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Volatility trading has room to run, say strategists, as market holds firm after rally
3 years ago
Big intraday swings have abated from the credit market, but spreads are finely poised in their mid-range positioning between the March peaks of the crisis and pre-crisis levels. According to strategists, this leaves plenty to play for in volatility trading -
Global CLO b-wic round up: dealer bid strengthens secondary CLO market across the board
3 years ago
The US CLO secondary market had over $1 billion listed in b-wics last week, the first time at this level in three weeks according to CLO-i. A further €270 million went on sale in the European CLO secondary market, as the dealer bid returned to assist in continued tightening across the capital stack -
Onex scores tightest CLO debt execution following covid-19 outbreak
3 years ago
Onex Credit Partners today teamed up with Bank of America to price its first CLO since the coronarvirus outbreak, named OCP CLO 2020-18 -
New slate of US CLOs shows evolving term curve
3 years ago
Three new CLOs are forthcoming from Partners Group, Gulf Stream Asset Management and Onex Credit Partners with each manager opting for a different reinvestment strategy -
Autos dominate in BofA €25 billion fallen angel watchlist
3 years ago
Downgrade impact for fallen angels in the coming months could be more extreme than during the 2008 financial crisis, Bank of America strategists have warned, as they identified €25 billion worth of debt at European investment grade companies most at risk of falling into high yield territory -
US triple A CLO spreads tighten 90bp on month with GoldenTree new deal
3 years ago
Goldentree Asset Management today priced its first CLO following the covid-19-triggered market dislocation, scoring the tightest print of the new era in the process -
Yes they Canyon: west coast manager joins group of post-covid 19 CLO issuers
3 years ago
Canyon Capital has joined the exclusive group of managers to price a new issue CLO amid the crisis stemming from the coronavirus pandemic -
GoldenTree enters primary CLO market after amassing $315 million of loans
3 years ago
GoldenTree Loan Management is 70% ramped on a new US CLO, according to market sources. -
30% of CLOs will breach their 7.5% triple C buckets, says BofA
4 years ago
The number of CLOs tripping their 7.5% buckets for loans rated triple C is set to soar from 8% to around 30%, according to the latest research from Bank of America -
Sovereign borrowing will crowd out corps and produce fallen angels, warns BofA
4 years ago
Investors should be wary of buying coporate credit that yields less than sovereign debt, Bank of America strategists have warned, predicting €20-30 billion of European fallen angel volume lies ahead as the market cycle turns -
Global CLO b-wic round-up: triple A volumes hit nine-year highs, but equity valuations could be "single digits"
4 years ago
Over $2.5 billion of US CLO paper listed in b-wics in last week's manic trading, with a further €435 million of European CLO bonds also on sale. CLO buyers and sellers turned to the safest part of the capital structure – the triple A rated notes – and away from its most illiquid asset class, with no equity bonds listed in either market -
Dutch VAT ruling to reduce impacted CLO equity returns by 1 to 2%, says BofA
4 years ago
The Dutch tax authority’s decision to charge a 21% VAT on CLO collateral management fees will have a ‘substantial’ impact on equity, with returns likely to be 1 to 1.2% lower going forward, according to a research paper published by Bank of America -
BlueBay adds distressed specialist to EM credit team
4 years ago
The hire follows BlueBay appointing Mihai Florian in January to develop the firm’s capabilities in illiquid emerging market corporate credit -
European CLO single Bs jump to 1,100bp with GSO deal - but seniors hold firm
4 years ago
Junior European CLO spreads have slumped, with GSO Capital Partners pricing new issue single Bs at 1,100 basis points on Friday -
Global CLO league tables - February 2020 YTD
4 years ago
Global CLO league tables - February 2020 YTD -
Elmwood passes $2.5 billion CLO volume in just a year
4 years ago
Elmwood Asset Management today teamed up with Bank of America to issue its fourth new issue CLO, according to market sources, bringing its overall volume over the $2.5 billion mark -
European CLO managers with big bond buckets do best, finds Bank of America
4 years ago
European CLO managers that trade in the secondary market and hold a higher percentage of fixed rate assets are likely to outperform their peers, Bank of America finds in latest research -
Alcentra prices second CLO refi in eight days
4 years ago
Alcentra has refinanced its second CLO in eight days, as managers continue lining up to refinance 2017 vintage deals -
CLO market celebrates Valentine's Day by romancing with resets
4 years ago
Refinancings have been the talk of the month in the CLO market, but this Valentines day saw managers turn their minds to resets -
Invesco sets new benchmark in European CLO market
4 years ago
Invesco priced Europe’s sixth new issue CLO of the year on Friday, according to market sources. Invesco Euro IV pays 93bp over Euribor on its triple As, the tightest print of any European CLO with four or more years of reinvestment -
2020 US CLO refi volume passes $5.4 billion as Brigade and Bain price
4 years ago
US CLO refinancing volume this year passed $5.4 billion yesterday as Brigade Capital and Bain Capital together refinanced over $1 billion CLO paper -
PGIM refinances 2016 vintage CLO acquired from Columbia
4 years ago
PGIM has refinanced a 2016 vintage CLO it bought portfolio management rights for in 2018, according to market sources -
A round-up of fundraising and people moves in credit
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Triple A spreads burrow deeper as GoldenTree prices $616 million CLO refi
4 years ago
GoldenTree Loan Management on Friday brought the largest CLO refi yet of 2020 -
CLO funding costs drop thanks to tighter mezz as Brigade prices US deal
4 years ago
Brigade Capital Management priced its latest CLO offering named Battalion CLO XV via Bank of America yesterday
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