Primary US CLO equity more attractive than secondary, says PineBridge
Primary market CLO equity offers better value to investments in the secondary market, according to a new article from PineBridge Investments

NAIC accepts "excellent" CLO performance, but is not convinced by manager influence
The National Association of Insurance Commissioners has disclosed that it received eight responses to its CLO proposal with the firm summarising these responses as cautious

ETFs open up to CLOs as PineBridge/VanEck team up
Although CLO triple A investors are scarce at present, CLO exchange traded-funds are becoming a bigger part of the investment community after PineBridge Investments partnered with VanEck to launch VanEck CLO ETF (CLOI) last month.

PineBridge and VanEck launch investment grade CLO ETF
VanEck has teamed up with PineBridge Investments to launch an exchenge-traded CLO fund named VanEck CLO ETF (CLOI)

Credit funds at a glance (March 2022)
A round up of fundraising and people moves in credit

A long time ago in a Galaxy CLO far, far away (October 2018 to be precise)...
PineBridge Investments has made a long-awaited return to the US CLO primary market by pricing its first new issue in over three years    

Credit funds at a glance (November 2021)
A round up of fundraising and people moves in credit

CLO managers join forces as they line up behind SFDR
A plethora of European CLO managers have teamed up with regulatory reporting provider FinDox to form a working group focused on Sustainable Financial Disclosure Regulation (SFDR), sources tell Creditflux.

Everyone’s ramping

They said it: "Oh, hell no!"
PineBridge Investment portfolio manager Laila Kollmorgen tells the audience at Creditflux’s CLO Symposium that she is unequivocally against increasing triple C limits from 7.5%

Variety of US CLO-eligible loans makes ramping up a joy [CLO Symposium video]
A buoyant US CLO market is basking in a golden summer with record issuanc. Speakers at Creditflux’s CLO Symposium earlier this month pointed out a vibrant loan market means CLO issuers are spoiled for choice

An alternative way of looking at CLO overlap
Analysing CLO collateral to look for overlap is critical for any CLO investor, but it is normally done either within a portfolio of CLOs or by bilaterally comparing two managers. In one of its latest research pieces, Moody’s Analytics has taken a different approach

Global CLO trading lab: Equity supply spikes as investors go long
CLO equity returned to the secondary market in a big way last week, after a month of very little visibility, with $118.3 million of US CLO and €44.9 million of European CLO subordinated notes on sale

PineBridge prints $460 million refi of 2013 CLO
PineBridge Investments priced a $459.2 million CLO refi via Royal Bank of Canada on Wednesday

PineBridge resets 2016 CLO for five years with triple As at 120bp
PineBridge Investments teamed up with Goldman Sachs on Thursday to reset its 2016 CLO named Galaxy XXII

Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill

CLO refi spree heats up with $1.84 billion in one day
Another $1.84 billion of CLO paper refinanced on Friday as five managers - PineBridge Investments, Credit Suisse Asset Management, Mackay Shields, Steele Creek and MJX Asset Management - took to the primary market to cut their funding costs

Differences surface between two US CLO refis, despite similar tenors
CLOs from 2013 and 2017 with similar tenors priced senior note refinancings 10bp apart on Thursday, highlighting that longevity matter

US and European control CLO positions land in secondary market
The first control equity positions of 2021 for the European and US CLO markets were listed in the secondary market on Thursday

Managers brave covid-hit sectors to drum up returns
Price dislocations among companies operating in industries affected by covid-19 mean they may offer some of the best opportunities for CLO managers and CSO investors — and sources say that neglecting these sectors could hurt performance

RBC arranges two US CLO tranche refis
Barings and PineBridge each priced their first US CLO transactions of 2020 after refinancing fixed rate tranches from 2018 vintage deals, according to market sources

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

It’s all going to plan
Whether managers are relaxed because they can make up losses later, or are putting more money into their deals, panellists on the Creditflux West webinar weren’t panicking about OC breaches

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

CLO managers seek to defer and redirect equity distributions
Half of US CLOs are due to miss equity payments as downgrades and defaults resulting from the lockdown economy trigger overcollateralisation breaches across the market, according to the latest bank research estimates. But some managers are being granted the flexibility to redeploy cash