Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

Columbia prints tightest five-year reinvestment US CLO since March sell-off
Columbia Management has priced the tightest five-year reinvestment CLO post-covid

Global CLO b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results

Columbia adopts AMR with first new CLO issue since November
Columbia Management has returned to the CLO primary market with its first new issue in over eight months

CLO pipeline: marathon runners and sprinters join the race
Five new CLOs priced last week, four of which were US issues and one European, but they have been ably replaced in the pipeline, with a handful of managers looking to strike while the CLO market is still hot

LP round-up: mighty Oaks win $1 billion apiece from Calpers
Credit investors allocated over $3 billion to 18 credit managers this week across a wide range of strategies

If history repeats itself, the best CLO play could be to hold equities
After a futile scramble for liquidity, LyondellBasel filed for bankruptcy in the early morning hours of 6 January 2009. Bad luck for CLO managers that were holding the loan? Not at all

US pension gains 6.5% in three days after putting $350 million into credit
Marathon, Waterfall, ArrowMark and Columbia were allocated $350 million from a US pension for structured credit, Talf and high yield mandates

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

PGIM refinances 2016 vintage CLO acquired from Columbia
PGIM has refinanced a 2016 vintage CLO it bought portfolio management rights for in 2018, according to market sources

CLO pipeline: a refi of nine cuts time (and margins)
Nine US CLO managers are preparing to refinance one of their CLOs to lower financing costs

CLOs finally get green cards as ESG makes its way to US market
The rapid rise of environmental, social and governance (ESG) guidelines in financial markets has made its way across to the US CLO market, with several managers and investors last month announcing strategies geared towards ESG compliance.

Credit funds at a glance

Past returns: Columbia wins at long game
Ten years ago in Creditflux we reported on loan and bond holders squabbling as they sought to extract maximum value from LyondellBasell debt after the company filed for bankruptcy in January 2009

Columbia prices second CLO in less than a month
Columbia Asset Management has priced its second CLO in less than a month, with this one coming via Morgan Stanley

Columbia prices first new issue CLO of 2018
Columbia Management Investment Advisers has priced its first new issue CLO of the year in a deal named Columbia Cent CLO 27

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

Columbia prices second CLO transaction in two weeks following management reshuffle
Columbia Asset Management has returned to the CLO market following the departure of its two CLO portfolio managers earlier this year

CLO b-wic line-up: Fidelity's senior notes go on sale for a second time in nine days
Triple As dominate the secondary CLO market today with $46.3 million worth of notes going up for sale.

Ex-Columbia CLO heads launch new firm in El Segundo
Former co-heads of leveraged debt group at Columbia Lynn Hopton and Yvonne Stevens have founded their own firm 

CLO b-wic line-up: 5% CLO stakes go up for sale
With US CLO risk retention a thing of the past the door has opened for managers to offload their vertical strips

CLO b-wic lineup: junior debt in Columbia CLO goes under the hammer
From triple A notes down to the equity, a bit of everything is up for grabs today

Carlyle's Columbia acquired CLO is reset in $424.3 million deal
Carlyle Group has reset Carlyle C17 CLO, the transaction it acquired from Columbia Asset Management in March

Columbia promotes new leveraged debt head following resignations
Columbia Asset Management announced the promotion following the resignation of Lynn Hopton and Yvonne Stevens earlier this week