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

Fair Oaks saves nearly 100bp on 2020 reset as single Bs edge tighter
Fair Oaks has reset a 2020 European CLO with tight single Bs but triple As leaking wider

CLO pipeline: Five out, five in as market digests new issuance wave
Five new issue US CLOs priced from last week’s pipeline, but five more have replaced them in this week's edition of our pipeline report

CLOs come up smelling of roses
The coronavirus crisis could have cut back 10 years of CLO market progress, but investors’ foresight, trading chops and flexibility meant many saw their strategies blossom during 2020  

Fair Oaks, PineBridge and Sculptor rework €1 billion in Euro CLO resets
Fair Oaks Capital, PineBridge Investments and Sculptor Capital Management all took to the European CLO reset market on Wednesday, in transactions that amounted to over €1 billion

CLO pipeline: expensive 2019 CLOs in vogue with 32bp savings potential
The CLO pipeline is dominated by refinancings and resets, with new issuance taking a backseat

Axa IM leads as ESG grows in European CLO industry
European CLOs are increasingly launching with express ESG mandates embedded as issuers seek to get ahead of what appears to be an inevitable shift towards ethical investing

CLO equity investor bullish as it offers new share class on listed fund
The London-based manager is offering shareholders in its publicly traded junior CLO fund the chance to invest in a new listed share class - and it remains bullish on global CLO equity

B-wic appearances boost CLO equity valuations
CLO investors who use third party valuations say that CLO equity may be undervalued

Faith in structures has been rewarded
CLOs have been resilient against covid-19 fallout, said speakers at Creditflux’s CLO Symposium last month. But there’s always room to improve and 3.0 deals may add ESG and bullet tranches

European CLO leverage battered

CLO-friendly workout language crosses Atlantic to Europe
European CLO managers are including workout language in new issue deal documentation that gives greater ability to participate in restructurings, according to market sources

Fair Oaks sprints its way to second European CLO in four months
Fair Oaks Capital has priced its third European CLO transaction and second in four months, according to market sources, with the London-based manager opting for a print-and-sprint route for this deal.

Fair Oaks rotates to Euro CLO equity after 32% gain on double Bs
Fair Oaks Capital is starting to rotate back to CLO equity positions after taking advantage of the stabilising market and using profits from its higher-quality, more opportunistic trades earlier this year to carefully dial up the risk

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

Fair Oaks markets third European CLO
Fair Oaks Capital is marketing a third European CLO, Fair Oaks Loan Funding III, just five months after pricing its second deal

Ucits at a glance: Ucits funds march on and erase Q1 losses
95% of Ucits credit funds listed with Creditflux posted positive returns in June to keep up the momentum from May when all but one fund was in positive territory

Fair Oaks resumes dividends on listed CLO fund
Fair Oaks Capital will resume paying dividends on its listed fund Fair Oaks Income Fund

Fund performance: CLO funds keep up the momentum for second month running
May returns have been led by continued momentum from CLO funds. In the last month, funds that invest in CLO notes in some capacity have made up 90% of our top 10, while 97% of funds listed generated positive returns - an improvement of 15% on last month's figures.

Ucits at a glance: Ucits recover lost ground
The foot has come off the gas for many funds - 57% of funds did not break the 2% return barrier.

Fair Oaks tops up on double B CLO tranches in May
Fair Oaks topped up on double B-rated CLO tranches in its listed CLO fund in May, adding $79 million par value of BB-rated paper

Job opportunity with Fair Oaks: CLO analyst
Fair Oaks Capital has released details of the following vacancy: CLO analyst - London

CLO fund manager hires ex BNP Paribas European CLO chief Danias
Christos Danias, the former head of BNP Paribas' European CLO group, has joined a large CLO fund manager in London

Euro CLO league tables: fresh faces emerge with new deals
May was a month of fresh faces as three new managers entered the ring for the first time in 2020

Fair Oaks spends on junior European CLO debt after raising funds
Fair Oaks Capital has invested $92 million in junior CLO debt tranches since the start of April after putting to work fresh commitments to CLO investment fund Fair Oaks Limited