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CLO round-up: sentiment improves as multiple breakthrough transactions emerge
8 months ago
New CLO formation slowed this week in the US, while Europe had its second zero-issuance week of the quarter. But there were three major developments: the first CLO refi in15 months, a major investor's first entry into a CLO at the reset stage, and the first middle market CLO arranged by Goldman Sachs. -
Sycamore Tree's CLO volumes climb to $1.6 billion after largest new issue
8 months ago
Sycamore Tree Capital Partners priced its fourth - and largest - CLO since the firm's inception on Thursday, growing its deals under management to $1.6 billion -
CIFC's seventh new US CLO of year takes tally to $3.3 billion
1 year ago
CIFC Asset Management priced its seventh US CLO of the year on Friday, bringing its yearly issuance volumes to $3.3 billion and climbing to fifth on the manager leaderboard -
Bain and Carlyle print five-year reinvestment CLOs with senior triple As at 210bp
1 year ago
Bain Capital Credit and Carlyle Group each issued a new five-year reinvestment CLO on Thursday, with each deal's senior triple A tranche paying a coupon of 210 basis points over Sofr -
US CLO triple As end week at 154bp as Napier Park and Rockford Tower print deals
1 year ago
Napier Park Global and Rockford Tower Capital Management priced new CLOs on Friday, with each manager printing their triple A notes at 154 basis points over Sofr -
US extends broad hit on credit but German resi giant faces personal dramas
2 years ago
Travel related companies are among those hit hardest in credit as the Tuesday sell off deepens with the US trading session, but investors in German real estate company Adler have endured a torrid day as they digest its third quarter results -
First Eagle prints fourth middle market CLO
2 years ago
First Eagle Investment Management has priced its fourth and largest middle market CLO, bringing its mid market deals under management to $1.5 billion -
German real estate firm on bull run as rest of high yield treads water
2 years ago
Adler Real Estate has extended its spread tightening run on Monday morning, making it one of the biggest improvers of the past week in an otherwise flattish high yield credit market -
Global CLO trading lab: Equity supply spikes as investors go long
2 years ago
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 -
It's all relative: IG index drifts wide of 50bp as European CLO triple Bs outperform
2 years ago
US investment grade credit has been an underperformer in the last few weeks with CDX IG trading north of 50 basis points again. But European CLO triple Bs are looking strong while there is a stronger bid for two- to three-year paper in the US -
Audax brings CLO haul to $2 billion with largest deal so far
2 years ago
Audax Management Company issued a fifth middle market CLO on Thursday, bringing its deals under management to $2 billion -
It's all relative: CLO spreads explore record tights as credit indices hit impasse
3 years ago
CLO spreads are grinding to ever tighter levels, despite a flattish week for credit in which corporate credit indices have ended up more or less unchanged -
Curve steepeners gain ground with inflation in focus
3 years ago
Credit performance this week has done little for market-directional trading strategies, but one area gaining traction beneath headline numbers is the steepening of curves -
Ares sets CLO triple A benchmark with senior notes at 170bp
3 years ago
Ares Management has priced a new three-year reinvestment US CLO at the tight end of price guidance, setting new benchmark levels in the process -
Three-year US CLOs set to tighten as large managers market deals
3 years ago
US CLO triple A spreads are tightening sharply this week with market sources indicating that benchmark levels for three-year reinvestment deals have gone into the 180s -
Who’s got the moves US: oil and gas leads renaissance for US CLO managers
3 years ago
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week -
OC health check: another two CLOs fail senior OC tests
4 years ago
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i. -
Who's got the moves US: Carlyle leads as $3.7 billion of CLO loans recover
4 years ago
CLOs were exposed to $833.4 million worth of paper in the 10 term loans that suffered the largest price falls last week. But CLOs also had exposure to $3.67 billion of loans that recovered the most over the seven days. -
You wait 12 years for loan dislocation and $1 trillion comes along all at once
4 years ago
The waiting is over — distressed debt managers have the best entry point in about a dozen years as the S&P/LSTA Leveraged Loan Index plunged to 80 in just two weeks. -
Licence and registration: loan spreads get speeding ticket as CLOs play catch-up
4 years ago
The sharp rally in corporate credit means that CLO spreads are going to have to rapidly follow suit with investors informing Creditflux that US CLO triple As should be pricing at 105-107 basis points to make deal economics work. -
Global mid market CLO league tables: Golub and Natixis lead by a distance
4 years ago
Golub Capital and Natixis dominated the mid market CLO space in 2019 in the manager and arranger league tables, respectively -
CSAM becomes 10th manager to reset European CLO in 2019
4 years ago
Credit Suisse Asset Management priced a €481.9 million reset of its 2016 European CLO named Madison Park Euro VIII, according to market sources, becoming just the 10th European CLO manager to reset a deal this year -
Alcentra prices first new issue US CLO for 12 months in short-dated deal
4 years ago
Alcentra has priced its first new issue US CLO in 12 months, teaming up with Citi to issue Shackleton 2019-XIV -
Euro CLO round-up: after three-year hiatus, two Apollo/Redding Ridge CLOs come along at once
4 years 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. -
European CLO round-up: single B basis between US and Europe narrows
5 years ago
The European CLO market finally came out of its issuance shutdown on Friday when Credit Suisse Asset Management partnered with Barclays to price Cadogan Square CLO XIII.
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