Creditflux

Global CLO b-wic round-up: volumes jump as investors get their triple A fix
The US CLO secondary market brought over $1.2 billion in total listings last week with the main driver behind last week’s supply being an increase in US CLO triple A bonds and an anchor equity position.

THL joins group of managers to refinance 2017 CLOs
THL Credit Advisors yesterday joined the short but growing list of managers to refinance a 2017 CLO, according to market sources

CLOs finally get green cards as ESG makes its way to US market
The rapid rise of environmental, social and governance (ESG) guidelines in financial markets has made its way across to the US CLO market, with several managers and investors last month announcing strategies geared towards ESG compliance.

Beyond blacklists: the next step in ESG
Credit managers are integrating ESG into their investment processes, but that does not mean they are unable to invest in unethical credits — they can, if they are paid adequately for the risk.

THL prices second CLO of the year backed by broadly syndicated loans
THL Credit Advisors on Friday priced its second CLO of the year backed by broadly syndicated loans, according to market sources

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

THL updates credit investment framework to include ESG
THL Credit Advisors has announced that it has developed an investment framework for assessing environmental, social, and governance (ESG) factors in analysing credit quality and risk factors

THL-managed fund expands investment mandate to include CLOs
The decision, recently approved by the board of directors, is expected to enhance the fund’s original investment strategy,

THL returns with second middle market CLO offering
THL Credit Advisors on Friday priced its second CLO backed by loans to middle market companies

CLO pipeline: US takes up baton after European July sprint
The US CLO market is ready to kickstart issuance in August as nine deals have been added to the running pipeline.

THL anchor CLO equity seeks purchase in secondary market
Up for auction later today is the 15th controlling stake in a US CLO this year, with nine of the previous 14 having failed to trade

CLO pipeline: deal flow picks up as Amherst and SocGen work on mandates
This week’s CLO pipeline looks very healthy in the US broadly syndicated loans CLO market with Amherst Pierpont and Societe Generale among the firms working on mandates

Los Angeles pension fund narrows down global direct lending search to four managers
Los Angeles City Employees Retirement System (Lacers) has listed the finalists for a private credit mandate, according to an agenda document seen by Creditflux.  

Managers slide down term curve
PGIM and Voya were among managers issuing short dated deals in the first quarter. These CLOs, along with a surge in b-wics, kept up the supply of short dated paper as refinancings fell away

It’s possible to be big — and still be picky
Our analysis of 2018 CLOs shows that firms such as Credit Suisse Asset Management and Sound Point Capital Management have built loan portfolios that are different to the rest of the market.

BNP Paribas lands double punch with two CLOs in a day
BNP Paribas made a $1.11 billion splash in the US CLO market on Friday, pricing two new issue CLOs. 

Mid market CLO league tables: Natixis dominates in Q1 as middle market diversifies
The middle market CLO space has seen less activity at this stage of the year compared to 2018. 

CLO pipeline: managers decide there's no point hanging about with quick-fire CLOs
The CLO pipeline for the coming week shows signs of decent flow as managers ready themselves to offload deals. 

US CLO round-up: choose your own reinvestment period
Reinvestment periods have played an important role so far this year, with 30.8% of the new issue market opting for terms shorter than four years

THL prices two CLOs in a single day, including first middle market-backed deal
THL Credit Advisors left a $914.65 million mark on the CLO market on Friday by pricing two new issue deals, including its first transaction backed by middle market assets

THL prepares $505 million CLO alongside Natixis
THL Credit is looking to issue a new CLO via Natixis named THL Credit Wind River 2019-1

Californian pension eyes commitment to THL direct lending fund
RVK, the general investment consultant of the Santa Barbara County Employees’ Retirement System (SBCERS), has recommended the $2.8 billion US pension fund commit up to $25 million to THL Credit Direct Lending Fund IV

THL prices its $660 million CLO reset
THL Credit Advisors teamed up with Morgan Stanley on Friday to price its largest CLO transaction of 2018

Kroll wins first CLO mandate to expand rating agency roster
Kroll Bond Rating Agency has won its first CLO mandate with an announcement from the agency indicating that it has been hired to assign ratings to senior notes which are being issued as part of a US CLO reset