CIFC hires research head from Genworth Financial
CIFC Asset Management has hired a head of research in its New York office

Beneath the triple C: mighty CLO buckets from Akorns grow
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. 

Making arb work of it

CIFC restarts refi wave with triple A tranche at 103bp
CIFC Asset Management has opted to refinance the triple A notes of its CIFC Funding 2013-1, scoring a tight print of 103 basis points in spite of the coronavirus-related market selloff

CLO pipeline: CIFC becomes first of big three managers to plan new issue
New issue CLO paper is back on the agenda in the US as six new deals appear in the pipeline. This is a turnaround from the last two months, when CLO refinancings were more popular: 35 refis versus 26 new deals  

Making arb work of it
In 2019, some CLO managers hoped that good timing would enable them to lock in favourable arbitrage levels, but others opted for aggressive or conservative tactics when building portfolios. 

KKR beats CIFC's European CLO benchmark one day later
KKR Credit brought new issue CLO Avoca XXI via Bank of America last night and in doing so, set a new triple A spread benchmark for European CLO managers of 89bp and a cost of debt of 164.5bp

CIFC pushes European CLO spreads to new tights
CIFC Asset Management’s second CLO in the European market, CIFC European Funding CLO II, has set a new benchmark for the year as triple A spreads move tighter to 90bp with a cost of debt of 165.6bp.

CLO market celebrates Valentine's Day by romancing with resets
Refinancings have been the talk of the month in the CLO market, but this Valentines day saw managers turn their minds to resets

Ucits at a glance: Ucits end strong year on a high

Credit funds at a glance

CIFC pushes into US high yield with three senior hires from Millennium
CIFC Asset Management is expanding its high yield investment business and has hired three officials from Millenium Management  

CIFC prices refinancing of 2017 CLO
A busy week kicked off the new year with at least six CLOs in the market

CLO refis come back in favour as PGIM and CIFC hit the market
PGIM and CIFC Asset Management launched US CLO refinancings this week via Bank of America and Citi, respectively, according to market sources. Price guidance on the triple A tranches indicates a solid opening to the year

Euro CLO league tables: new issues shatter 2018’s record but total issuance falls
The European CLO market continues to grow at a record shattering pace with 2019 new issuance volumes totalling €29.8 billion, an 8% increase on 2018’s previous record figure, from 53 active managers

Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events.

Deluxe decline leaves CLOs feeling deflated

CIFC prices a company-record sixth CLO of 2019
CIFC Asset Management yesterday priced its sixth new issue US CLO of the year for the first time in the firm’s history, according to market sources

CIFC beefs up investor relations team in London with two hires
CIFC Asset Management has hired from Muzinich and Murano in a bid to strengthen its European investor relations effort

Two roads diverged in the CLO wood

Deluxe bankruptcy causes picture to blur for CLOs
CLO managers hold $598 million of the video services company’s term loan, according to the latest trustee reports from CLO-i

Any takers for illiquid European CLO equity?
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.

Any takers for illiquid European CLO equity?
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.

CIFC prices US CLO reset following streak of seven consecutive new issues
CIFC Asset Management yesterday took a break from its new issue CLO streak to price its first reset of 2019 via Goldman Sachs

AGL pre-markets debut US CLO
AGL Credit Management is getting its US CLO issuance programme underway less than six months after being formed