Creditflux

Global CLO b-wic round-up: secondary market awakens with control equity bonanza
Four anchor positions made available on secondary market as equity accounts for over a third of all volumes.

Mid market CLO league tables: Golub and Natixis increase their leads
August saw over $2 billion of issuance in the mid market space with managers that have been active this year, returning managers and debut managers all pricing last month. 

CLOs at a glance

A round-up of CLO performance

Job opportunity with ArrowMark: research analyst
ArrowMark Partners has released details of a vacancy in its Denver office

Arrowmark prices 4.5-year reset with unusual triple A and double B structure
Arrowmark Colorado Holdings yesterday reset its CLO named Elevation 2013-1, with the first-pay tranche issued in a combo of the triple A and double As in loan format

Arrowmark resets 2017 middle market CLO
Arrowmark Colorado Holdings teamed up with Goldman Sachs on Friday to price a reset of its 2017 middle market CLO known as Peaks CLO 2

THL anchor CLO equity seeks purchase in secondary market
Up for auction later today is the 15th controlling stake in a US CLO this year, with nine of the previous 14 having failed to trade

Clover Tech cov-lite loan blots CLOs after spilling a third of its value
The past week’s biggest declining loan by some way, for printing cartridge maker Clover Technologies (aka 4L Technology), is a worry for CLO portfolios as some 21 managers hold the name, according to CLO-i

CLO pipeline: there's no drought here as market is doused with deals
Deal-makers have been taking in their H2O with little sign of summer slowdown in the CLO market as the pipeline approaches full force 

Short-dated CLOs still have life in them

CLO pipeline: Barclays and Goldman branch out to mid market
The US CLO pipeline has been full in recent weeks and this continues, with 18 new issue CLOs and a further nine refinancings appearing this week.

Arrowmark refinances post-reinvestment Elevation CLO
Arrowmark Colorado Holdings yesterday took the unusual step of refinancing a 2015 vintage CLO that has left its reinvestment period

Managers slide down term curve
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away

Regulation stifles SRTs, but banks and investors revel in quarter-four outperformance
Over the course of 2018 there was roughly €6.5 billion of issuance in the market for significant risk transfer (SRT) deals, sources say, with the last three months understood to be the busiest quarter on record

You can’t time everything 100% correctly, but being too early can be a mistake
ArrowMark's Kaelyn Abrell takes our credit quiz

US CLO round-up: Dry January ends early as spreads get hammered
Is the 2019 vintage going to be a classic? It's certainly started off slow, but it could mature into something very special if loan volatility persists

ArrowMark prices static CLO as primary market opens for business
ArrowMark Partners has opened 2019’s CLO primary market, pricing its inaugural static deal named Apres Static CLO 1

ArrowMark prepares to issue static CLO for the first time
Colorado-based ArrowMark has been hitting the slopes with regular long-reinvestment CLOs. It's now looking for a change of pace by issuing a static CLO

ArrowMark's prices new issue CLO as triple As hit 127bp
ArrowMark Partners priced a $409.85 million new issue CLO via MUFG yesterday

ArrowMark builds in London with big SRT hire
ArrowMark is one of the biggest investors in the SRT market, but unusually it conducts most of its business out of the US. It has now added to its presence in London with an experienced official joining its SRT business

ArrowMark cuts triple A financing costs by 60bp as it resets US CLO
ArrowMark Partners yesterday reset a 2016 CLO with high financing costs, sources say

New rules encourage growth in blossoming risk sharing market
Significant risk transfer deals have generally been issued towards the end of the year – but the first quarter of 2018 has opened with a flurry of deals across primary and secondary markets

Denver firm prices its first new broadly syndicated loan CLO of the year
A Colorado-based manager has priced its first CLO transaction of the year backed by broadly syndicated loans

ArrowMark prices second CLO transaction in June following mid-market reset
ArrowMark Partners has become the first manager to price a transaction in the middle-market CLO space this month

Denver-based CLO manager hires Goldman Sachs to issue first deal of 2018
A CLO manager is marketing a new issue CLO, its first since December 2017