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Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
1 year ago
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale -
Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
1 year ago
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C. -
Credit funds at a glance (June 2022)
1 year ago
A round up of fundraising and people moves in credit -
CLO PM joins Ellington as it seeks expansion in credit and 'vanilla' CLOs
1 year ago
Ellington Management is pushing into corporate credit in a move which could culminate in launching US CLOs, sources say. -
LP round up: Oak Hill wins $3bn mandate as credit allocations near $10bn in March
2 years ago
Institutional investors revealed over $9.5 billion of allocations to credit funds in March. Oak Hill Advisors walked away with the largest mandate, as US heavyweight pension Calpers allocated a whopping $3 billion across several of its funds -
CLOs at a glance (June 2021)
2 years ago
A listing of CLOs that have priced in the last month -
OC health check: CLOs wake up when September ends
3 years ago
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August. -
OC health check: August reports slow torrent of fresh breaches to a trickle
3 years ago
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i -
Nassau confirms launch of European loan and CLO platform
3 years ago
Nassau Corporate Credit has launched a European loan and CLO platform with the $3.1 billion asset manager establishing a London office -
Ellington winds down European CLO warehouse as PM joins rival
3 years ago
Ellington Management is winding down its European CLO warehouse with Barclays, while Ellington's European CLO operations lead has left for a rival firm -
Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
3 years ago
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades -
Beneath the triple C: downgrades hold steady as Travelport loses its luggage
3 years ago
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers -
OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
3 years ago
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i -
Ellington European CLO still on table despite scrapped warehouse rating
3 years ago
DBRS Morningstar has discontinued ratings on the warehouse line backing the launch of Ellington Management’s debut European CLO, but sources say the CLO is still going ahead -
Investors query loan b-wic objectives as trade rates plummet
4 years ago
Over €1 billion worth of loan paper has appeared in the form of European loan b-wics in March, according to market sources. But buyer appetite has been low -
Ellington sells large chunk of assets from European CLO warehouse
4 years ago
Ellington Management sold €69.5 million from its CLO warehouse on a b-wic dated 12 March, according to market sources -
A round-up of fundraising and people moves in credit4 years ago
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Ellington hires business development head in London
4 years ago
Ellington Management Group has appointed Jonas Frantz to head up business development in Europe and the Middle East, according to market sources -
Europe's CLO manager field set to get bigger as managers from all corners aim to break through
5 years ago
Regulation does not always impair activity -
Ellington opens inaugural European CLO warehouse via Barclays
5 years ago
The US-headquartered manager has hired Barclays to warehouse Ellington European CLO I -
Ellington hires London-based loan PM to build European CLO platform
5 years ago
The US-headquartered manager has hired a London-based portfolio manager specialising in European corporate credit with a view to building a European CLO platform, according to a person familiar with the matter -
Updated, upgraded and ready to launch
5 years ago
Whether it’s a software update or a full-blown upgrade to a newer model, CLO technology is advancing fast, with Be-Spoke and Ellington the latest to launch new types of securitisations
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