Stunning January rally means CLOs are back in business
Longtime observers of the CLO market tell Creditflux they have “never seen the market move so quickly” after a rip-roaring January saw a spectacular rally in both loans and CLO debt.

Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale

Bardin Hill holds first close for second opportunistic credit fund
Bardin Hill Investment Partners has held a first close for its second opporunistic credit fund, with around $300 million in capital commitments

Revlon spares no blushes for CLO managers in filing for Chapter 11
Troubled lender Revlon Consumer Products filed for chapter 11 bankruptcy late Wednesday night. The default is likely to have a weighty impact on the CLO market 

Three US CLOs join growing list of deals to default
Another three US CLOs have the ignominy of having their tranches downgraded to D, taking the total list of 2.0 CLOs to default to eight. Before August 2021, 2.0 CLOs had a clean record according to S&P ratings 

HPS resets 2017 CLO bought from Bardin Hill
HPS Investment Partners has reset and upsized a 2017 CLO it acquired from Bardin Hill Investment Partners in 2021

The Last Tranche with Bardin Hill's Raciti: For-profit prisons are classified as construction and have some of the best ESG scores
In this episode of the Last Tranche, Bardin Hill's Philip Raciti tells Creditflux that environmental, social and governance (ESG) is a growing risk factor for CLO managers

Bardin Hill prints first new CLO with Jefferies as arranger
Bardin Hill Investment Partners teamed up with Jefferies on Friday to print its first ever CLO arranged by the bank

The growing role of data in CLO management
The complexity of managing a CLO has made it as much an art as a science, but new technologies are sweeping into the market, according to speakers on a Virtus roundtable discussion.

European CLO weekly volume passes €4 billion as HPS resets former Bardin Hill deal
European CLO weekly volume rose to over €4 billion on Friday, with HPS Investment Partners rounding off the week

Credit investors seek alpha as delta variant creates volatility
The leveraged loan and private debt markets have been on a tear for the first half of the year, but analysts are forecasting a more volatile six months ahead

HPS reworks Bardin Hill European CLO for first time since acquisition
HPS Investment Partners has refinanced a 2019 European CLO formerly managed by Bardin Hill

Bardin Hill refinances triple A notes of 2017 CLO to 108bp
Bardin Hill Investment Partners refinanced the triple A notes of Halcyon Loan Advisors Funding CLO 2017-2 on Monday

Points up front: Waterway to name and brand your CLO
When taking over a CLO launched by another firm, CLO managers face a dilemma: how do you re-brand it so it’s clear it’s one of your CLOs, but not so much that it fudges your personal track record? Well, HPS Investment Partners has found a neat balance

BofA reveals top CLO managers through covid by market value and distributions
Bank of America's research desk has highlighted eight CLO managers with the best performance statistics through the covid-19 crisis, based on market value change and interest distributions

Refis price on top of new issues as four managers print US CLOs
Four US CLO refinancings priced yesterday, giving the impression that CLO pricing is fitful and the term curve flat

Bardin Hill sells European CLO business to HPS with head Snyder set to retire
Bardin Hill Investment Partners has sold its European CLO platform to HPS Investment Partners

Bardin Hill closes opportunistic credit fund with $600 million in commitments
Bardin Hill Investment Partners has closed a commingled fund, Bardin Hill Opportunistic Credit Fund, as well as a sidecar strategy, with around $600 million of commitments

Bardin Hill CLO attaches double Bs low and drops A tranche
Bardin Hill Investment Partners has returned to the US CLO primary market with its first new issue transaction since November 2018, and the deal is not without its quirks

Details emerge on nature of Revlon payment 'error' and lender attitudes
Fresh details have emerged on the nature of the ‘operational error’ Citi says took place when it transferred $900 million to Revlon loan holders

Citi files lawsuit against nine more lenders over 'accidental' $900 million Revlon transfer
Citi has filed a new lawsuit against nine more asset managers regarding its transfer of $900 million to Revlon lenders, which Citi says was made mistakenly. The bank is looking to claim the money back against lenders 

CLO managers push for deeper triple C buckets
CLO managers in the US have launched a concerted effort for greater flexibility on their triple C test limits since the coronavirus-triggered sell off in March

OC health check: all quiet on the overcollateralisation front
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due.

Moody's downgrades three tranches of 2017 vintage European CLO
Moody's has downgraded three tranches of a 2017 vintage CLO managed by Bardin Hill