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Octagon prices CLO with lowest funding costs since covid-19 outbreak
3 years ago
Octagon Credit Investors priced the tightest three-year CLO since the coronavirus-triggered sell-off on Wednesday, with the firm's latest transaction, named Octagon Investment Partners 48, printing at a weighted funding cost of just 200.01 basis points over Libor -
CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
3 years ago
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals -
Trading places: it can pay to bet on the little guy
3 years ago
It’s assumed investors know how good a CLO manager is by the rate at which they trade their way through a crisis. But this time fi ve small, nimble managers are outperforming the market -
Loan slump brings managers closer
3 years ago
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average -
Loan slump brings managers closer
A 19% slide in new US loan volumes last year has left CLO managers with fewer options in the primary market, and portfolio overlap between US managers has increased to 35.3% on average -
Octagon becomes third manager to exceed $500 million with CLO amid covid
3 years ago
Octagon Credit Investors has become only the third manager to price a new issue CLO larger than $500 million following the outbreak of covid-19 -
CLO pipeline: manager prepares crowning return as primary market gets busy
3 years ago
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence -
OC health check: second European 2.0 CLO reports junior OC breach
3 years ago
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period. 314 deals are now reporting OC breaches as of the latest report, according to CLO-i. -
Rapid CLO M&A activity on the horizon as fee deferrals pick up
3 years ago
A flurry of M&A deals could soon sweep the CLO market as management fee deferrals become an increasing pressure point for small CLO managers -
A different kind of crisis
3 years ago
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests -
Octagon prices $496.85 million new CLO as market stabalises
3 years ago
Octagon Credit Investors today priced the second largest CLO of the pandemic era via Wells Fargo -
First Creditflux web panel discusses outlook for CLOs amid covid crisis
3 years ago
Panellists at the first ever Creditflux webinar conference on CLOs struck a balanced view on the outlook for their market, highlighting crucial differences between the crisis resulting from the coronavirus pandemic and the global financial crisis of 2008 -
CLO pipeline: Apollo targets fourth deal as managers line up to break 2020 ducks
3 years ago
Six CLO managers, five in the US and Fair Oaks Capital in Europe, are showcasing their first new issues of the year in preparation for pricing later this month. And Apollo Global Management is marketing its fourth new issue CLO (third US new issue CLO) in the last month and a half -
Three-year US CLOs set to tighten as large managers market deals
3 years ago
US CLO triple A spreads are tightening sharply this week with market sources indicating that benchmark levels for three-year reinvestment deals have gone into the 180s -
Two US managers launch CLO funds geared towards dislocation
3 years ago
Tetragon Credit Partners and Octagon Credit Investors have become the latest managers to launch a CLO fund geared towards taking advantage of coronavirus-related distressed buying opportunities -
US CLO issuers get pricing signals as triple As trade in secondary at 375bp
3 years ago
Would-be US CLO issuers were given an indication of pricing levels yesterday after a CLO that turns static in July hit the secondary market -
We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par3 years ago -
We’ve survived before, we can do so again
3 years ago
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par -
US CLO double Bs struggle as 2020 deal drops 40 cents in three months
3 years ago
A gap is emerging between single A US CLO tranches and junior CLO debt after $33 million of single As changed hands yesterday via a b-wic with prices between 82 and 87 cents. But a 2020 CLO shows how fast and sharp the decline has been for junior CLO paper -
Senior portfolio manager leaves Octagon ahead of move to rival CLO issuer
4 years ago
A CLO portfolio manager has left Octagon Credit Investors with market sources indicating that she is heading to a rival CLO issuer in New York -
CLO market celebrates Valentine's Day by romancing with resets
4 years ago
Refinancings have been the talk of the month in the CLO market, but this Valentines day saw managers turn their minds to resets -
The Last Tranche with Octagon’s Lam: 2017 CLO refis and ‘no man’s land’ in loans
4 years ago
Spreads, investors and manager consolidation take focus in February's edition of The Last Tranche -
Beneath the triple C: $1 billion of CLO credits take a dive
4 years ago
$957.9 million worth of loans held by CLOs suffered downgrades to triple C last month, with a further $442.1 million of existing triple C credits getting knocked lower still, according to the latest trustee reports on CLOi. -
CLO pipeline: make some noise for repricings
4 years ago
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume -
Moody's cuts Octagon CLO tranche to Caa2 citing low expected recovery rates
4 years ago
The class F notes of a 2014-vintage CLO managed by Octagon Credit Investors have been downgraded to Caa2 by Moody’s
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