Creditflux

Market rallies as key CLO investor retreats

Euro CLO league tables: three debutants, but familiar faces stay top
June brought €3.4 billion of European CLO issuance between seven new issues and two refinancings. Of the seven new issue European CLOs priced last month, three were from debut managers to the continent 

CLOs at a glance

Napier Park joins Europe's CLO manager club after pricing first deal via Citi
Napier Park Global Capital on Friday became the third debut CLO issuer in Europe of 2019, according to market sources

Napier Park targets 114bp triple A print as it markets first euro CLO
Napier Park Global Capital has begun marketing its debut euro CLO and is targeting a 114 basis point print on its triple As

Ex-Goldman Sachs official joins Napier Park as inaugural European CLO nears
The firm has hired an ex-Goldman Sachs official to its European credit team

Napier Park joins growing list of US CLO managers looking to issue in Europe
Napier Park Global Capital has joined the growing list of CLO managers looking to issue in Europe for the first time, according to market sources

CLO refis regain popularity as Napier Park reworks 2013 deal
CLO refi volumes are continuing to pick up pace. Napier Park Global Capital yesterday brought April to a close by pricing the month’s sixth refinancing, an uptick from just seven across the global market in the first quarter of the year

Barings and Napier Park fight over Duchess VI incentive fee
Napier Park European Credit Opportunities Fund and Barings (UK) faced off in court this week over the payability of an incentive collateral management fee (ICMF) after the 2006-vintage Duchess VI CLO was called by the equity in 2018. Duchess VI CLO. After a two-day hearing, the judge, Lord Justice Vos, reserved his judgment

Texas pension adds $50 million to distressed separately managed account
The managed account has reached a total of $300 million 

CLO docs shed light on implementation of Securitisation Regulation
Market participants are beginning to get visibility on how European CLOs are handling the transparency obligation and the risk of fines under the European Securities & Markets Authority’s (Esma) Securitisation Regulation, according to a report on Creditflux’s sister publication Debtwire

Points up front: “I always think of myself as Bruce Lee when I’m investing in CLO equity”
An analytical mind, a strong network of industry contacts and an eye for value are vital for a competent CLO equity investor. But don’t forget the one-inch punch

Napier Park returns to CLO refi market via BNP Paribas
Napier Park Global Capital priced its first CLO refi in over a year yesterday following a $368 million deal arranged by BNP Paribas

Napier Park receives $50 million add-on from Texas pension fund
The $30.1 billion pension fund has topped up its separately managed account with Napier Park 

CLO refis continue to be popular choice as Regatta deal reprices
CLO refinancings are on track to have a strong showing this month, with the first ten days of October seeing $1.67 billion across five transactions

Napier Park issues its third new CLO of 2018
Napier Park Global Capital has issued its third CLO this year after pricing the $600 million Regatta XV via Citi yesterday.

Napier Park reissues CLO bringing Monday's daily volumes past $2 billion
The CLO market had a strong start to the week, with over $2 billion pricing on Monday across three deals

Texas pension fund puts $150 million into credit
A $29.7 billion pension fund has approved commitments to two credit fund managers

Napier Park's new issue CLO volumes pass $1 billion for 2018
Napier Park has priced its second new issue CLO of the year

Number of 2018 CLO managers continues to climb as Regatta prices
Regatta Loan Management, the capitalised manager vehicle launched by Napier Park Global Capital, priced its first CLO transaction of the year yesterday

B-wic round-up: secondary CLO market is looking more and more like new issue
2017 and 2018 CLOs flooded the secondary market last week, with bonds referencing Ares Management, LCM Asset Management and Napier Park Global Capital going on sale

For the right managers, CLOs are now perma-caps, conference hears
Should the market now treat CLOs as evergreen structures? A panel of CLO investors says yes, you can think of CLOs as quasi perma-caps – but only for the best-managed deals

B-wic round-up: it's never too late to buy CLO equity
Secondary CLO market trades from the last week show that investors feel there is value in legacy CLOs where the call options have already been exercised and the debt repaid