Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers

Sculptor CEO Shafir to step down with CIO taking dual role
Sculptor Capital Management has announced that its chief investment officer will take also take on the role of chief executive officer, effective 1 April 2021

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Rapid CLO M&A activity on the horizon as fee deferrals pick up
A flurry of M&A deals could soon sweep the CLO market as management fee deferrals become an increasing pressure point for small CLO managers

$350 million of CLO collateral drips into default as oil companies file for Chapter 11
CLOs hold $353 million worth of debt of two oil and gas companies - Ultra Petroleum and Gavilan Resources - which have become the latest casulties of the precipituous decline in oil prices. The pair filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Thursday and Saturday, respectively

Sculptor doubles global credit exposure in master fund amid dislocation
Sculptor Capital Management has doubled its global credit exposure in its Master Fund during the covid-19 volatility, according to the firm’s Q1 earnings call

S&P adds to CLO negative watch list as loan downgrades pick up
Standard & Poor’s has added to the list of tranches in CLOs it has on negative watch as coronavirus concerns mount. This follows the rating agency last week highlighting 22 tranches across 15 US CLOs for having big exposure to downgraded corporate borrowers across impacted industry sectors

Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events.

Deluxe decline leaves CLOs feeling deflated

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

Sculptor prices second CLO refi since rebranding
Sculptor Loan Management on Friday priced a $522m75 million CLO refinancing via Barclays, marking its third transaction, and second refi, since rebranding from Och Ziff Loan Management

Capital structure emerges for forthcoming debut CBO from Sculptor
Sculptor Capital Management is set to join the ranks of the world’s CBO managers, according to market sources

CLO pipeline: Sculptor begins to mould its first CBO
Silence! Artist at work: Sculptor has got its apron on and is shaping up to launch its first CBO

AB launches US CLO business after hiring from Sculptor
AB is building on its middle market CLO business by launching a broadly syndicated loan CLO platform, according to a company announcement. AB's majority owner, Axa Equitable, will fund the new product offering, according to AB, which presumably means that it will invest in the equity of forthcoming AB CLOs

Deluxe bankruptcy causes picture to blur for CLOs
CLO managers hold $598 million of the video services company’s term loan, according to the latest trustee reports from CLO-i

Och-Ziff makes CLO market debut as Sculptor
Sculptor Loan Management, formerly known as Och-Ziff Capital Management, has priced its first CLO transaction since rebranding earlier this year

Euro CLO league tables: back to earth in tandem as issuance nosedives
August brought just €1.12 billion of issuance in the European CLO market across two refinancings and one reset, the quietest month since January when only €0.51 billion of European CLOs priced

One day, two investors, three CLO controlling stakes in secondary
Two investors are inviting bids for anchor positions they hold in three CLOs.

Och-Ziff revenue tumbles despite inflows to credit funds and CLOs
Och-Ziff Capital Management posted a net loss of $8.6 million in the second quarter, which it blamed on the market’s reaction to US China trade tensions and the US Federal Reserve’s twist of monetary policy

Och-Ziff splits triple Bs as it prices US CLO
Och-Ziff teamed up with BNP Paribas on Friday to price a new issue CLO named OZLM XXIV, its third CLO transaction of the year

CLO pipeline: there's no drought here as market is doused with deals
Deal-makers have been taking in their H2O with little sign of summer slowdown in the CLO market as the pipeline approaches full force 

Euro CLO league tables: May’s refinancings fall just shy of €1 billion
European CLO monthly issuance has stayed roughly level since February what has differed recently though is the volumes of all forms of refinancings.

114bp is syndicated benchmark for triple As in Europe as Och-Ziff prices CLO
Och-Ziff Loan Management priced a new issue euro CLO yesterday, according to market sources

Och-Ziff partners with Morgan Stanley for first time in Europe on upcoming CLO
Och Ziff Loan Management is marketing a new issue European CLO named OZLME VI

Control equity in two US CLOs changes hands in secondary market
Control equity in three US CLOs was up for sale yesterday at 10am New York time, according to market sources