CLO pipeline: DFG keeps its finger on the pulse6 days ago
It will be a busy year-end for new issue CLOs in the US. DFG is returning with Pulsar II, using collateral sourced entirely from the secondary market
CLO pipeline: high triple C bucket opens a Gateway to pricing12 days ago
In less than ideal market conditions, even experienced CLO managers are learning new tricks to keep the pipeline full. Of the 11 US new CLOs that appear in the pipeline this week, two are high triple C bucket transactions
Global CLO b-wic round-up: Junior mezz covers return while triple A supply drives big week14 days ago
Narrowing of the bid-ask gap that has plagued junior mezzanine tranches could bring a change of fortunes in the US CLO secondary market
European CLO round-up: new look turbos power up junior CLO tranches21 days ago
Junior CLO debt investors are getting more defensive and this has resulted in the emergence of new-look CLO turbo tranches
CLO pipeline: ESG, risk retention and secondary loans come to the fore26 days ago
Managers new and old are trying different strategies and structures to price their latest deals
- In Europe, the third quarter was all twists and turns: volumes hit €11.9 billion, the ECB cut rates and CLO triple A spreads tightened 14bp in three deals. In the US, the path was more straightforward1 month ago
CLO pipeline: Sculptor begins to mould its first CBO1 month ago
Silence! Artist at work: Sculptor has got its apron on and is shaping up to launch its first CBO
Global CLO b-wic round-up: volumes jump as investors get their triple A fix1 month ago
The US CLO secondary market brought over $1.2 billion in total listings last week with the main driver behind last week’s supply being an increase in US CLO triple A bonds and an anchor equity position.
CLO pipeline: Capital time to debut in Europe as liability spreads drop2 months ago
CLO managers are showing no signs of slowing down, as a further 16 US and five European new issue CLOs, including Capital Four's CLO management debut, appear in the pipeline
Global CLO b-wic round-up: control stake trades as junior notes come to the fore2 months ago
The European and US CLO secondary markets produced high volumes of junior and subordinated notes last week. Over 30% of listings were rated as equity, single B or double B.
Euro CLO league tables: repricings take centre stage in bumper month as CVC leaps into first2 months ago
The European CLO market returned with a bang in September as €4.8 billion of issuance priced of which €2.7 billion was in repricings.
US CLO league tables: CSAM climbs to the top2 months ago
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
Global CLO b-wic round-up: US and European double B trading patterns diverge2 months ago
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.
Euro CLO round-up: debt investors own the floor as tempo picks up2 months ago
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.
US CLO round-up: Fed up of waiting2 months ago
The US CLO market made a bright start this year, but 2019 now lags 2018 and 2017 after a weak August checked its momentum. This has left some pinning their hopes on a favourable outcome to the US Federal Reserve meeting this week, amid political overtures to up its game in the wake of the European Central Bank's stimulus package
US loan trading: Sinclair loans dominate the airwaves as CLOs tune in2 months ago
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July
CLO pipeline: managers look to avoid a repeat of 2018 with new issue flutter2 months ago
US and European CLO managers are preparing to up the ante in September, but they will have to defy a trend set a year ago
US CLO round-up: 20 managers sit on the sidelines as volumes play catch-up3 months ago
US CLO issuance this year is trailing 2018 by $10.7 billion as of 6 September, dampened by a slow third quarter. But Napier Park and Par-Four priced deals, which means that 20 managers are yet to return having priced CLOs last year
Global CLO b-wic round-up: secondary market awakens with control equity bonanza3 months ago
Four anchor positions made available on secondary market as equity accounts for over a third of all volumes.
CLO managers cash in their chips as Caesars trade pays off3 months ago
Caesars Entertainment was the most sold issuer in June with $158.8 million of its term loan sold out of CLOs.
CLO pipeline: Carlyle and KKR plan swift re-entries3 months ago
Carlyle Group and KKR are included in the CLO pipeline this week as both managers have started marketing their latest transactions as the US CLO pipeline begins to look full after a quiet week
Euro trading: Vue proves to be leading light for CLOs, but liquid bonds play crucial support role3 months 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 leaders3 months 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 summer3 months 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 parade3 months 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.
Want all the latest news, comment, analysis and data?