AGL again becomes largest US CLO issuer by volume since pandemic sell-off
AGL Credit Management has cemented its position at the top of the 2020 US CLO new issue league tables for the second time in as many weeks, overtaking Redding Ridge Asset Management after pricing AGL CLO 7 on Monday

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

US CLO league tables: refis return as Apollo and Citi maintain leads
US CLO monthly issuance rose above $8 billion in July for the first time since the coronavirus pandemic wreaked havoc across the globe

CLO pipeline: Redding Ridge plans fourth US CLO since March
Last week proved to be one of the busiest weeks of the primary CLO market since the start of the coronavirus pandemic, with $5.21 billion worth of new paper issuance coming through: eight US CLOs, one middle market deal and three euro CLOs

AGL passes Palmer Square as most prolific US CLO issuer since sell-off
AGL Credit Management has become only the third manager to issue three new CLOs and the most prolific issuer of US deals since the coronavirus-led March sell-off

Trading places: it can pay to bet on the little guy
It’s assumed investors know how good a CLO manager is by the rate at which they trade their way through a crisis. But this time fi ve small, nimble managers are outperforming the market

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

AGL prints largest US CLO post-covid-19 and syndicates double Bs
AGL Credit Management today priced the largest CLO since the pandemic outbreak with a fully syndicated double B tranche

Credit markets adjust to stay-at-home rules
Lockdown orders across the world have forced the loan and CLO markets to modernise certain industry practices at speed, leading to speculation that some of the emergency measures adopted could become permanent, according to market participants

34% of CLOs on track to miss equity payments, virtual conference hears
The impact of the coronavirus crisis on CLOs could only just be starting to bite, said panellists at a virtual CLO conference hosted by IMN

AGL prices novel CLO with ability to reinvest would-be equity distributions
AGL Credit Management has become the fourth manager to issue a new CLO following the coronavirus-triggered sell-off

Making arb work of it

US CLO league tables: $2 billion reissue fires Apollo and JP Morgan to top spots
Apollo Global Management and JP Morgan teamed up to price the largest CLO of the 2.0 era in February that helped propel both to the top of the US CLO and global CLO league tables

Making arb work of it
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. 

AGL prices largest five-year CLO so far in 2020
AGL Credit Management has priced the largest new money CLO of 2020 with five years of reinvestment

CLO pipeline: make some noise for repricings
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume

US CLO league tables: CSAM makes it three in a row as Citi completes a clean sweep
The US CLO market suffered a drop in volume last year with $149 billion of issuance, down 43% on 2018’s $262.5 billion. But the heavy slump was not across all forms of CLO pricing, as new issues once again crossed $100 billion and only suffered a 6.5% fall

AGL follows up October CLO debut with new low-levered deal
AGL has made good on its low levered CLO promise after pricing AGL Core CLO 2 via BNP Paribas on Friday

Volatility wave brings index-linked CLO funds into play
Defensive positioning from loan managers has led to bifurcation in that market, but CLO fund managers are taking an attack-minded approach with ‘index-linked funds’.

AGL targets new strategy with unusual low-levered CLO
AGL Credit Investors is testing the water with a new CLO structure, according to market sources

US CLO league tables: Octagon retakes US lead, but CSAM still on top globally
Octagon Credit Investors priced Octagon 45 via Goldman Sachs to overtake CSAM by just $33.3 million in overall US issuance, but CSAM still leads the way in new US CLO and global CLO issuance

Global CLO round-up: Europe mops up demand, as Euribor hits the floor
The final stretch of the year began with a bang, with the first week of Q4 bringing $3.3 billion of CLO issuance in the US and €1.2 billion in Europe. But the resurgence in volumes was not the only talking point last week, with Europe coming into focus as spreads surfed tighter

AGL makes US CLO market debut via JP Morgan
The world welcomed a new CLO manager on Friday as AGL Credit Management priced its first ever transaction, named AGL CLO I

CLO pipeline: newcomers look to impress at debutante ball
The pace of CLO issuance accelerates with each passing week, with debutantes lining up to join more prolific managers as Europe builds momentum and the US floodgates open 

CLO pipeline: new kids in class look to excel on first assignments
The summer holiday is well and truly over with the European CLO market building on last week’s momentum as three new deals and one reset are to enter the primary market.