CLO M&A hits new heights with anticipated Assured deal
Last year saw a record M&A volume centred on credit asset managers, with a study by Gapstow revealing the total assets under management of acquired firms was $326 billion, compared to $140 billion in 2021.

Loan amendment alert: Wellpet offers 10bp CSA
Wellpet has issued a loan amendment request with a view to including a 10 basis points credit spread adjustment (CSA), market sources say. Although this is an improvement on recent amendments it still falls short, according to CLO investors.

Loan managers must act to prevent CSA leakage, say CLO investors
CLO investors have made clear that managers need to stay on top of US loan amendments that are switching benchmark from Libor to Sofr

Euro CLO league tables: Final whistle beckons in close manager race as Jefferies looks to park the bus
Last month, just shy of €3 billion of European CLO paper was priced in the primary market, the most since March and Russia’s war with Ukraine

Napier Park prints static European CLO
Napier Park has opted to print a static CLO. The €282 million deal has a one-year non-call period.

What matters is what you do with it
CLO managers yearn for flexibility so they can take advantage when credit sells off. But it isn’t enough on its own: triple C-flex CLOs saw portfolios erode this year, while CBOs outperformed

Fund performance: August provides much-needed relief for CLO funds
.August fund performance 

15 CLO managers aim to print European deals as 'aspirational pipeline' forms
European CLO market participants are doubtful the pace of issuance will return to full swing in September, despite a reasonably healthy forward-looking pipeline.

CSAM does the CLO awards double
Winning the Creditflux Manager of the Year award is a feat in itself. Winning it back-to-back in such different markets is an outstanding achievement — and CSAM can take great pride in it

You seem familiar
The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator

Hopes of full recovery quashed as credit funds struggle
Optimism about a prolonged recovery after credit hedge funds bounced back in March was dashed as 60% of funds in our database recorded negative returns in April.

Fund performance: Credit hits another bump in the road after March revival
There was more upheaval for credit funds in April, reversing the mini-recovery in March as 40% of funds made positive returns, a decrease on the 47% in March

US CLO triple As end week at 154bp as Napier Park and Rockford Tower print deals
Napier Park Global and Rockford Tower Capital Management priced new CLOs on Friday, with each manager printing their triple A notes at 154 basis points over Sofr

Fund performance: Credit bounces back from February blues
March performance figures were a slight improvement from the market turn in February; 47% of funds made positive returns, an increase on 17% the previous month

Appetite for CLO warehouse investing increases in Europe
The investor base for European CLO warehouse risk has grown in the past few months, and is supporting the increasing number of CLOs where the equity tranche has come from widely syndicated sources

Arb work pays off
With day-one arbitrage alone delivering projected CLO cash-on-cash returns of 20-25%, 2021 may have been the best year ever for equity investors — at least until CLO spreads began to widen  

Quarterly rankings: Wave of acquisitions reshapes CLO market
A wave of acquisitions and consolidation hit the CLO market in the first quarter of 2022, although the ripples have yet to alter Creditflux’s manager rankings

Euro CLO league tables: Jefferies takes huge lead as managers bunch up
The increased volatility and geopolitical risk brought about by Russia’s invasion of Ukraine meant European CLO issuance dropped off in March after a strong February

First Eagle to buy Napier Park
First Eagle Investments has struck a deal to acquire Napier Park Global Capital, according to an announcement, in a deal which will take the firm’s overall global CLO assets under management up to $29.7 billion.

Napier prints short-dated Euro CLO with low ramped warehouse
Standard Chartered picked up another co-placement agent role, while Jefferies was lead arranger on the upsized Henley CLO VII

CLOs at a glance
A listing of CLOs that have priced in the last month

Napier Park prints triple As at 132bp in new US CLO
Napier Park Global issued its first CLO of the year on Thursd

I’ll see your 2020 and raise you 2021
Discounted loans, Libor floors and bond flexibility helped make 2021 an even better year for CLO returns than 2020, as US CLOs distributed 15.54% and European CLOs paid 13.93% annualised

Napier Park promotes two senior employees to partner
Napier Park Global Capital has named two members of its team as partners

LP round up: CLO fund included in whopping $13 billion of credit allocations in November
Credit took centre stage in November as investors allocated over $13 billion to credit funds in the month, with one pension allocating $50 million for a European CLO risk retention fund