Creditflux

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 

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

Ostrum appoints structured credit head as it looks to issue US CLOs
The market has found a plethora of CLO managers looking to expand in Europe, but Ostrum Asset Management has gone the other way by hiring an experienced US CLO portfolio manager

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

European spreads pushed wider with Bardin Hill's new CLO
The transaction has also catered to the growing demand for fixed rate notes

Bardin Hill markets first European CLO under new branding
Formerly known as Halcyon Capital Management, Bardin Hill Loan Advisors is marketing its first new issue CLO since rebranding its platform last year

BNP Paribas runs up Bardin Hill's first new issue CLO since rebranding
Bardin Hill Investment Partners, formerly known as Halcyon Capital Management, has priced its first new issue CLO since rebranding

Points up front: Pining for Halcyon days
Last month, one of the biggest managers in the US CLO market, Halcyon Capital Management, rebranded to become
Bardin Hill Investment Partners

Bardin Hill gets down to business with first CLO transaction since rebranding
Bardin Hill Investment Partners, formerly known as Halcyon Capital Management, has priced a $434 million CLO refi of a 2015 vintage CLO under the Halcyon moniker

Halcyon rebrands to Bardin Hill, names new CEO and sells minority stakes to TSSP and Dyal
Halcyon Capital Management has rebranded its platform to Bardin Hill Investment Partners and has announced a new leadership structure following the retirement of John Bader who served as chief executive officer

Halcyon resets 2016 European CLO with unusual capped triple A notes
Halcyon Loan Management has reset its 2016 deal Halcyon Loan Advisors European Funding 2016 via Citi

Halcyon poaches CVC's US performing credit head Raciti
Halcyon Capital Management has poached CVC Credit Partners’ Philip Raciti and appointed him head of US performing credit and portfolio manager

Wide CLO pricing need not be a drag
Established managers can price CLO liabilities at attractive levels, but we find that CLOs saddled with higher financing costs have nevertheless been among the market’s outstanding performers

Halcyon returns to CLO market to price its first deal of the year
Halcyon has priced its first transaction of the year following a $485.5 million new issue

Halcyon refinances 2015 US CLO with triple As pricing at 90bp
Halcyon Loan Advisors has become the latest manager to take advantage of relatively cheap financing available in the US CLO refi market

JP Morgan looks to price $1bn of short-dated CLO paper for CSAM and Halcyon
JP Morgan is looking to cash in on demand for short-dated CLO paper by pricing over $1 billion within the next week, according to market sources

Halcyon prices its second European CLO of the year
Halcyon Loan Advisors has priced its second European CLO of 2017

Halcyon markets its fourth European CLO
The manager is expecting to price its second European CLO of the year on 17 November

Halcyon prices its second CLO transaction in two days
Fresh from launching a new CLO with BNP Paribas this week, Halcyon has turned its attention towards refinancing a 2015 deal

US manager prices its first new issue CLO with BNP Paribas
A large US loan manager has teamed with BNP Paribas on a CLO for the first time

CSAM and Morgan Stanley pioneer new US CLO template
Credit Suisse Asset Management priced a new US CLO late on Friday and in the process the firm introduced a new take on the standard CLO structure - the CLO features a five-year reinvestment period and a non-call period of just 18 months

Junior CLO spreads tighten as Halcyon prices new European CLO
While spreads at the top of the capital structure have edged wide of 90bp in recent weeks, a new Halcyon European CLO indicates there is strong demand for lower-rated notes