Creditflux

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

Past returns: Unfinished business in CLOs
Five years ago in Creditflux we reported that DA Capital was looking for a way back into CLO management. The firm had sold its four US CLOs in 2011 to Citi Alternative Investments (now known as Napier Park Global Capital), but a rally had convinced the firm it was time to issue CLOs again. 

CIFC targets majority equity with latest CLO fund
CIFC Asset Management is making a quick-fire return to the market with yet another CLO-focussed fund – this time, the CLO manager is in the process of fundraising for a CLO equity fund, according to market sources

Janus Henderson increases position in CLO Ucits fund
The London-based manager says that, while it has cut exposure to CLO funds, this one has has a more conservative nature 

14% of 2016 CLOs left waiting amid refinancing wave
One of the most prominent CLO market trends this year is the relative decline of the refi compared to previous eras, as wider spreads make these often costly transactions less economical. But one vintage has stood out as an exception: CLOs issued in 2016 have driven 65% of refi activity this year

US CLO round-up: summer blues don’t weigh on the issuance parade
Summer is shining on US CLOs as $3.8 billion worth of activity entered the market last week. The flow brought four new deals (including one middle market deal), one reset and two refinancings.

CIFC becomes second CLO manager to issue five new deals in 2019
CIFC Asset Management on Friday became only the second manager to price a fifth new US CLO of 2019, according to market sources

CLO pipeline: US takes up baton after European July sprint
The US CLO market is ready to kickstart issuance in August as nine deals have been added to the running pipeline.

Euro CLO league tables: before the holidays is the best time to price a deal
Over €5 billion of new issue CLOs was priced last month, the first time the market ever crossed that monthly threshold

CIFC preps inaugural distressed debt fund
The New York-based firm is the latest in a line of managers to have begun fundraising for an inaugural distressed debt fund

Rival manager’s warehouse contributes to new CIFC US CLO
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.

CLOs at a glance
A round-up of CLO performance

Euro CLO round-up: returnee CIFC comes full circle, seven years after CLO sale
Having sold a European CLO contract seven years ago, CIFC is back and determined to build on its debut 2.0 European CLO