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PGIM gets its kicks on Dryden 66 European CLO
5 years ago
PGIM has brought its sixth European CLO of the year, pricing the €411 million Dryden 66 via Credit Suisse, according to market sources. The transaction’s €238 million triple-A tranche hit the tight end of recent European deals at a coupon of Libor plus 96bp -
CSAM prices tight with $816 million US CLO
5 years ago
Credit Suisse Asset Management priced an $816 million US CLO yesterday in which senior and junior triple As priced at the tight end of the market -
Selling at the time of the default or downgrade can often be the worst value decision for the CLO
5 years ago
CLOs don’t have to be forced sellers during distress cycles: skilled CLO managers and well-structured indentures can give optimal recoveries, says our columnist Thomas Majewski -
Europe adapts to harsher CLO climate
5 years ago
The European CLO market survived the financial crisis and ensuing risk retention obligations. Conditions remain tough, but we expect a 25% increase in the number of active managers -
Dwindling refi viability forces revision of CLO forecasts
5 years ago
A combination of a flatter term curve and squeezed arbitrage is causing market participants to adjust their CLO forecasts on both sides of the Atlantic -
Kicking the tyres: CLOs survive examination as bankruptcies tick higher
5 years ago
US CLOs are weathering the turbulence triggered by a couple of bankruptcies in the broadly syndicated loan universe, namely US retailer Sears and American Tire Distributors. Those bankruptcies, filed on 15 and 4 October, respectively, have failed to dent CLO structures -
ESMA regulations could halt European issuance, says LMA
5 years ago
The European securitisation market is at risk of a “cessation of issuance and market disruption” unless the European Securities and Markets Authority (ESMA) allows a phased implementation of the new regulatory framework due to come into effect from January, according to the Loan Market Association (LMA) -
Points up front: Pining for Halcyon days
5 years ago
Last month, one of the biggest managers in the US CLO market, Halcyon Capital Management, rebranded to become
Bardin Hill Investment Partners -
Buy and hold isn’t only option for CLO equity
5 years ago
New US CLO equity is being more regularly flipped into b-wics. Figures suggest that equity pieces of 2017 and 2018 US deals made up 22% of the b-wic market over the past four quarters -
Widening whisks market back to 2017
5 years ago
Right now, CLO volumes are healthy and the list of active managers is steadily growing. But with CLO liability spreads reverting to where they were a year ago, some issuers are a little nervous. -
Kartesia invests in equity of 2018 European CLO
5 years ago
Kartesia has invested in the equity of KKR’s latest European CLO -
Kroll wins first CLO mandate to expand rating agency roster
5 years ago
Kroll Bond Rating Agency has won its first CLO mandate with an announcement from the agency indicating that it has been hired to assign ratings to senior notes which are being issued as part of a US CLO reset -
JP Morgan hires former Apollo official to its European CLO team
5 years ago
An experienced structured credit official, who had recently been concentrating on SRTs, is seto to join JP Morgan's European CLO team -
ICG prints its third new US CLO of the year in $405 million deal
5 years ago
Intermediate Capital Group has priced its third new US CLO of 2018 with sources indicating that the firm priced ICG US CLO 2018-3 yesterday via Morgan Stanley -
First European SME CLO 2.0 edges closer after warehouse tweaks
5 years ago
Be-Spoke Capital’s European SME CLO is nearing the finishing line, with sources indicating NatWest Markets aims to price the deal, Alhambra SME Funding 2018-1, in early December. The development comes after the CLO exceeded the warehouse’s 12-month ramp-up period -
Och-Ziff pairs with Credit Suisse on new €412 million European CLO
5 years ago
Och Ziff has priced a €412 million CLO via Credit Suisse, its second new issue European deal of the year and its 12th transaction overall in 2018, according to market sources -
Voya drops loan triple As as it resets 2015 CLO via Natixis
5 years ago
Voya Alternative Asset Management has dropped the A1 loan component of its CLO 2015-3 as it reset the deal with a five-year reinvestment period and slightly bigger size -
Control equity investor decides against reworking CLO triple As in $140 million refi
5 years ago
Another US CLO has been refinanced without the triple A-rated notes being troubled -
Ellington partners with Trium for new credit Ucits offering
5 years ago
Ellington has joined the alternative Ucits party, partnering with London-based Trium Capital for Ellington Trium Alternative Credit Ucits, a long/short credit Ucits fund. -
Creditflux to build on Women in CLOs initiative in 2019
5 years ago
The CLO market experienced a new kind of networking yesterday as almost 100 women met for the inaugural Creditflux Women in CLOs Wine Tasting. More of these events are set to be announced for 2019 -
Dechert boosts CLO capabilities as partner joins its London office
5 years ago
Dechert has strengthened its CLO practice in London with Cameron Mitcham joining from Allen & Overy, according to an announcement today -
Ares ups its target for US senior direct lending growth to $4.7 billion
5 years ago
Following $5 billion of inflows into global direct lending in the third quarter, Ares has upped the target for its US direct lending strategy -
On cloud nine: GSO prices $616 million Cirrus deal in debut CBO
5 years ago
The world’s largest CLO manager entered the collateralized bond obligation market on Friday -
Hayfin brings in head of structured credit from New York-based fund manager
5 years ago
Sources say that Hayfin has made a major hire in New York as it looks to build up its CLO investment capabilities -
BlueMountain prices at tight end of the market with its 11th US CLO of 2018
5 years ago
BlueMountain Capital Management has reset its CLO 2016-3, pricing the deal via Barclays with a five-year reinvestment period
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