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Credit Rendezvous: sometimes you have to dive deep to find value
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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
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 -
Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
3 years ago
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
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 -
OC health check: second European 2.0 CLO reports junior OC breach
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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
3 years ago
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 -
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 -
34% of CLOs on track to miss equity payments, virtual conference hears
3 years ago
The impact of the coronavirus crisis on CLOs could only just be starting to bite, said panellists at a virtual CLO conference hosted by IMN -
We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par3 years ago -
We’ve survived before, we can do so again
3 years ago
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par -
Euro CLO league tables: Carlyle doubles down in February as 2019's leaders look on
4 years ago
Carlyle Group has jumped to the top of the European CLO manager league tables after bringing two deals to the market in February -
A round-up of fundraising and people moves in credit
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Sound Point adds third new CLO in first 10 months of European issuance
4 years ago
Sound Point Capital Management is keeping up the pace on its European CLO platform with its third new issue since its launch in April last year
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