's
US life insurers held $79.4 billion in CLO exposure at the end of 2018, which is up 31% from the amount held at the end of 2017, according to a report by Moody’s Investor Service

Controlling equity stake in 2018 CLO fails to trade in secondary market
Over 90% of an equity tranche from a 2018 Sound Point Capital Management CLO was available on b-wic yesterday but failed to trade  

Correction: US CLO round-up: newcomers make waves in CBOs and mid market
The CLO market is showing little sign of constraint as three new names entered the market last week – two debut middle market deals priced while one US CBO closed

PGIM prices new issue CLO via RBC as triple A spreads tighten
PGIM yesterday priced its seventh CLO transaction of the year, teaming up with RBC to issue Dryden 68

Global b-wic round-up: Short-dated CLO paper hits the market
Last week brought over $800 million of b-wics listed in the US CLO secondary market for the first time this month, with around 10% being paper that had a reinvestment period that ended in 2019.

European managers find tight debt execution by refinancing once more
PGIM and Carlyle Group joined the growing list of CLO managers to refinance in Europe since the seven-month refinancing drought was brought to an end last month – and these managers are enjoying tight debt execution on their liabilities

MGG appoints direct lenders to two US offices
Direct lender MGG Investment Group has appointed two officials to its New York and Dallas team, Creditflux has learned

Managers slide down term curve
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away

CLO pipeline: refinancings to make a comeback
CLO refinancings look set to continue their recent surge in the US CLO market, with another five refinancings and two resets appearing in the pipeline.

PGIM prices triple As at 133bp in one of the tightest new CLOs of the year
PGIM priced its latest new CLO yesterday, named Dryden 72 CLO, with triple As at 133 basis points over Libor

PGIM prepares new US CLO via Goldman Sachs
Fresh off pricing a European CLO, PGIM is marketing what will be its second new US CLO of the year

European CLO volumes reach €10 billion in 2019 as PGIM prices
The deal also features three fixed-rate tranches