Creditflux

Global CLO league tables at a glance - November 2019 YTD
Global CLO league tables at a glance - November 2019 YTD

Euro CLO league tables: GSO turbos charges its lead over CVC
GSO Capital Partners kept hold of the lead in the European CLO manager league tables thanks to its turbo charged reset of Holland Park

US CLO league tables: CSAM pulls away from pack
The back and forth tussle between Octagon Credit Investors and Credit Suisse Asset Management for the lead in the US CLO issuance league tables took a new turn in November

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

GSO official to join distressed debt manager Kennedy Lewis
The head of capital markets at GSO Capital Partners, who serves as a portfolio manager, will join distressed debt firm Kennedy Lewis Investment Management as a partner in 2020

European CLO round-up: new look turbos power up junior CLO tranches
Junior CLO debt investors are getting more defensive and this has resulted in the emergence of new-look CLO turbo tranches

GSO adds turbo tranche feature to European CLO as part of reset
GSO Capital Partners has issued a novel single B-rated European CLO tranche that is designed to amortise quickly

Euro CLO league tables: refi market opens up to give KKR best of both worlds
European CLO issuance in October crossed €5 billion for the second month this year as managers took advantage of falling spreads and increased demand. In one example, KKR obtained tight senior CLO financing to go with tight mezz spreads from 2017 in a demonstration of expert timing 

GSO completes 12th CLO transaction of 2019 as junior spreads edge wider
It has been, by the firm's own standards, a slow year for the largest CLO manager globally, but nevertheless GSO Capital Partners has completed 12 transactions in 2019

The ideal home for a loan

Points up front: Talking his book (which is available on Amazon)
For listed asset managers, an earnings call is generally not the right forum to market or advertise upcoming funds. But it might be exactly the right place to try and sell your book.

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

GSO's third new European CLO of 2019 shows capital stack divergence
Triple A tranche pricing has noticeably improved on European CLOs, but double B and single B pricing not so much

GSO markets its largest new issue CLO of 2019
GSO Capital Partners is partnering with Goldman Sachs on the manager’s fourth new issue US CLO of 2019 Beechwood Park, according to market sources. 

GSO and Deutsche Bank unite to refinance 2017 European CLO
GSO Capital Partners has teamed up with Deutsche Bank to refinance the triple and double A debt of its 2017 CLO named Palmerston Park

Euro CLO league tables: repricings take centre stage in bumper month as CVC leaps into first
The European CLO market returned with a bang in September as €4.8 billion of issuance priced of which €2.7 billion was in repricings.

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.

CLOs at a glance
A round-up of CLO performance

Global CLO b-wic round-up: US and European double B trading patterns diverge
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.

TCI-Symphony and GSO refinance single tranches of 2016 CLOs
Two CLO managers on Friday refinanced single tranches of their 2016 deals, according to market sources. TCI-Symphony and GSO Capital Partners priced seemingly mirror image transactions, having refinanced the mezzanine notes of  the CLOs last November

Wells Fargo AM makes big credit hire to co-head its private strategies team
Wells Fargo Asset Management has appointed Vincent Lu to co-head the firm’s private strategies, according to an internal memo seen by Creditflux

Last of GSO's co-founders departs
It's the end of an era as GSO Capital Partners co-founder Bennett Goodman (the 'G' in GSO) will step down from the firm at the end of the year 

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

US CLO league tables: JP Morgan narrows gap to Citi in new issues to $50 million
July saw $14.9 billion of issuance in the US CLO space with $9.4 billion of that in new issue CLOs. One of the transactions brought to the market was Whitebox Capital Management’s debut CLO, Whitebox I.

Market rallies as key CLO investor retreats