BofA and Citi unveil multi-dealer platform for CLOs and loans
Bank of America and Citi have joined forces with plans for a multi-dealer CLO and loan platform which will cover trading, data and analytics

ESG drive poses little threat to CLO returns or flexibility, says Moody's
Environmental, social and governance investment criteria are not impairing CLOs either in flexibility or performance, Moody's Investors Service has found in a new report

Loan technical and supply glut keeps CLOs in check
CLO asset and liability spreads moved wider in March owing to unprec-edented volumes of issuance, despite investors rotating into floating-rate products amid rising treasury rates

Loan pipeline builds to fuel US CLO production into Q2
US CLO new issuance, already on a high, is set to be spurred on by a healthy loan pipeline over the second quarter of 2021

Sofr fix nears launch as CLOs face term rate void
Three months into 2021, grounds for optimism have grown little that a term rate will be found before the end of the year to replace Libor in loans, CLOs, CDS and other contracts. But hopes are rising that solutions such as credit spread adjustments could help mitigate performance uncertainty

CLO investors still hungry for triple As and double Bs, says JP Morgan
Most CLO investors are looking to add risk through deals in the months ahead, with very few inclined to reduce exposure, a JP Morgan survey has found - despite the historic flood of issuance in the first quarter of this year

The Last Tranche with Sound Point's Ketchum: CLOs have fortress-like structures
Creditflux's Hugh Minch and Sound Point's Stephen Ketchum discuss the macro picture for US credit and who should be on the lookout for inflation

FS bridges CLO gap with broadly syndicated loans
FS Investments has expanded its platform to include CLOs backed by broadly syndicated loans, with officials saying the firm capitalised on solid conditions late in 2020

CLO managers face ramping challenges as inflation risk rises
A mix of inflation worries and pandemic uncer-tainty is pushing up loan prices and causing CLO managers to struggle to construct new portfolios

Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios  – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i

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.

Vaccine boosts credit as PE firms open up to bridge loans
The leveraged loan and CLO markets ended 2020 on a long-awaited high after multiple vaccines for covid-19 were rubber-stamped by regulators

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

US and European CLO PMs earn promotion as Carlyle's Pace takes on new role
Carlyle Group’s global head of liquid credit has decided to take on a new role as vice chair of global credit, according to an internal memo seen by Creditflux, which will involve investing capital across the Carlyle platform

Beneath the triple C: cinemas get clipped but default picture improves
14 corporate debt issuers were downgraded to triple C or below in October by Moody’s or Standard & Poor’s – hurting $3.15 billion of US CLO loans, €761.73 million of European CLO portfolios and $37.95 million of middle market CLOs loans, according to CLO-i. Cinema chains were among those to suffer last month

Managers brave covid-hit sectors to drum up returns
Price dislocations among companies operating in industries affected by covid-19 mean they may offer some of the best opportunities for CLO managers and CSO investors — and sources say that neglecting these sectors could hurt performance

DFG appoints CEO and makes several promotions including new co-CIO
A Partners Group official has been appointed chief executive officer of DFG Investment Advisers in New York as the firm makes several leadership promotions

[update] Beneath the triple C: theme parks take portfolios on downward ride
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April

Libor floors and Volcker tweak bode well for future of CLOs
It’s been a truly miserable year, but amid all the despair covered so tirelessly by the mainstream media has been an omission; namely, that CLOs have withstood the damage caused by the pandemic

CLO rally keeps primary market flowing for most prolific issuers
The rally in CLO liabilities in September has given fresh impetus to the primary CLO market, which has benefitted from almost six months of favourable market dynamics

Academic highlights 1.0 CLO inflationary and cross-trading practices
CLO managers during and after the 2008 financial crisis used discretion in reporting the fair value of defaulted assets or loans downgraded to triple C, and may have inflated these fair values, according to a research presentation at Creditflux’s CLO Symposium in September

Methodology tweaks could prove a boost for CLO warfs
Moody’s proposed CLO methodology changes could impact 8% of US and European CLO tranches positively, the rating agency says

Garrett Motion stalls with CLOs holding $608 million of bankrupt firm's debt
Garrett Motion enters chapter 11 proceedings with a stalking horse offer from private equity firm KPS Capital Partners, which has agreed to buy substantially all of the firm’s assets for around $2.1 billion. CLOs hold around $680 million of Garrett's term loans

iQor files for chapter 11 with CLOs holding $260 millon
17 CLO managers hold $263.1 million term loans of customer services provider iQor, which filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas today

Banks tighten asset approval terms for CLO warehouses
Managers have raised concerns over tighter, lender-friendly terms in new-look US CLO warehouses as banks gradually reopen these lending facilities