- Direct lending (2)
- Emerging markets (2)
- High yield bonds (17)
- Investment grade credit (10)
- Structured credit (8)
- CLO (136)
- Distressed debt (4)
- Credit derivatives (14)
- Leveraged loans (22)
US CLO's anchor equity on sale for first time1 day ago
The 23rd anchor equity position in a US CLO has been listed on the secondary market today, with $36.875 million of Anchorage Capital 6,up for sale at 1.30pm New York time.
Global CLO b-wic round-up: volumes jump as investors get their triple A fix4 days ago
The US CLO secondary market brought over $1.2 billion in total listings last week with the main driver behind last week’s supply being an increase in US CLO triple A bonds and an anchor equity position.
Global CLO b-wic round-up: control stake trades as junior notes come to the fore11 days ago
The European and US CLO secondary markets produced high volumes of junior and subordinated notes last week. Over 30% of listings were rated as equity, single B or double B.
European CLO managers join tussle for high-quality loans15 days ago
CLO managers which have been looking to de-risk their portfolios may have a fight on their hands if they seek to get hold of higher-quality paper in the primary market.
CLOs take advantage of valuations to cash out of Refinitiv15 days ago
Refinitiv US Holdings was the most sold US issuer in July immediately following the announcement that the London Stock Exchange Group was to buy the firm.
Rate cuts force US and Europe price re-adjustment15 days ago
Central banks’ latest round of interest rate cuts sent relative value between US and European CLOs to head into a whirlwind in recent weeks, sources say
LCH and Ice prepare to battle it out over options clearing15 days ago
A fully cleared market for CDS options is getting closer, with the two largest central clearing counterparties (CCPs) set to expand their services.
Narrowly tailored event protocol set to go live in weeks15 days ago
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market.
Roll week leaves CDS in strange places15 days ago
CDS traders navigate a much-changed landscape in October, after one of the most impactful index rolls in recent times.
Any takers for illiquid European CLO equity?15 days ago
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year.
Global CLO b-wic round-up: US and European double B trading patterns diverge18 days ago
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.
Creditflux CLO Census goes live21 days ago
Creditflux has opened the voting for its third CLO Census. The annual survey aims to determine who the best CLO service providers are – including arranging banks, law firms, trustees and trading desks – while also shedding light on where market participants stand on key industry issues, answering questions such as: should CLOs incorporate ESG investment guidelines?
US loan trading: Sinclair loans dominate the airwaves as CLOs tune in1 month ago
Sinclair Broadcasting Group and Diamond Sports – both subsidiaries of issuer Sinclair - worked their way into CLO portfolios in July, with 91 managers purchasing $1.42 billion of the loans in July
Global CLO b-wic round-up: secondary market awakens with control equity bonanza1 month ago
Four anchor positions made available on secondary market as equity accounts for over a third of all volumes.
CLO managers look to move away from ‘spiky’ triple Cs1 month ago
CLO managers are in the process of de-risking their portfolios by rotating out of triple Cs into less risky credits following a volatile month in markets, according to multiple sources. Creditflux analysis shows that, for the past couple of years, managers have become emboldened with triple C and B3/B- loans making up 25% of the portfolios of 50 US CLO managers.
They said it: "CLO Euribor floors are in the money"1 month ago
In a blog, TwentyFour Asset Management’s Aza Teeuwen says that Euribor floors are worth over 50 basis points of extra spread, but this is not being priced in.
One day, two investors, three CLO controlling stakes in secondary1 month ago
Two investors are inviting bids for anchor positions they hold in three CLOs.
Credit traders' kickstand: Europe ascendant as high yield pipeline returns1 month ago
The high yield bond primary market grinds back into gear this week just as European credit reaches an extreme point of outperformance over the US, and comes on the back of Europe’s busiest week of investment grade issuance in 18 months
CLO 'mascot' appears on b-wic but fails to trade1 month ago
A $2.25 million triple B CLO tranche with a mascot feature embedded appeared in the secondary market yesterday, but failed to trade.
- US loan issuance has fallen dramatically this year, but many thirsty investors found liquidity in the secondary market or took advantage of plentiful high yield issuance in a record quarter for bonds
Flat curves and decompression make waves below the surface2 months ago
Hopes of using the summer slowdown to get to the beach may be tempered for credit relative value traders, where opportunities abound behind the uninspiring benchmark numbers of the slow market grind.
Rival manager’s warehouse contributes to new CIFC US CLO2 months ago
CIFC Asset Management has had a productive year after pricing four new issue US CLOs but sources say that the manager’s latest deal, CIFC Funding 2019-IV, owes a lot to another CLO manager.
Net short language could force lenders to sell at a loss2 months ago
Signs are growing that ‘net short’ provisions in bonds and loans are getting closer to hitting CDS investors, with two instances in recent weeks of the language expanding both in geographical and functional remit.
Back to basis (and skew) as relative value plays catch-up2 months ago
Basis trades between bonds and CDS failed to gain traction during July as synthetic markets held ground or improved their position versus cash, but this is beginning to change, say market participants.
THL anchor CLO equity seeks purchase in secondary market2 months ago
Up for auction later today is the 15th controlling stake in a US CLO this year, with nine of the previous 14 having failed to trade
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