Global CLO b-wic round-up: 71% of equity positions trade as supply picks up8 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'8 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 pack8 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
CLO pipeline: there's no drought here as market is doused with deals8 months 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 up8 months 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-outs8 months 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 sale8 months 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 primary9 months 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 wider9 months 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 market9 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 transaction9 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 allocations9 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 mandates9 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 paper9 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 lagging9 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 abound9 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 market9 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 picture10 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 once10 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 weigh10 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 tight10 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 tighter10 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 away10 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 market10 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 financials10 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
Want all the latest news, comment, analysis and data?