Creditflux

Deutsche Bank's global CLO head moves to big US manager
The head of Deutsche Bank's global CLO business has left after working at the firm for 16 years, with sources indicating he has taken a buy-side structuring job at one of the most prolific issuers in the business

Job opportunity with Sound Point: CLO structuring
Sound Point Capital Management is seeking a CLO structuring analyst for its New York team

CLOs face losses as Constellis loan drops to 28.5
32 CLO managers hold $640.4 million of Constellis Holdings’ debt, which Moody's downgraded to C after the company missed an amortisation payment due 31 December

Euro CLO league tables: new issues shatter 2018’s record but total issuance falls
The European CLO market continues to grow at a record shattering pace with 2019 new issuance volumes totalling €29.8 billion, an 8% increase on 2018’s previous record figure, from 53 active managers

US CLO league tables: CSAM makes it three in a row as Citi completes a clean sweep
The US CLO market suffered a drop in volume last year with $149 billion of issuance, down 43% on 2018’s $262.5 billion. But the heavy slump was not across all forms of CLO pricing, as new issues once again crossed $100 billion and only suffered a 6.5% fall

Sound Point creates its first fund geared exclusively to direct lending
Sound Point, which has experience of investing in middle market loans through various funds, has launched its first dedicated speciality lending fund 

Clover bankruptcy leaves print marks on CLOs
CLOs hold $256 million of the debt of printing supply company Clover Technologies Group, which filed for Chapter 11 bankruptcy on Monday

Sound Point splits single A tranche in new US CLO
Sound Point Capital Management produced a market first on Friday by splitting a single A-rated CLO into senior and junior tranches

Head of CLO structuring leaves Sound Point
The head of CLO structuring and co-portfolio manager at Sound Point Capital Management has departed after nearly six years in the job

Falling correlation reignites passion for index tranche trades
Dispersion in the global corporate credit market is rekindling interest in correlation trading, with dealer sources reporting that a late surge lifted 2019 index tranche volumes to $250 billion.

Deluxe decline leaves CLOs feeling deflated
Deluxe looked decent: trading in the 90s for much of this year, with 60% of its term loan sitting in CLO portfolios. But its rapid descent underlines the dangers posed by idiosyncratic events.

Deluxe decline leaves CLOs feeling deflated

Deluxe bankruptcy causes picture to blur for CLOs
CLO managers hold $598 million of the video services company’s term loan, according to the latest trustee reports from CLO-i

US CLO league tables: CSAM climbs to the top
Only $10.9 billion was brought to the US CLO market last month, while in the middle market CLO space, no deals priced. But Credit Suisse Asset Management dared venture into the primary market and as a result it moves to the top of the league tables

Any takers for illiquid European CLO equity?
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year.

CLOs at a glance
A round-up of CLO performance

Any takers for illiquid European CLO equity?
The investor base for European CLO equity is far smaller than for US CLO equity. But for those with the mandate, and willing to stomach the illiquidity, valuations have been strong this year.

US CLO round-up: 20 managers sit on the sidelines as volumes play catch-up
US CLO issuance this year is trailing 2018 by $10.7 billion as of 6 September, dampened by a slow third quarter. But Napier Park and Par-Four priced deals, which means that 20 managers are yet to return having priced CLOs last year 

Sound Point prices CLO with distressed flexibility
Sound Point Capital Management priced a $505 million CLO known as Sound Point CLO XXIV yesterday. The CLO has greater flexibility to invest in distressed

CLO pipeline: Golub and Sound Point to cement positions among market leaders
Last week there were nine CLOs priced in the US market, including four broadly syndicated loan new issues and two middle market new issues, whereas there was no issuance in Europe. The CLO action over the next few weeks is again weighted towards the US, according to market sources

Sound Point refinances single tranche of 2016 CLO
Sound Point Capital Management yesterday brought its 2019 deal count up to eight transactions after refinancing the triple A piece of its 2016 deal Sound Point CLO XIV

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.

Market rallies as key CLO investor retreats

Sound Point swaps evergreen fund for drawdown
Sound Point Capital Management is dropping its evergreen distressed debt fund in favour of a vehicle that will employ a drawdown structure, as is customary for distressed strategies.

New manager premium evaporates for Sound Point in second euro CLO
Sound Point Capital Management has priced its second European CLO, just three months after its debut issuance on the continent