Refis, resets and reissues back in vogue as four US CLO managers print deals
Various shades of CLO refinancings dominate the US CLO primary market with four deals - two refis, a reset and a reissue - printing on Wednesday for a total volume of $1.1 billion. This surpassed all US CLO refinancings in the six months from March to September last year

Sound Point completes two CLO transactions in a day
Sound Point Capital Management has completed two US CLO primary market transactions in the space of a single day, teaming with Barclays to print its latest new issue offering and later with Goldman Sachs to refinance the triple A notes of a CLO post-reinvestment period

Fund performance: CLOs look to continue recovery with end of the year in sight
CLO funds claim the majority of positions in our top 10

European CLOs rise in secondary with Sound Point deal up 4.25 cents from issuance
Double-B rated CLO tranches received bids in the high 90s on Wednesday with Sound Point Capital Management’s debut European CLO attracting the highest cover of 98.25 cents on the euro. But the CLO rally is lagging moves in corporate credit  

Sound Point grows reinvestment period with second European CLO of 2020
Citi has teamed up with Sound Point Capital Management to price a €340.2 million deal named Sound Point European CLO IV

OC health check: CLOs wake up when September ends
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August.

CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

Credit Rendezvous: sometimes you have to dive deep to find value
Some parts of the credit market are fraught with danger, but that does not mean portfolio managers are avoiding them entirely, according to the Credit Rendezvous, Creditflux's 10-page quarterly report eaturing comments from 15 credit experts

Global CLO b-wic round-up: CLO mezz tranches widen amid macro concerns
Last week was busy for the primary European CLO market but not for secondary, with €1.35 billion of new issue European CLOs priced across four transactions but just €190 million of European CLO paper listed in b-wics

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

Two managers team up with Goldman to refinance 2017 CLO tranches
Two CLO managers - Sound Point Capital Management and Sculptor Capital Management - yesterday teamed up with Goldman Sachs to refinance fixed-note CLO tranches from 2017 vintage CLOs. Both managers' fixed coupon fell by 137 basis points in the process

Manager tiering inceases as Sound Point prices fifth largest CLO post-covid
Sound Point Capital Management has priced the fifth largest CLO amid the coronavirus pandemic known as Sound Point CLO XXVII at a deal size of $503.2 million

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

Covid-19 pandemic draws CLO repricing from out of shadows
A rare CLO repricing took place last month, despite the option being written into CLO documentation for years

Sound Point goes refi route for fixed notes of 2018 CLO
Sound Point Capital management is the latest CLO manager to refinance the fixed rate debt in one of its CLOs after working with Goldman Sachs to slash funding costs on Sound Point CLO XIX

CLO pipeline: a marathon for some, a sprint for others
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

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

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

Loan slump brings managers closer

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

Spread tightening allows Sound Point to drop delayed draw double Bs in new CLO
Sound Point priced a $399.32 million new CLO via Citi today amid signs the market is on track to return to normalcy following the coronavirus outbreak

Rapid CLO M&A activity on the horizon as fee deferrals pick up
A flurry of M&A deals could soon sweep the CLO market as management fee deferrals become an increasing pressure point for small CLO managers

A different kind of crisis
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

Post-sell-off US CLO volumes on track to pass $9 billion as Sound Point markets deal
US CLO volumes since the pandemic outbreak are on track to pass $9 billion as Sound Point Capital Management markets its first new issue since December

First Creditflux web panel discusses outlook for CLOs amid covid crisis
Panellists at the first ever Creditflux webinar conference on CLOs struck a balanced view on the outlook for their market, highlighting crucial differences between the crisis resulting from the coronavirus pandemic and the global financial crisis of 2008