Global CLO b-wic round-up: triple A volumes hit nine-year highs, but equity valuations could be "single digits"
Over $2.5 billion of US CLO paper listed in b-wics in last week's manic trading, with a further €435 million of European CLO bonds also on sale. CLO buyers and sellers turned to the safest part of the capital structure – the triple A rated notes – and away from its most illiquid asset class, with no equity bonds listed in either market

Neuberger goes down in duration with one-year US CLO
Neuberger Berman has adapted to the sell-off in credit markets by launching a one-year reinvestment CLO, as opposed to a five-year deal

Mid market CLO league tables: Sumitomo enters the ring
Golub Capital became the first middle market CLO manager to price two deals in 2020 after partnering with first time lead arranger, Sumitomo Mitsui Banking Corporation Nikko in February

Refi wave gets bigger as Apollo and Neuberger reprice CLOs
The US CLO refi wave continues unabated with Apollo Global Management and Neuberger Berman pricing the 27^th and 28^th refis to hit the market in 2020, according to market sources, pushing volumes to $12.5 billion in the process

Wells Fargo CLO co-head set to leave
Jason Powers, who co-heads the US CLO business at Wells Fargo, is set to leave the bank at the end of March, sources say

Audax prices first mid market CLO of the year
Audax Private Debt has priced its third CLO in a deal arranged by Wells Fargo, which so far has a monopoly as arranger for the private debt manager.

US CLO league tables: old deals get a fresh start in the new year
The majority of CLO issuance last month was in all forms of repricings, which totalled $4.8 billion and accounted for 54.5% of US CLO volumes

Global CLO league tables - January 2020 YTD
Global CLO league tables - January 2020 YTD

Private credit specialist hires Wells Fargo for first CLO after poaching Invesco PM
A $20 billion asset manager is working with Wells Fargo on its first CLO. The manager is well versed in mid market loans, but its first CLO will be backed by syndicated loans

Volcker amendments will be good for CLO equity and bad for CLO debt, says Wells Fargo
Proposed changes to the Volcker rule announced last week by the Federal Reserve, which would allow CLO managers to hold 5% bond buckets, are positive for CLO equity and ‘marginally negative’ for CLO debtholders, according to a research paper from Wells Fargo

Golub and Wells Fargo open 2020 CLO primary market
Golub Capital Partners has priced the first transaction in the CLO market this year

CLO 2020 outlook: lower volumes predicted, but it’s not all bad news
US CLO issuance is expected to drop by roughly 20% next year, according to bank research desks. This comes after a solid 2019 in which $101 billion of new US CLOs have priced through 92 managers, as Creditflux goes to press

First Eagle completes first CLO transaction following THL buyout
First Eagle Investment Management has priced its first transaction in the CLO market since announcing the acquisition of CLO manager THL Credit Advisors earlier this month

Heavyweight investors poised to step up US CLO allocations
CLO issuance in 2020 could be boosted by the return of two of the asset class’s largest historic investors, sources say.

New GSO US CLO scores tightest funding costs since early October
GSO Capital Partners has returned to the CLO primary market and produced the tightest new issue for over two months

Norinchukin's CLO portfolio decreases for first time in years
Japanese CLO heavyweight Norinchukin posted its financial statements yesterday, where it reported a 1.42% drop from its statements at the end of the second quarter

GoldenTree prices new US CLO and capitalises on weaker market for junior CLO debt
GoldenTree Loan Management has priced its third new US CLO in 2019 in a transaction which appears ideally placed to capitalise on wider junior CLO spreads

Double B CLO spreads drop back to 725bp as BlackRock prices US CLO
CLO double B spreads in the US have gone tumbling back to 725 basis points after BlackRock priced a new CLO yesterday via Wells Fargo

Audax goes for longer reinvestment period with second mid market CLO
Audax Private Debt yesterday priced its second CLO backed by loans to middle market companies, according to market sources

We didn’t take full advantage of volatility

Voya makes it four in a row with $603 million US new issue CLO
Voya Investment Management has notched up its fourth US CLO of 2019 to continue its remarkable record of producing a quartet of CLOs in calendar years

Credit funds at a glance
A round-up of fundraising and people moves in credit

Oaktree prices its largest active CLO via Wells Fargo
Oaktree Capital Management yesterday priced its fourth CLO of 2019 and its third with a deal size over $700 million

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

Nochu's CLO holdings up 8% in Q2 while JP Morgan buys even faster
Norinchukin Bank’s CLO portfolio grew another 8% in the second quarter to JPY 8 trillion ($74.12 billion) by 30 June, according to the bank’s latest quarterly report which was released today