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CLO pipeline: a marathon for some, a sprint for others
3 years ago
Following a week in which there were three US CLO refinancings, one new issue CLO and one upsizing, three more US CLO managers are marketing latest new issue CLOs after varying times away -
CSAM jumps in on fixed CLO refi craze
3 years ago
Credit Suisse Asset Management has become the latest manager to refinance a fixed-rate CLO tranche, bringing the total refi volumes since April to over $600 million -
Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
3 years ago
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week -
Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
3 years ago
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades -
Cut! Cineworld’s cancelled merger boosts CLO OCs
3 years ago
Investors in Cineworld’s $1.9 billion term loan breathed a sigh of relief in July after the UK cinema chain cancelled its merger with Canadian firm Cineplex, with holders repaid in full, according to market sources -
Three years after launch, Rockford Tower joins the elite
3 years ago
The CLO platform launched by King Street Capital Management in 2017 has been crowned Creditflux Manager of the Year -
Past returns: Not quite hitting the ceiling
3 years ago
In Creditflux five years ago, we reported that Credit Suisse Asset Management had embedded a Libor cap in the sterling-denominated debt issued by Cadogan Square CLO VI... -
CSAM prices second-largest CLO following March loan market crash
3 years ago
Credit Suisse Asset Management has priced the second largest CLO of the pandemic era, according to market sources. Its latest new issue, named Madison Park Funding XLVI, came in at a supersized $596.2 million -
Beneath the triple C: downgrades hold steady as Travelport loses its luggage
3 years ago
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers -
Global CLO b-wic round-up: spreads widen in short week to end manic June
3 years ago
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week -
Loan slump brings managers closer
3 years ago
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average -
Loan slump brings managers closer
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average -
CSAM scores market tights with first new US CLO for over six months
3 years ago
Senior CLO spreads tightened as Credit Suisse Asset Management brought its first new issue CLO of the year, according to market sources -
CLO pipeline: manager prepares crowning return as primary market gets busy
3 years ago
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence -
Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
3 years ago
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy -
Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
3 years ago
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios -
Euro CLO investors look to cash in as market confidence returns
3 years ago
A mixed b-wic comprised of €35 million European CLO tranches is on offer at 9.30am New York time Tuesday, with investors looking to capitalise on tightening spreads as confidence gradually returns to the market -
OC health check: some CLOs cure failures, but quarter of US deals still in breach
3 years ago
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i -
Akorn falls into bankruptcy with $321 million planted in CLOs
3 years ago
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday -
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 -
Who’s got the moves US: oil and gas leads renaissance for US CLO managers
3 years ago
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week -
Global CLO b-wic round-up: spreads tighten across the board as bond-flex CLOs trade well
3 years ago
Price levels have tightened and, more importantly, stabilised across the secondary CLO market over the last two weeks, but the Easter break led to a drop off in CLO b-wic supply -
CSAM holds second close on drawdown CLO fund
4 years ago
Credit Suisse Asset Management is set to hold a second close on a CLO fund it launched late last year. -
Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
4 years ago
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further). -
Kayne Anderson CLO trades high as double A investors factor in portfolio health
4 years ago
Demand for high quality mezzanine US CLO paper is picking up, according to trader sources, with the most sought after single As trading at about 425 basis points and the best triple Bs trading at 670bp towards the end of last week
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