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Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
2 years ago
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed -
CLO pipeline: Five out, five in as market digests new issuance wave
2 years ago
Five new issue US CLOs priced from last week’s pipeline, but five more have replaced them in this week's edition of our pipeline report -
LP round up: $3.2 billion flows to 21 managers as private credit illiquidity premium holds firm
2 years ago
Investors allocated at least $3.2 billion to credit managers in April - and direct lending funds were in favour with Churchill and Ares being awarded two mandates -
Credit fundraising: three massive European direct lending funds notch up €17.6 bn
2 years ago
Fundraising figures continued upwards in April as just over $24 billion was raised for credit funds, alongside $3.2 worth of allocations to credit managers. Nine funds held final closes including the largest European direct lending fund raised to date -
ICG upsizes CLO with rare four-year reset
2 years ago
Intermediate Capital Group has priced a CLO reset with an unusual four-year reinvestment extension -
Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
3 years ago
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill -
Credit funds at a glance (April 2021)
3 years ago
A round-up of fundraising and people moves -
CLO torrent adds $1.5 billion in US refis
3 years ago
The CLO refinancing boom has added another $1.5 billion to deal volume, with Intermediate Capital Group, Octagon Credit Investors, Sound Point Capital Management and Vibrant Capital Partners adding their names to the list of CLO refinanciers -
ICG upsize makes US CLO its largest ever
3 years ago
ICG has issued its latest CLO offering, affording the deal an upsize before pricing that makes it the firm's largest ever in the US -
At least 2020 wasn’t dreadful for CLOs
3 years ago
Last year’s downturn was another in which CLOs survived and in many cases thrived as active management and Libor floors helped managers deliver 13%-plus returns to equity -
2021 US new issue CLO volume reach $8.6bn after ICG prices
3 years ago
Intermediate Capital Group teamed up with Barclays on Friday to price a $407.5 million CLO named ICG US CLO 2021-1. The deal brings new issue volume in the US market for January to $8.57 billion -
OC health check: 41 CLOs heal their breaches
3 years ago
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates -
ICG collects €4.2 billion for senior debt strategy, plans real estate debt fund launch
3 years ago
Intermediate Capital Group collected a further €1 billion for its latest senior debt strategy over the past six-month reporting period, taking the total amount for ICG Senior Debt Partners IV and separate mandates up to €4.2 billion -
LP round up: $2.8 billion flows to credit as Apollo concedes fundraising may slow
3 years ago
Florida Retirement System Trust Fund made the largest commitments allocating $1.6 billion. Apollo meanwhile acknowledged a potential slowdown in fundraising as investors await results on an independent review into CEO Leon Black's relationship with Jeffrey Epstein -
Elements work against CLO managers in Q3
3 years ago
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future -
Global CLO round-up: fresh start for five year deals as market reopens
3 years ago
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020 -
ICG issues first new US CLO in over 12 months
3 years ago
Intermediate Capital Group has printed its first new US CLO in over 12 months, teaming up with Bank of America on the $401.8 million ICG US CLO 2020-1 -
OC health check: August reports slow torrent of fresh breaches to a trickle
3 years ago
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i -
CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
3 years ago
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years -
LP round up: Connecticut eyes Fortress for private credit partnership
3 years ago
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux -
OC health check: CLOs heal up with no new breaches among US BSL deals
3 years ago
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs -
Investcorp hires credit portfolio manager
3 years ago
Investcorp Credit Management has hired a portfolio manager for its US credit team and investment committee -
A round-up of fundraising and people moves in credit
4 years ago -
CLO pipeline: make some noise for repricings
4 years ago
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume -
Triple As price at 137bp as ICG prices 2020's first CLO reset
4 years ago
Intermediate Capital Group has priced a $408 million CLO reset, becoming the first manager to reset a CLO backed by broadly syndicated loans in 2020
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