CLO pipeline: newcomer emerges with unusual transaction3 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 allocations3 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 mandates3 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 paper3 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 lagging3 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 abound3 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 market3 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 picture3 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.
Euro CLO round-up: after three-year hiatus, two Apollo/Redding Ridge CLOs come along at once3 months ago
The Japanese bid for CLO triple A notes is taking a break for at least a few weeks, according to market sources, effectively removing a key contributor to the benchmark levels set this year.
Credit traders' kickstand: nervous equilibrium gives way to weakness as earnings and tariffs weigh3 months ago
Healthy fund inflows, European and US holidays, and a thinning primary market helped sustain credit spreads this week, but a weaker turn today shows this is a fragile equilibrium and company earnings misses are starting to be punished more severely
Euro CLO round-up: benchmark ruffles up, but junior tranches sit tight3 months ago
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 tighter3 months ago
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 away3 months ago
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 market3 months ago
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 financials4 months ago
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 surge4 months ago
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 CLOs4 months ago
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 curve4 months ago
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 comeback4 months ago
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 week4 months ago
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 deal4 months ago
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 US4 months ago
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 structure5 months ago
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 Data5 months ago
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 Q15 months ago
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.
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