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 

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”

Euro CLO managers fume as settlement slowdown worsens
European loan investors are growing frustrated at the time it takes to settle primary market transactions, with recent hold-ups leaving CLO portfolio managers particularly disappointed.

Two analysts poised to join Onex as it expands in European credit
Onex Credit Partners is adding research analysts in London

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.

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

Mizuho says CLO sales hire is imminent as it adds to European loans team
Mizuho says that it will announce a CLO sales hire in the next few weeks

Mediobanca loses another from its loan and CLO team
A structured credit trader is leaving Mediobanca to take on a sell-side CLO role

Elfa taps Hermes to chair CLO investor committee
Trade body the European Leveraged Finance Association has formed a CLO investor committee it hopes will be a forum for various industry initiatives, including environmental, social and governance standards

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

Siaci €202 million loan to leave CLOs after merger as new debt guided in low 400s
Burrus has outlined price talk on an €850 million loan backing its acquisition and merger with Siaci, a popular CLO credit

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

CLO investors don Euribor caps to hedge rising rates
Euribor-capped tranches have made a comeback in European CLOs, with AIG and PGIM understood to be behind them. Sources say PGIM has been investing in triple A-rated tranches, while AIG has taken on double-A rated tranches

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

Elfa adds to ESG fact sheet range in standardisation drive
The European Leveraged Finance Association (Elfa) will shortly publish sector-specific fact sheets for the transport and healthcare industries, sources say, bringing its total of ESG fact sheets to 12