Euro CLO round-up: benchmark ruffles up, but junior tranches sit tight
CLO triple A benchmark levels underwent a shake-up last week as Credit Suisse Asset Management and HPS Investment Partners brought deals to the market with first-pay tranches printing above the recent benchmark of 108.5 basis points

US CLO round-up: dropping anchor (investors) brings CLO spreads tighter
Syndication was the theme of the week across the global CLO market last week as managers and arrangers presented deals which were sold to a more diverse group of investors than has been the case for most of this year.

Credit traders' kickstand: grave times for UK banks and corps as May goes away
UK banks have been among the main underperformers in credit this week, with market sources noting that today’s notice of Prime Minister Theresa May’s intention to resign on 7 June increases the likelihood of a no-deal Brexit. And UK 'zombie' companies appear to be forming a herd

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.

Credit traders' kickstand: widening catalysts gather force with focus on financials
Credit markets are once again ending the week on a negative tone, having regained some posture over previous sessions following last week’s tariff-driven sell-off. Credit index spreads appear inclined to trade within a range, but potential catalysts for that range to shift wider outweigh any obvious reasons to return to the tight prints of last month

Global b-wic round-up: US CLO equity continues its surge
Last week marked the third straight week that the US CLO secondary market has seen total listings of under $600 million, but over a quarter of that was equity.

Credit traders' kickstand: Trump gives Europe the ghoulies as single B spectres haunt CLOs
Trade tariff terrors and things that go triple C rated in the night are top of the list of items spooking credit market sentiment at the end of this week

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.

US CLO round-up: managers flock back to market in Groundhog week
The CLO market picked up where it left off as a variety of managers flocked to the primary market with new deals. There were some events which led us to believe that things were on repeat, with managers synchronising their issuance, more examples of structural innovation and PGIM pricing tight (again)

Mid market CLO round-up: Owl Rock perches in the CLO space with debut deal
There was a flurry of activity in the middle market CLO space last week

Global b-wic round-up: secondary flows drop to $599 million in the US
Secondary CLO trading took a back-seat last week, with European market participants away Monday and the US focused on 10 primary market pricings 

Global b-wic round-up: focus shifts to the wings of the capital structure
The secondary US CLO market looks to be rebounding after a slow end to the first quarter of 2019 with first-loss and first-pays drumming up attention

Loan trading round-up: CLO managers fall out of love with First Data
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans

CLO pipeline: managers seek to return as others arrive, after testing Q1
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.

Euro CLO league tables: no arb, no refis, no debuts - but healthy new issuance
New issues have dominated the European CLO market so far this year, representing 89.19% of total first quarter issuance

CLO pipeline: managers decide there's no point hanging about with quick-fire CLOs
The CLO pipeline for the coming week shows signs of decent flow as managers ready themselves to offload deals. 

Global CLO b-wic round-up: Europe and US an ocean apart as flows reverse
Last week saw €102.35 million of European CLOs listed on the secondary market, only the second instance of 2019 with over €100 million of items put up for auction, but the US CLO b-wic market closed a strong month with a down week.

US CLO round-up: floodgates open in land of the giants
The CLO market is starting to look like its old self again as deals came rushing in this week with eight new deals and one reissue and one reset pricing, totalling $3.77 billion.

Euro CLO round-up: a tale of two extremes
It as the longest (dated) of CLOs, it was the shortest-dated of CLOs

Mid market CLO round-up: Cerberus steps up with unusual triple As
Three middle market CLOs were brought to the market this week via Cerberus, Maranon and First Eagle

CLO pipeline: manager sets sail for primary market after three-year absence
Even though at least five US CLOs hit the market last week, the CLO pipeline still looks strong, especially in the US new CLO space

Global CLO round-up: 15 months to one month - managers set their own pace
Three new US CLOs priced this week courtesy of; Seix Advisors, via BNP Paribas; Kayne Anderson, via Goldman Sachs; and Steele Creek, via RBC. In Europe, Oaktree Capital Management paired with Barclays to price Arbour CLO VI.

CLO pipeline preview: Waterville fills the pipe as Par Four surfs high triple-C wave
At least seven CLO managers chose last week to launch their first deals of the year, with the market still set to absorb a robust level of issuance in the pipeline

Global CLO b-wic round-up: fixed tranches make their way into European secondary
Last week brought the first instance of fixed coupon tranches trading in the European CLO secondary market this year, according to CLO-i.