Creditflux

14% of 2016 CLOs left waiting amid refinancing wave
One of the most prominent CLO market trends this year is the relative decline of the refi compared to previous eras, as wider spreads make these often costly transactions less economical. But one vintage has stood out as an exception: CLOs issued in 2016 have driven 65% of refi activity this year

Euro CLO league tables: before the holidays is the best time to price a deal
Over €5 billion of new issue CLOs was priced last month, the first time the market ever crossed that monthly threshold

Market rallies as key CLO investor retreats

Carlyle switches to corp structure as credit portfolio grows 31%
Carlyle Group is set to become a full C corporation, moving away from its publicly traded partnership structure, amid global credit portfolio growing 31% year-on-year, according to the investment firm’s 2019 Q2 results  

Carlyle teams up with Morgan Stanley to reset post-reinvestment CLO
Carlyle Group priced its ninth CLO transaction of the year on Friday, becoming the second manager after PGIM to achieve the feat

Carlyle targets upper mid-market credit for new $3.1 billion fund
Carlyle Group has raised $3.1 billion for the first fund in its credit opportunities series.

Mid market CLO league tables: Natixis and Golub reign supreme
June brought just three middle market CLOs pricings with two new issues and one refinancing that totalled $1.6 billion, bringing the year-to-date volume to $9.9 billion. Natixis is the leading arranger, having a hand in 38% of deals

Euro CLO round-up: returnee CIFC comes full circle, seven years after CLO sale
Having sold a European CLO contract seven years ago, CIFC is back and determined to build on its debut 2.0 European CLO

Carlyle brings in Kroll to rate new European CLO as spreads tighten
Carlyle Group priced its second new issue European CLO in 2019 in a transaction which went through yesterday via Citi

Carlyle scores 2019's tightest CLO triple A as it prints via BAML
Carlyle Group has priced the tightest triple A print in the US CLO market of 2019, according to market sources

Euro CLO b-wic round-up: secondary volumes increase amid demand for short-dated paper
Last week saw over €230 million of European CLO items listed on the secondary market, matching the almost €1 billion seen in refinancing volume.

CLO pipeline: new business and manager returns add ray of light as arbitrage clouds the picture
The near-term CLO pipeline is shrinking amid familiar cries that the equity arbitrage is challenging. Adding to constraint fundamentals, the usual summer torpor is also approaching.

Budge up, more new managers are coming

Budge up, more new managers are coming

European managers find tight debt execution by refinancing once more
PGIM and Carlyle Group joined the growing list of CLO managers to refinance in Europe since the seven-month refinancing drought was brought to an end last month – and these managers are enjoying tight debt execution on their liabilities

Carlyle places triple As at 134bp in $463.05 million US CLO reset
Carlyle Group has reset a 2015 vintage CLO with the triple A notes printing at 134 basis points over Libor, according to market sources

Global b-wic round-up: US CLO equity continues its surge
Last week marked the third straight week that the US CLO secondary market has seen total listings of under $600 million, but over a quarter of that was equity.

Sungard bankruptcy to cause minor burns for CLOs
A total of $202.5 million of the loan basks in CLO structures - but managers are unlikely to get badly burned, sources say. And CLOs are fairly well-positioned to retain such assets with several structural factors and indenture provisions

Mid market CLO round-up: Owl Rock perches in the CLO space with debut deal
There was a flurry of activity in the middle market CLO space last week

Carlyle and PSP join forces for mid market CLO
Middle Market Credit Fund - a joint venture between Canadian pension fund PSP Investments and Carlyle Group - priced its second middle market CLO

Carlyle resets 2012 CLO for a second time in $615 million deal
Carlyle hits the market with its second reset of the year

ICG recruits Carlyle official to European subordinated debt and equity team
Intermediate Capital Group has appointed a former Carlyle Group managing director to its team in London

Controlling class conditions unshackle CLO managers
CLO managers are looking to the future by incorporating ‘controlling class conditions’ in their CLO documentation, which kicks in if an anchor triple A investor exits their deals

We can’t hide it any longer, we’re tiering up
With the opening months of 2019 highlighting a clear class system among CLO managers, there has never been a better time to assess tiering. We find that timing, patience and luck all play a role