Euro trading: Vue proves to be leading light for CLOs, but liquid bonds play crucial support role5 days ago
Vue International's newly issued loan starred in 25 CLO managers' portfolios, which bought €239.4 million of the loan in June and made it a box office hit among CLO managers, according to CLO-i.
CLO pipeline: Golub and Sound Point to cement positions among market leaders5 days ago
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
CLO pipeline: refis can't wait till after summer12 days ago
The CLO market in both the US and Europe looks to be slowing down in the near future with only two deals added to the running pipeline.
US CLO round-up: summer blues don’t weigh on the issuance parade13 days ago
Summer is shining on US CLOs as $3.8 billion worth of activity entered the market last week. The flow brought four new deals (including one middle market deal), one reset and two refinancings.
Credit traders' kickstand: volatility puts paid to primary, but pays out for relative value buyers16 days ago
The persistence of credit market choppiness has brought into focus CDS/bond basis plays, options positioning, high yield dispersion and peripheral European weakness - but mainly the volatility rash has put a block on borrowers' primary market aspirations
CLO pipeline: US takes up baton after European July sprint19 days ago
The US CLO market is ready to kickstart issuance in August as nine deals have been added to the running pipeline.
- A key CLO triple A investor dropped back from the market in the second quarter of 2019, but, remarkably, CLO spreads tightened as repricings came back and other investors drove demand24 days ago
Global CLO b-wic round-up: 71% of equity positions trade as supply picks up27 days ago
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
Credit traders' kickstand: tighter and tighter we go, as outlook gets 'worse and worse'30 days ago
It’s a strange world, where the president of the European Central Bank can say the economic outlook is “getting worse and worse” as credit markets surge into new territories of tightness
CLO pipeline: CSAM and Octagon look to move further ahead of the chasing pack1 month ago
The CLO pipeline in all three markets looks similar to last week with a reduction of only around $500 million in predicted new issue volumes in each of the US, European and mid market CLO spaces. But all three of these market segments look healthy with new issues and refinancings being favoured by managers
CLO pipeline: there's no drought here as market is doused with deals1 month ago
Deal-makers have been taking in their H2O with little sign of summer slowdown in the CLO market as the pipeline approaches full force
Global CLO b-wic round-up: control equity hits the market as secondary market picks up1 month ago
The CLO secondary market in both Europe and the US brought healthy volumes last week. There was €174.9 million listed in the European CLO secondary market, while the US returned a with just over $600 million in CLO b-wics.
CLO pipeline: managers return in force after varying time-outs1 month ago
CLO managers in all markets are taking the view that the time is ripe to print their latest deals. There are 30 transactions in the US CLO pipeline this week with a further four in the middle market space and Europe
Euro CLO round-up: returnee CIFC comes full circle, seven years after CLO sale1 month ago
Having sold a European CLO contract seven years ago, CIFC is back and determined to build on its debut 2.0 European CLO
Global CLO b-wic round-up: secondary volumes make up for slump in primary1 month ago
June saw the highest volume of US CLO b-wics this year with over $3.8 billion of US CLOs on the auction block, according to CLO-i.
Euro CLO round-up: smaller (and newer) issuers print deals as spreads edge wider1 month ago
It has been a relatively busy week for the European CLO market after three new deals priced to end a 17- day silence in the primary market. The quiet spell was broken by smaller CLO issuers.
CLO pipeline: Barclays and Goldman branch out to mid market2 months ago
The US CLO pipeline has been full in recent weeks and this continues, with 18 new issue CLOs and a further nine refinancings appearing this week.
CLO pipeline: newcomer emerges with unusual transaction2 months ago
The US CLO pipeline continues to fill up, with 20 new issue US CLOs featured and another 17 deals set to be refinanced.
US loan trading: CLO managers on cloud nine after Ultimate Software allocations2 months ago
CLO managers took down about 27% of Ultimate Software's loans in April, when the cloud operator issued its $2.3 billion first lien term loan due 2026, according to CLO-i
CLO pipeline: deal flow picks up as Amherst and SocGen work on mandates2 months ago
This week’s CLO pipeline looks very healthy in the US broadly syndicated loans CLO market with Amherst Pierpont and Societe Generale among the firms working on mandates
Euro CLO b-wic round-up: secondary volumes increase amid demand for short-dated paper2 months ago
Last week saw over €230 million of European CLO items listed on the secondary market, matching the almost €1 billion seen in refinancing volume.
US CLO b-wic round-up: secondary volumes reach new heights with equity lagging2 months ago
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest
Credit traders' kickstand: rally makes good on relative value plays, but high yield pitfalls abound2 months ago
Credit markets are ending the week on a stronger tone overall than they did last Friday, following supportive comments this week from both the US Federal Reserve and the European Central Bank meeting. But big drops in some individual company bonds shows there are still plenty of pitfalls to catch out the unwary
Correction: US CLO round-up: newcomers make waves in CBOs and mid market2 months ago
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
CLO pipeline: new business and manager returns add ray of light as arbitrage clouds the picture2 months ago
The near-term CLO pipeline is shrinking amid familiar cries that the equity arbitrage is challenging. Adding to constraint fundamentals, the usual summer torpor is also approaching.
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