‘You have to prepare for further tightening’
In the first Investors's Corner, we spoke with Tetragon's Dagmara Michalczuk to discuss CLO equity

Experienced CLO investor set to leave Tetragon
A well-known CLO tranche investor is set to leave Tetragon Credit Partners.

LCM looks to CLO print and sprint amid platform sale discussions
LCM Asset Management is marketing a new CLO, despite Creditflux reporting the platform is in discussions for a sale

US CLO manager valued at $278 million goes up for sale
One of the most consistent US CLO issuers for two decades is on the market

US loans recover but CLOs lag and issuance stutters
The US leveraged loan market spent the latter half of March recovering losses from Russia’s invasion of Ukraine, with prices now above where they were when the war started

The Last Tranche with Tetragon's Michalczuk and Pang: Every missed quarterly payment can reduce CLO equity IRRs by up to 100bp
In this episode of the Last Tranche, Tetragon Credit Partners' Dagmara Michalczuk and Michael Pang tell Creditflux that CLOs that missed an equity payment during the covid-19 crisis in 2020 impacted returns by between 20 and 100 basis points

CLO investor draws up solution to phase out ‘TriMark loopholes' but concept divides market
TriMark’s latest transaction has sparked widespread debate among the CLO community, with the borrower having joined Serta Simmons and BoardRiders earlier this year to aggressively amend its credit agreements. One CLO investor says it is working on industry-wide solutions to address the issue including adding concentration limits to CLO documentation 

Triple A CLO investors advocate return to five-year reinvestment
As senior CLO spreads tighten across the globe, investors are pondering a return to pre-covid standard structures — but not everyone is in favour

Managers seeking bond buckets will need high yield track record
US CLOs could soon be permitted to buy corporate bonds amid an overhaul of the Volcker rule, but market sources say that in the short term bond flexibility is a luxury that will only be afforded to a select group of CLO managers.

TCI-Symphony and GSO refinance single tranches of 2016 CLOs
Two CLO managers on Friday refinanced single tranches of their 2016 deals, according to market sources. TCI-Symphony and GSO Capital Partners priced seemingly mirror image transactions, having refinanced the mezzanine notes of  the CLOs last November

Tetragon raises $430 million for new CLO equity fund
Tetragon Credit Income III closes with total commitments of $430 million

Control equity investor decides against reworking CLO triple As in $140 million refi
Another US CLO has been refinanced without the triple A-rated notes being troubled

CLO market gauges counterparty risk as it predicts economic cycle will turn
Credit is showing symptoms of a cycle in its latter stages, according to CLO market participants. While this makes loan and manager selection important, participants are increasingly focusing on counterparty risk.

CLO veteran parts ways with Tetragon
A senior structured credit veteran has departed Tetragon, according to market sources

Tetragon confirms appointment of former BlackRock US CLO co-head Snell
Scott Snell, former head of BlackRock's US CLO unit, has joined Tetragon 

PGIM scoops up manager rights for two TCI-Cent CLOs
The portfolio management rights of two CLOs that were managed by Columbia Management have transferred to PGIM

Experienced CLO investor tipped to join Tetragon
A high profile CLO investment specialist is set to join Tetragon in New York, according to market sources

NY Life reignites Tetragon partnership as it prices new US CLO
TCI Capital Management, the CMOA platform established by Tetragon, priced the $512.3 million deal yesterday

Tetragon-backed US CLO achieves 127bp triple-A print
TCI Capital Management – the multi-manager US CLO platform run by Tetragon – has priced a new US CLO

Tetragon picks new manager for latest risk retention-compliant CLO
Tetragon Financial Group’s risk retention fund is preparing its third CLO, to be managed by Columbia Management

Tetragon teams up with Symphony for its retention fund's second CLO
Tetragon Financial Group’s risk retention fund has sponsored its second US CLO, in a $515 million deal to be managed by Symphony Asset Management

Tetragon puts $100 million to work in CLO risk-retention
Tetragon Financial Group has provided an update on its new risk-retention CLO fund; it has committed $100 million during the first half of this year

Bank's co-head of CLOs departs to take up role at Tetragon unit
Deutsche Bank’s global co-head of CLOs has left the firm to take up a new role at Tetragon Financial Group, according to market sources.

Price talk circulates for forthcoming risk retention-compliant US CLO
Price talk has emerged for Tetragon and NYL Investors’ forthcoming US CLO, as Bank of America Merrill Lynch gets set to price the deal this week