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US CLO investors express cautious optimism for 2023
1 year ago
After a turbulent year in 2022, US CLO investors are sounding a cautiously bullish tone heading into 2023 -
BofA withdraws forecast for US banks to return to CLO investing en masse in 2023
1 year ago
Bank of America has withdrawn its forecast that US banks will make any signficant return to investing in CLOs in 2023 following comments from the Federal Reserve's vice chair for supervision suggesting that capital requirements could increase further next year -
European CLO equity outperforms single Bs amid high return dispersion: Bank of America
1 year ago
European CLO returns have been negative across the capital structure this year, a research paper from Bank of America has found. Losses have been softened however due to an increasing three-month Euribor rate, high carry relative to corporates and relatively stable equity returns. -
$90 billion gross CLO issuance in 2023 with manager base to shrink, says BofA
1 year ago
Bank of America is forecasting $90 billion gross issuance of CLOs in 2023, split between $80 billion backed by broadly syndicated loans and $10 billion backed by middle market assets -
US CLO tranches had best month of year in November: Barclays
1 year ago
CLO debt investors enjoyed their best month of returns for 2022 in November, with triple As returning an annualised excess return of 12% and triple Bs returning 37% on the month -
Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
1 year ago
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles -
Euro CLO new issuance could reach €22 billion in 2023, says BofA
1 year ago
European CLO new issuance will reach €22 billion in 2023, strategists at Bank of America expect, while refinancing / reset volume should reach €3 billion under a ‘base case’ scenario -
CLO double Bs offer attractive entry point despite likely loan downgrades, says Neuberger
1 year ago
CLO double Bs offer investors value despite the risk of deteriorating credit quality in the leveraged loan market -
CLO triple As face contest with "appealing" US treasuries: Barclays
1 year ago
The challenge of issuing new CLOs has been put into sharper relief, with Barclays strategists arguing US treasuries look attractive versus triple A tranches -
US CLO issuance to drop 15% in 2023: Barclays
1 year ago
US CLO new issuance is likely to be around $117 billion in 2023, a decline of around 15% on 2022 -
CLOs underperform recovery as central bank tone shifts: Barclays
1 year ago
CLOs have lagged the recovery in risk assets over the last week and remain at near year-to-date wides, according to research from Barclays. Strategists add CLO triple Bs look cheap versus high yield corporate bonds -
Private equity firms are becoming CLO converts: TwentyFour
1 year ago
Private equity firms have increasingly bought CLO and other securitised debt tranches in recent weeks instead of their usual preference for physical assets - a trade TwentyFour believes "makes perfect sense" -
Sofr away from me – basis puts new CLO triple As in dire straits
1 year ago
A relative value gap has opened between secondary and primary market CLO triple A tranches, with the former looking attractive as volatility heightens and the basis grows between Libor and Sofr. This presents an additional problem for managers hoping to do new business -
CLO portfolio metrics "hit an inflection point", says S&P
1 year ago
US CLO credit metricts "have hit an inflection point in recent months and started to turn towards the negative", according to new research from S&P Ratings -
Keep an eye on gaming, leisure and entertainment issuers in Euro CLOs, says BofA
1 year ago
CLO investors should be mindful of industry concentration exposure, with the gaming, leisure and entertainment sector an area of focus, according to Bank of America research released yesterday -
Euro CLOs demonstrate "considerable resiliency" to upcoming CLO maturity wall, says S&P
1 year ago
Managers and investors should keep an eye on upcoming CLO maturity wall with “potential adverse effects” amid tighter financing conditions and the impact that could have on CLO performance and ratings -
CLO inflows could hit $60 billion as knock on from student loan forgiveness, says BofA
1 year ago
US president Joe Biden’s student loan forgiveness programme could lead up to $60 billion flowing into the CLO market, according to research from BofA -
Euro CLO IG mezz tranches look attractive amid cap stack divergence: Barclays
1 year ago
European CLO IG mezzanine debt tranches are more attractive than triple As or double Bs, say strategists at Barclays, owing to greater dispersion and a lag in recovery. -
Three defaults mean CLO OC ratios to decline by 17bp in September, says BofA
1 year ago
CLO overcollateralisation ratios are set to decline by 17 basis points in September following the defaults of Cineworld, Endo and Carestream health, according to a research paper from Bank of America -
Widening asset/liability gulf will hurt CLOs: Barclays
1 year ago
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found -
US banks' CLO holdings rose $10bn in Q2, but demand is set to drop: BofA
1 year ago
CLO holdings by US banks increased by around $10 billion over the second quarter this year. But BofA anticipates subdued demand for the rest of the year due to high loan growth, slowdown in deposit growth and increased capital requirements -
US CLO triple C buckets will increase by up to 0.7% in August: BofA
1 year ago
US CLO triple-C baskets are expected to fill up by as much as 0.7% in August trustee reports, according to strategists at Bank of America, with the pace of triple C downgrades picking up in July to reverse an 18-month trend of stable or declining triple C concentrations -
Short duration CLOs are putting reset risk in the post: Barclays
1 year ago
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned -
Euro double As and US triple As offer best value in CLOs: BNP Paribas
1 year ago
Secondary market double A rated tranches offer the best relative value in European CLOs’ capital structures, while US triple As in primary starting to look attractive, according to BNP Paribas credit strategists -
CLO spreads are not pricing in recession: JP Morgan
1 year ago
CLOs are priced fairly for a growth slowdown but not a recession, according to JP Morgan credit strategists, who warn spreads are at risk if US growth contracts
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