At least 2020 wasn’t dreadful for CLOs
Last year’s downturn was another in which CLOs survived and in many cases thrived as active management and Libor floors helped managers deliver 13%-plus returns to equity

LP round up: Dutch pensions put €1.3 billion into infra debt
Institutional investors allocated over $2 billion to credit funds in January. Opportunistic credit funds were a favourite but the biggest moves came in infrastructure debt

Fortress refis two tranches and amends another from 2018 bond-flex CLO
Fortress Investment Group has teamed up with GreensLedge and Natixis to cut the funding costs of three tranches of its 2018-vintage bond-flex CLO named FDF IV,

Fortress partially refinances bond-flex CLO
Fortress Investment Group has partnered with GreensLedge and Natixis to partially refinance its 2017 vintage bond-flex CLO named FDF III

Elements work against CLO managers in Q3
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future

Fortress prices first BSL CLO in over a year
Fortress Investment Group has priced its first CLO backed by broadly syndicated loans in over 12 months

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

Ex-Fortress official launches $1.5 billion litigation finance firm with Tetragon backing
The new business is backed by Tetragon’s TFG Asset Management, which will receive a minority equity interest, while Fortress has entered into co-investment agreements with the newly launched firm 

LP round up: $5 billion flows to credit as private market allocations increase
Global institutional investors allocated nearly $5 billion to credit funds this week, according to documents seen by Creditflux

Fortress prints third fixed rate CLO refi of the year
Fortress Investment Group placed its third fixed-rate CLO refi post-covid yesterday, teaming with MUFG to rework the double A-rated notes of its 2017 transaction named Fortress Credit BSL V

Mid market CLO league tables: Golub retakes new issue lead
Golub further cemented its lead over Owl Rock in Creditflux's overall rankings, as well as reclaiming the crown for new issuance, by pricing the only new mid-market deal in August

LP round up: Connecticut eyes Fortress for private credit partnership
Investors placed $3.3 billion across 26 credit mandates over the past fortnight, according to documents seen by Creditflux 

Fortress and Octagon add to 2018 fixed-rate CLO refi trend
Another two CLOs refinanced their fixed rate debt tranches on Thursday, bringing the total refi activity in the last two months to 15 transactions

Fortress and Natixis strengthen mid-market CLO refi run
Fortress Investment Group has partially refinanced its third middle market CLO in as many months, say sources, with Natixis arranging the market's fourth deal in a row

Managers weigh up matters of principal
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

CLO refi volumes reach $320 million this week as Fortress prices second deal
Fortress Credit Investors has priced a second CLO refinancing in the space of as many days, bringing the weekly refi volumes up to $318.72 million - the largest week for CLO refis by volume since February

Refinancing of fixed CLOs gathers pace as Jefferies follows Natixis with triple MJX refi
Natixis has built on its drive to refinance CLOs' fixed rate tranches by arranging a $100 million transaction for Fortress Investment Group. And Jefferies has joined the fray, on Tuesday becoming the second bank to refinance CLOs amid the coronavirus pandemic as it repriced six tranches across three CLOs managed by MJX Asset Management

Mid-market CLO issuance returns as Fortress prices $390 million deal
Fortress Investment Group has overcome mid-market CLO headwinds to become only the second manager to price a new issue deal since covid-19

LP round-up: Champaign pension raises a glass (or bucket) to private credit
Institutional investors allocated over $600 million to 11 managers this week, according to board documentation seen by Creditflux

CLO pipeline: manager prepares crowning return as primary market gets busy
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

Fortress digests CraftWorks bankruptcy
CraftWorks Holdings filed for Chapter 11 bankruptcy yesterday, with Fortress Investments holding all of the Tennessee restaurant operator's first lien debt - of which over half is in middle market CLOs. The New York-based firm has submitted a “stalking horse” bid to buy CraftWorks' assets

Fortress prices its first CBO of the year
Fortress Investment Group priced its first new issue CBO of the year on Friday via GreensLedge, the lead arranger on the deal, and Natixis

CLO pipeline: high triple C bucket opens a Gateway to pricing
In less than ideal market conditions, even experienced CLO managers are learning new tricks to keep the pipeline full. Of the 11 US new CLOs that appear in the pipeline this week, two are high triple C bucket transactions

CBOs aren’t fixated on interest rate moves
The loan sell off at the start of this year highlighted that CBOs are not a play on interest rates or bond prices — they’re taking advantage of the flexibility to rotate between loans and bonds

Fortress prices new issue CLO with blended triple As above 150bp
Fortress Investment Group on Friday priced a new issue CLO backed by broadly syndicated loans via Natixis, according to market sources