Global CLO league tables - April 2021 YTD
Global CLO league tables - April 2021 YTD

ESG factors show up in leveraged loan pricing in US
Environmental, social, and corporate governance factors are filtering through to the US CLO market and influencing loan prices

Woah, we’re halfway there
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform

Record-breaking Apollo and Blackstone European CLOs make first distributions
Two 2020 CLOs managed by Blackstone Credit and Redding Ridge (Apollo) that set equity cover records in the secondary CLO market earlier this year have made their first payments

PGIM cuts 2017 CLO's funding costs by 32.2bp with refi
PGIM teamed up with Goldman Sachs to refinance 2019's Dryden CLO 72 on Thursday, reducing the deal's funding costs by 32.17 basis points in the process

CLO triple As leak wider but mezz comes in as Carlyle, PGIM and KKR price Euro new issues
CLO heavyweights Carlyle, KKR and PGIM all took to the primary market on Friday pricing a total of €1.22 billion issuance

CLO pipeline: go long! new issues and resets push refis aside
The CLO market is ready to go beyond refinancings - after this year's opening blitz of those deals - into the longer tenored territory of resets and new issues

Credit Rendezvous: ready and waiting
In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress 

$1.25 billion of CLO refis span range of tenors
The CLO primary market absorbed $1.25 billion of refinancings as American Money Management Corporation, First Eagle Investment Management, PGIM and Alcentra priced cost-cutting transactions, with different reinvestment periods across the pack

CLO pipeline: Deutsche Bank and Carlson hit comeback trail
The CLO market is preparing to be very active in the coming weeks, as the issuance slow-down is set to be in the rear view mirror

Five refis add $1.43 billion to CLO market
The CLO primary market has absorbed another $1.43 billion of refinancing paper as five managers printed cost-cutting transactions

CLO managers eye bonds as short-dated loan universe shrinks
European CLO managers that focus on bonds say they had flexibility in the first quarter as the new issue loan pipeline ramped up

Triple Bs diverge and loan tranches increase as KKR and PGIM reset CLOs
KKR and PGIM have become the latest managers to reset European CLOs

KKR matches PGIM CLO triple A print despite extra year of reinvestment
PGIM and KKR have turned to the primary market to refinance legacy CLO transactions, each placing their triple A notes at Libor plus 95 basis points

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

Sterling-heavy loan b-wic points to PGIM CLO
A £233 million-equivalent portfolio of bids wanted in competition (B-wic) on loans, comprising £177 million worth of sterling paper and €65 million of euro paper, is almost identical to collateral of PGIM’s Dryden 63 GBP CLO 2018

PGIM refis 2018 CLO with triple and double Bs wider
PGIM has saved 12.34 basis points after refinancing its 2018 CLO named Dryden 61. Unusually for a refi, the triple and double B notes were wider than in their original issue form

European CLO leverage hits double-figures
European CLO leverage has increased this year, from an average of 9.4 debt-to-equity in 2020 to 10.3 times in 2021, according to Creditflux data.

European CLO repricings top €8 billion in 2021 as Ares and PGIM rework deals
Ares and PGIM printed two repricings of European CLOs  on Wednesday, taking year-to-date volume to €8.29 billion

PGIM pushes US CLO market tighter with triple As at just 104bp
PGIM has pushed the CLO liability market one basis point tighter by resetting a deal with triple As at 104bp over Libor

PGIM resets Dryden 44 and switches from six-month to three-month Euribor
JP Morgan has arranged the reset of PGIM's 2016 vintage Dryden 44, switching paying liabilities from semi-annual basis to quarterly

PGIM refinances CLO it won management rights to in 2018
PGIM has teamed up with Morgan Stanley to refinance a CLO that it won the management rights to in 2018

PGIM prints first fixed-rate CLO refi of 2021
PGIM has priced the first single-tranche fixed-note CLO refinancing of 2021, a type of CLO primary transaction popularised in 2020 following the coronavirus outbreak

US CLO league tables: AGL and JP Morgan topple leaders in new issuance, but Apollo and Citi maintain overall dominance
Only 13 months after setting up shop, AGL Credit Management vaulted itself to the top of the US CLO new issue league tables in 2020

Global 2020 CLO league tables
Global 2020 CLO league tables