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CLO managers look to move away from ‘spiky’ triple Cs
4 years 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"
4 years 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 secondary
4 years ago
Two investors are inviting bids for anchor positions they hold in three CLOs. -
Credit traders' kickstand: Europe ascendant as high yield pipeline returns
4 years 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 trade
4 years ago
A $2.25 million triple B CLO tranche with a mascot feature embedded appeared in the secondary market yesterday, but failed to trade. -
Investors seek oasis as new issues dry up
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 surface
4 years 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 CLO
4 years 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 loss
4 years 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-up
4 years 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 market
4 years 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 -
Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
4 years ago
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally -
CLO investor looks to offload US and European anchor equity positions
4 years ago
There are two controlling CLO equity stakes up for sale today with a 2017 European deal and a reissued US transaction going under the hammer -
Global CLO b-wic round-up: control equity hits the market as secondary market picks up
4 years ago
The CLO secondary market in both Europe and the US brought healthy volumes last week. There was €174.9 million listed in the European CLO secondary market, while the US returned a with just over $600 million in CLO b-wics. -
CLO investors should be looking at CSOs
At Creditflux’s Credit Dimensions event in New York, structured credit investors were told how synthetic CDOs fit neatly alongside CLOs, and there is no need to pick one over the other4 years ago -
Short-dated CLOs still have life in them
There has been a pick-up in trading of short-dated CLOs — in particular, for deals that are winding down. But the reset wave of 2017-18 may have a lasting impact on CLO weighted average life4 years ago -
Insurers dump floating rate CLOs
4 years ago
Two large insurance firms rotated out of floating rate CLOs by selling roughly $259 million of single A notes via b-wics last month, according to market sources. -
Global CLO b-wic round-up: secondary volumes make up for slump in primary
4 years ago
June saw the highest volume of US CLO b-wics this year with over $3.8 billion of US CLOs on the auction block, according to CLO-i. -
European loan trading: CLO managers snack on Ifco loans
4 years ago
35 CLO managers were holding €364.2 million €364.2 million of IFCO’s loans in April – all at par -
Anchor equity in 2018 CLO reissue fails to trade in secondary market
4 years ago
The anchor equity piece of Anchorage Capital’s 2018 reissue, Anchorage CLO 5-R was up for grabs yesterday on a b-wic seen by Creditflux -
Controlling equity stake in 2018 CLO fails to trade in secondary market
4 years ago
Over 90% of an equity tranche from a 2018 Sound Point Capital Management CLO was available on b-wic yesterday but failed to trade -
Euro CLO b-wic round-up: secondary volumes increase amid demand for short-dated paper
4 years ago
Last week saw over €230 million of European CLO items listed on the secondary market, matching the almost €1 billion seen in refinancing volume. -
US CLO b-wic round-up: secondary volumes reach new heights with equity lagging
4 years ago
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest -
There’s pain to come for those who have become too greedy
4 years ago
Stephen Catling of Connection Capital takes our credit quiz -
The synthetic bespoke market could definitely do with the company of the rating agencies
4 years ago
It’s about time CSOs opened the door to the rating agencies — it would be good for investors and the agencies
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