CLO pipeline: Sculptor begins to mould its first CBO8 days 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 fix9 days 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 drop15 days 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 fore16 days 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 first19 days 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 top19 days 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 diverge23 days 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 up1 month 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 waiting1 month 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 in1 month 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 flutter1 month 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-up1 month 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 bonanza1 month 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 off1 month 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-entries1 month 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 role2 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 leaders2 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 summer2 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 parade2 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.
Credit traders' kickstand: volatility puts paid to primary, but pays out for relative value buyers2 months 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 sprint2 months 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 demand2 months ago
Global CLO b-wic round-up: 71% of equity positions trade as supply picks up2 months 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'2 months 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 pack3 months 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
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