BlueMountain Fuji refis European CLO with triple As at 65bp
The Assured Guaranty subsidiary has refinanced four tranches of BlueMountain Fuji Euro CLO II via JP Morgan

Goldman markets refinancing of HPS's debut European CLO
Goldman Sachs is marketing a refinancing of HPS Investment Partners’ debut European CLO 

Credit Rendezvous: heading for homes
Fund managers in structured credit, real assets and distressed are bullish on the prospects for residential housing in 2021. Elsewhere, niche royalty-based strategies are in favour and although a CLO repricing wave is expected, it may not be easy to execute resets. For more, read our 13-page quarterly report on credit. 

Redding Ridge prices European CLO triple As at tightest levels since July 2018
A new triple A benchmark has been set for European CLOs with Redding Ridge pricing triple A notes at Euribor plus 87 basis points, inside its low/mid 90s guidance

PineBridge resets 2016 Euro Galaxy V
PineBridge Investments has reset a 2016 CLO via Bank of America

Jefferies picks up three big mandates to get European CLO plans rolling
Jefferies has taken huge strides towards building out its European CLO arranging business with sources indicating the bank has won mandates from three managers

European reset wave begins as Partners reworks 2018 CLO
Partners Group’s Penta CLO 5 has become the first European CLO to reset in 2021

Partners lines up first European CLO reset in 11 months
Partners Group is laying the groundwork to print one of the first CLO primary transactions in Europe of 2021, having teamed up with BNP Paribas to issue a reset of a 2018 vintage deal

CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux.

CLOs at a glance (January 2021)
A listing of CLOs that have priced in the last month

Convexity pushes high yield bond basis to the forefront
Compression had become the watchword of the market as Creditflux went to press, providing justification for high yield versus investment grade macro plays, wide-end long positioning and selective tight-end shorts. But the more important driver, say some relative value investors, was convexity

Zombies demand brain work from tranche traders
Outperformance of junior tranches and underperformance of senior was the big theme in CDS index tranches going into December. But the picture began to change as Creditflux went to press

Little room to move in IG’s vice-like grip
The absolute tightness of credit has left investment grade specialists a tough challenge to find value in the coming year, with neither scope for spread improvement nor encouragement to go short

It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December

Capital Four prices second European CLO with triple As at 105bp
Capital Four priced its second ever European CLO today named Capital Four CLO II. Barclays arranged the €356.2 million transaction

CIFC prices tightest four-year euro CLO since covid sell-off
CIFC Asset Management priced the tightest European CLO with four years of reinvestment post-covid on Thursday, teaming up with Barclays to issue the €368.8 million deal named CIFC European Funding CLO III

Lower mezz grinds tighter with Blackstone's first European CLO since rebrand
Blackstone Credit has priced its first European CLO since it rebranded from GSO Capital Partners last month. Bank of America arranged the new €323.5 million deal, named Marino Park CLO

Europe leads corporate credit rally, but US outperforms in CLOs
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year

Invesco completes first European CLO since February
Invesco has printed its first CLO in Europe since the March sell off, teaming up with Barclays to issue the €305.4 million deal named Invesco Euro CLO V

Alcentra returns to European primary CLO market after 13 months
Alcentra has priced its first European CLO new issue this year following a 13 month hiatus. Bank of America arranged the €303.1 million transaction

CLO triple A benchmark hits 105bp in Europe as Carlyle returns
.Carlyle Group has priced its first European CLO post March-sell off, setting a new benchmark for triple As

Compression plays out as HY and European CLO double Bs outperform
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield

European CLOs rise in secondary with Sound Point deal up 4.25 cents from issuance
Double-B rated CLO tranches received bids in the high 90s on Wednesday with Sound Point Capital Management’s debut European CLO attracting the highest cover of 98.25 cents on the euro. But the CLO rally is lagging moves in corporate credit  

Chenavari returns to CLO primary with first new issue in 16 months
Chenavari has returned to the CLO primary market with its first new issue deal since July 2019

European triple As tighten to 106bp with CVC benchmark CLO
CVC Credit Partners priced its latest European CLO on Friday, securing the tightest triple A print since the March sell off