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CLO Census latest: ESG trashed and lauded, while b-wic no shows draw ire
3 years ago
The CLO community is making its voice heard courtesy of Creditflux’s CLO Census, with ESG proving divisive in the early stages of voting -
Six triple Bs trade in line with primary as 78-item euro CLO b-wic concludes
3 years ago
All 78 European bonds that appeared on a b-wic yesterday at 9am New York time (2pm UK time) traded with colour - strongly suggesting that the auction represented the unwind of a fund. -
78-item b-wic hits market as European CLO spreads dislocate
3 years ago
A mammoth 78 item European CLO b-wic totalling €130.7 million is on sale today at 9am New York time (2pm UK time) and is rumoured to come from an investor liquidating its portfolio -
All tranches fail to clear in Seix Advisors AMR refi auction
3 years ago
A digital Dutch auction for Seix Advisors' Mountain View CLO XIV took place yesterday, but all tranches failed to clear, according to a statement from AMR platform provider Kopentech -
Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
3 years ago
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to CLO-i -
Seix CLO set to get AMR refi treatment on 29 September
3 years ago
A CLO managed by Seix Advisors, Mountain View XIV, is set to become the second deal to undergo an applicable margin reset (AMR) refinancing later this month, -
Fair Oaks rotates to Euro CLO equity after 32% gain on double Bs
3 years ago
Fair Oaks Capital is starting to rotate back to CLO equity positions after taking advantage of the stabilising market and using profits from its higher-quality, more opportunistic trades earlier this year to carefully dial up the risk -
Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
3 years ago
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics -
Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
3 years ago
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week -
Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
3 years ago
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months -
Around 20% of the US CLO market has traded this year — not bad for an asset class that is seen as illiquid
3 years ago
CLOs can trade cheaply and directly, which helps keep volumes steady even in a crisis -
US CLO single Bs reach post-crisis tights despite rating pressure
3 years ago
US CLO single Bs are trading at their tightest levels since the coronavirus pandemic outbreak and ,while these bonds make up a tiny slice of the market, more and more instances of single B b-wics are ocurring -
Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
3 years ago
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers -
Majority equity in BlueMountain US CLO goes up for sale
3 years ago
A majority of the equity in BlueMountain CLO 2018-1 is up for sale tomorrow in a sign that Assured Guaranty could be following through on its plan to change its CLO manager’s issuance model -
Secondary European CLO market kicks into gear with 38 bonds on sale today
3 years ago
The European secondary CLO market is revving up with 38 debt tranches up for grabs across five b-wics today. The auctions take place this morning New York time and feature about €75 million of CLOs from triple As down to single Bs -
Single A CLO investors fight volatility as market widens
3 years ago
Two single A-rated CLO tranches appear on a b-wic due at 1pm New York time Tuesday, after investors in the volatile rating band faced another week of widening spreads -
Investors spy opportunities in CLOs subject to negative rating action
3 years ago
Rating agency downgrades come into play in Thursday's secondary market for CLOs, with a $15 million b-wic at 10am New York time highlighting how double and single B spreads have moved in opposite directions through July -
Global CLO trading co-head leaves bank in New York
3 years ago
A CLO trader with over a decade of experience has parted ways with a large US bank -
Global CLO b-wic round-up: CLO lower mezz spreads tighten back after volatile two weeks
3 years ago
Secondary CLO spreads in the US and European markets have recovered after moving wider over the last two weeks -
Double B CLOs on downgrade watch up for grabs as market eyes tightening
3 years ago
CLO double B spread averages tightened 24.44 basis points on Wednesday, ending a 22-day widening streak. On Thursday, a b-wic of seven CLO double Bs goes live at 11am New York time and should clarify if spreads will tighten further -
Global CLO b-wic round-up: spreads widen in short week to end manic June
3 years ago
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week -
Liberty pulls off successful equity b-wic auction
3 years ago
The first successful equity b-wic following the pandemic selloff took place last month, with several sources telling Creditflux that insurance company Liberty Mutual was behind the auction -
Go for short-duration and high-end CLO paper, says JP Morgan
3 years ago
This year is shaping up to be nearly as weak for CLO new issuance as 2008, according to JP Morgan strategists, who recommend investors seek value in short duration double/triple A paper or in higher-tier triple/double B -
CLO double Bs on sale as sub-investment grade rally fizzles out
3 years ago
After more than a month of rapid tightening, CLO double Bs trended wider last week by roughly 60 basis points, as the market for these sub-investment grade tranches stabilises in the mid-800s -
Fair Oaks tops up on double B CLO tranches in May
3 years ago
Fair Oaks topped up on double B-rated CLO tranches in its listed CLO fund in May, adding $79 million par value of BB-rated paper
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