Nomura closes in on Sofr CLO milestone with 15bp emerging as standard for spread adjustment
Nomura is close to a major breakthrough by arranging the first CLO transaction with a Sofr pricing component

Aquarian takes over Gallatin CLO platform
New York-based Aquarian Holdings has bought Gallatin Loan Management's CLO management business 

Creditflux CLO Census 2021 closes with record participation
The Creditflux CLO Census 2021 has closed with 245 people in the industry casting their vote and having their say on key issues affecting the market

CLO Census latest: voting crosses 200 as range of dealers lead in CLO origination
CLO market participants are placing value on the specialist service that dealers are providing, according to Creditflux’s CLO Census, with three different banks leading the way for US CLO execution, structuring and syndication. A silimar trend is in play in Europe

Spread adjustment curve emerges for ground-breaking Walker & Dunlop Sofr loan
Walker & Dunlop has changed the credit spread adjustment (CSA) on its fully-Sofr $600 million loan, Debtwire reports, with a varied structure depending on the benchmark tenor    

The Last Tranche with Capital Four: 26% of new European loans have an ESG-linked margin ratchet, and the US could follow fast
In this episode of the Last Tranche, Capital Four's Torben Skødeberg and Jim Wiant discuss the emergence of loans linked to environmental, social and governance (ESG) criteria

CLO Census latest: banks in tight race, 51% optimistic on Sofr and large managers viewed as outperformers
More than 100 CLO market participants have already cast their vote in the most tightly-contested Creditflux CLO Census ever with a single vote separating the top three banks at US and European CLO execution. Meanwhile, most voters are unworried by the Sofr migration and BlackRock, CSAM, CIFC and PGIM are among the CLO managers viewed as having outperformed following the covid crash. Click here to vote: CreditfluxCLOCensus2021

Banks reject mandates amid loan surge as settlement lengthens
M&A bankers are turning down mandates and settlement times for US loan trades are extending as understaffed desks struggle to cope with record deal volumes

CLO issuers sit on Sofr as they brace for short-term hit
Times are about as good as they get in the US CLO market, with new issuance breaking records as daily volumes in September regularly topped $2 billion, but in three months new CLOs will have to adopt Sofr as a benchmark and thoughts are turning to how the CLO industry will manage the accompanying basis risk

Nine CLOs each — and every one of them is different
CLO giants Blackstone and Carlyle Group have printed nine new US CLOs apiece this year, but CLO market participants say managers are creating distinct portfolios

Landmark Sofr loan nears with spread adjustment giving taste of things to come
The first fully-Sofr US loan is getting closer 

Fitch cuts US leveraged loan default rate projection
US leveraged loan default rate is anticipated to be just 1.5% by year-end 2022, according to a new report from Fitch Ratings. That’s down from the rating agencies’ original 2.5%-3.5% projection

Variety of US CLO-eligible loans makes ramping up a joy [CLO Symposium video]
A buoyant US CLO market is basking in a golden summer with record issuanc. Speakers at Creditflux’s CLO Symposium earlier this month pointed out a vibrant loan market means CLO issuers are spoiled for choice

Alcentra makes leadership changes as European CLO head Rainbow goes part-time
Alcentra has announced changes to its leadership team with co-chief investment officer of liquid credit Graham Rainbow deciding to take on a part-time role at the firm

CLOs face uncertainty as Libor rate deadline looms
CLO equity valuations could be increasingly under the spotlight in coming months, as sources warn of disruption while the market grapples with basis risk between Libor and Sofr in loans and CLO notes

TriMark court ruling encourages peace between lenders
Many CLO managers breathed a sigh of relief in August, with one source indicating a recent court case decision sent a “clear signal that the spate of lender-on-lender violence in the leveraged loan market will not remain unchecked”

Credit investors seek alpha as delta variant creates volatility
The leveraged loan and private debt markets have been on a tear for the first half of the year, but analysts are forecasting a more volatile six months ahead

Liquidations emerge as speed bump to $1 trillion CLO market
CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot. CLOs are now a $1 trillion global industry, but liquidations are picking up and could hamper growth — as well as providing welcome relief to an engine that’s running somewhat hot.

Jets overcome turbulence as American Airlines repays debt
Although international travel remains suppressed by the coronavirus, US domestic air travel has rebounded, with the Transportation Security Administration data showing a return to 2019 levels of footfall at US airports. 

Key CLO official earns promotion to managing director at Z Capital
Z Capital Group has promoted two members of its investment team in New York, including a central figure on its CLO management platform

US CLO portfolio manager set to join fast-growing Redding Ridge
A US CLO portfolio manager is set to join Redding Ridge Asset Management next month, taking the firm's CLO PM roster to three

Investors proclaim ‘CLO arb is good’
Hold on to your hats: at long last market participants agree that US CLO economics are in favour of equity tranche investors

The Last Tranche with Pretium's Goss: airlines are barometer for reopening trade
In this episode of The Last Tranche, Pretium's Roberta Goss and Creditflux's Hugh Minch discuss how the effects of the vaccine rollout and economic reopening are showing in the loan market.

CLO demand to drive loan outperformance over bonds: BNP Paribas
The buying power of CLOs and funds could mean leveraged loans rally further and outpace high yield bonds, says BNP Paribas' credit research team

Update: Kayne to split from CLO and credit opps units
Kayne Anderson is set to spin out its CLO business