Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it.

Black Diamond prints rare five-year reinvestment CLO with three-year call lock
Black Diamond Capital Management has priced its first CLO in over a year, opting for an unusual duration structure with a full five-year reinvestment period and an unusual three-year call lock

US CLO pipeline: $100bn new issue mark about to be surpassed
Seven US CLO managers join one holdover in the new issue US CLO pipeline this week, as the market bears down on $100 billion of new issuance in 2022

Envision exchange leaves some lenders sick, but CSAM finds prevention is better than cure
Envision Healthcare’s distressed debt exchange has rocked the CLO market, with over $1.68 billion of the firm’s loans held by US CLOs. But some of the largest managers have avoided the name completely 

We’re drifting apart
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs  

Global CLO trading lab: Payments season prompts equity to surge but short-dated bonds trade low
Over the last two weeks, $2.8 billion of US CLOs and €640 million of European CLO paper have appeared on b-wics, with equity making up 33% and 40% of the respective markets

US CLO league tables: Blackstone takes new issue lead amid monthly new issue record
The US CLO market priced $23 billion of new issues in November, setting a record for most new issuance in a month in the 2.0 era

Black Diamond returns to CLO primary with first new issue in two years
Black Diamond Capital Management made its long-awaited return to the CLO primary market on Friday with its first new issue deal in over two years

Past returns: Black Diamond riles investors
10 years ago in Creditflux, we reported on lawsuits against Black Diamond Capital Management after it tried to make $45 million of trades in Black Diamond CLO 2005-1 using cash the deal hadn’t yet received

US CLO pipeline: 1.0 manager returning, Carlyle going for CLO 10 as market goes to 100
Never in 1,000 years would the critics have expected this 

US and European triple As diverge in Black Diamond multi-currency CLO refi
Black Diamond Capital Management has partially refinanced its 2019 European CLO, Black Diamond CLO 2019-1, which has its triple A notes split three ways through a mixture of euro-denominated and US dollar-denominated tranches

US CLO pipeline: 33 new issues enter market with historic CLO records on the verge of shattering
The US CLO market is running as hot as it has all year with a whopping 33 managers marketing new issues CLOs, according to market sources

Ares and Black Diamond become latest CLO managers to refinance
US CLO refi supply climbed to $3.2 billion for the month of July on Thursday after Ares Management and Black Diamond Capital Management became the latest firms to refinance

Black Diamond structured credit BD head joins impact investment firm
Black Diamond Capital Management's head of structured credit business development has parted ways with the firm after nearly four years, according to market sources. He is set to join start-up impact investment firm Lafayette Square as managing director and head of capital markets

Alcentra and Black Diamond print unusual CLO refis with variable call structures
Black Diamond Capital Management and Alcentra have priced unusual CLO refinancings in the last few days. Uniquely among post-covid deals, the two managers have completed fixed-note refis where different tranches of their CLOs will have variable non-call periods

Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to CLO-i

Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics

Black Diamond prices first CLO primary deal for over 12 months with refi
Black Diamond Capital Management has joined the fixed-rate CLO refinancing surge by teaming up with Goldman Sachs to refinance two tranches of Black Diamond 2016-1

OC health check: all quiet on the overcollateralisation front
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due.

Global CLO b-wic round-up: CLO lower mezz spreads tighten back after volatile two weeks
Secondary CLO spreads in the US and European markets have recovered after moving wider over the last two weeks

Black Diamond CLO fails with buy back offer
Black Diamond CLO 2015-1’s offer to buy back senior notes has not gone through after the CLO’s class A1 and A2 investors did not submit any bonds

Black Diamond multi-currency CLO looks to buy back senior debt at 98.75%
Black Diamond CLO 2015-1 is voluntarily offering to pay down its senior debt

LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations 

US CLO issuers get pricing signals as triple As trade in secondary at 375bp
Would-be US CLO issuers were given an indication of pricing levels yesterday after a CLO that turns static in July hit the secondary market

Credit funds at a glance
A round-up of fundraising and people moves in credit