Creditflux

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 league tables: JP Morgan narrows gap to Citi in new issues to $50 million
July saw $14.9 billion of issuance in the US CLO space with $9.4 billion of that in new issue CLOs. One of the transactions brought to the market was Whitebox Capital Management’s debut CLO, Whitebox I.

CSAM prices second largest CLO refi of 2019
Credit Suisse Asset Management took 21.98 basis points off the funding costs of its 2016 CLO Madison Park Funding XXIV via refinancing

Market rallies as key CLO investor retreats

Philadelphia Energy bankruptcy tars nine CLO managers with $241 million exposure
The Philadelphia-headquartered company has entered into bankruptcy protection for a second time, having only emerged from its first filing in August

CLO pipeline: CSAM and Octagon look to move further ahead of the chasing pack
The CLO pipeline in all three markets looks similar to last week with a reduction of only around $500 million in predicted new issue volumes in each of the US, European and mid market CLO spaces. But all three of these market segments look healthy with new issues and refinancings being favoured by managers

Global CLO b-wic round-up: control equity hits the market as secondary market picks up
The CLO secondary market in both Europe and the US brought healthy volumes last week. There was €174.9 million listed in the European CLO secondary market, while the US returned a with just over $600 million in CLO b-wics. 

Euro CLO league tables: three debutants, but familiar faces stay top
June brought €3.4 billion of European CLO issuance between seven new issues and two refinancings. Of the seven new issue European CLOs priced last month, three were from debut managers to the continent 

US CLO league tables: Octagon extends lead as many managers hit starting blocks in June
CLO volumes recovered slightly in the second quarter, with $43.31 billion of primary activity – a 19.97% increase from the $36.1 billion produced in Q1

CLOs are pricing with an acronym premium rather than an illiquidity premium

John Popp of Credit Suisse Asset Management takes our credit quiz

Short-dated CLOs still have life in them

Points up front: Funky fund manager is music to our ears

Euro CLO b-wic round-up: secondary volumes increase amid demand for short-dated paper
Last week saw over €230 million of European CLO items listed on the secondary market, matching the almost €1 billion seen in refinancing volume.

US CLO b-wic round-up: secondary volumes reach new heights with equity lagging
The US CLO secondary space saw almost $1.8 billion of paper listed last week according to CLO-i, a record amount for this year. Equity, however, did not draw much interest

Euro CLO league tables: May’s refinancings fall just shy of €1 billion
European CLO monthly issuance has stayed roughly level since February what has differed recently though is the volumes of all forms of refinancings.

US CLO league tables: CSAM dominates globally but Octagon takes US lead
Octagon Credit Investors clinched the top spot in the US broadly syndicated loan CLO market by a mere $129,000 from Credit Suisse Asset Management. 

Budge up, more new managers are coming

Market bemoans Europe’s lack of CLO manager tiering
Manager tiering became a hot topic in Europe again last month following Credit Suisse Asset Management’s decision to break with tradition by syndicating its triple A notes in Madison Park Euro Funding XIV, rather than place the notes with an anchor investor.

Euro CLO round-up: benchmark ruffles up, but junior tranches sit tight
CLO triple A benchmark levels underwent a shake-up last week as Credit Suisse Asset Management and HPS Investment Partners brought deals to the market with first-pay tranches printing above the recent benchmark of 108.5 basis points

US CLO round-up: dropping anchor (investors) brings CLO spreads tighter
Syndication was the theme of the week across the global CLO market last week as managers and arrangers presented deals which were sold to a more diverse group of investors than has been the case for most of this year.

CSAM ends bumper week with new issue CLO and hybrid CBO
Credit Suisse Asset Management completed four CLO transactions this week after printing one new issue CLO and one hybrid CBO today

Budge up, more new managers are coming

CSAM syndicates triple A notes at 112bp in new European CLO
Credit Suisse Asset Management yesterday priced its latest European CLO offering, syndicating its triple A notes at 112 basis points over Euribor

CSAM prices largest CLO refi of 2019 with triple As at 122bp
Credit Suisse Asset Management could be poised to issue three CLO transactions this week, according to market sources

CSAM plans double CLO issuance next week with US and EU deals in the market
Credit Suisse Asset Management is preparing to issue two new issue CLOs next week, with one issuance on either side of the Atlantic