Creditflux

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

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

Sound Point resets 2015 CLO with just days of reinvestment remaining
Sound Point Capital Management has squeezed in a $470 million reset of 2015’s Sound Point CLO IX just days before it left its reinvestment period

Sound Point readies second European CLO after debuting in April
Sound Point Capital Management has launched its second CLO in Europe

CLO pipeline: managers return in force after varying time-outs
CLO managers in all markets are taking the view that the time is ripe to print their latest deals. There are 30 transactions in the US CLO pipeline this week with a further four in the middle market space and Europe

CLOs at a glance

CLO managers process Fusion bankruptcy implications
12 CLO managers hold $185.2 million exposure to the debt of the cloud services company, which filed for Chapter 11 bankruptcy 

Controlling equity stake in 2018 CLO fails to trade in secondary market
Over 90% of an equity tranche from a 2018 Sound Point Capital Management CLO was available on b-wic yesterday but failed to trade  

New kids on the block dominate awards

Seriously, the CLO arb is difficult right now

Seriously, the CLO arb is difficult right now
We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December

Spire wins Creditflux Manager of the Year award
Spire Partners was the big winner at Creditflux's Manager Awards last night as the London-based manager scooped the award for the manager of the year. On top of this, the firm picked up awards for Best European CLO Manager and Best European CLO for Aurium CLO II

Euro CLO league tables: at long last - a reset, a refi and a debut
A chill swept through the European CLO market in April. While managers priced €3.16 billion of CLOs, it was the slowest month since January. 

It’s possible to be big — and still be picky
Our analysis of 2018 CLOs shows that firms such as Credit Suisse Asset Management and Sound Point Capital Management have built loan portfolios that are different to the rest of the market.

CLOs at a glance
A round-up of CLO performance

It’s possible to be big — and still be picky

Sound Point opts for fixed rate triple As with latest US new issue CLO
Sound Point Capital Management priced a $608.15 million new issue CLO on Friday named Sound Point CLO XXIII

Sound Point becomes first European CLO debutant of 2019
Sound Point Capital Management has made the breakthrough by becoming the first debutant CLO manager in Europe this year

CLO pipeline: managers seek to return as others arrive, after testing Q1
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.

Europe's CLO manager field set to get bigger as managers from all corners aim to break through
Regulation does not always impair activity