Kicking the tyres: CLOs survive examination as bankruptcies tick higher
US CLOs are weathering the turbulence triggered by a couple of bankruptcies in the broadly syndicated loan universe, namely US retailer Sears and American Tire Distributors. Those bankruptcies, filed on 15 and 4 October, respectively, have failed to dent CLO structures

LSTA asks for return of CLO bond buckets as part of Volcker reform
The Loan Syndication and Trading Association is advocating the return of high yield bond baskets within US CLO portfolios in what could be another sign of the shackles being loosened on CLO regulation in the US

Pension fund hires portfolio manager to oversee loan and CLO investments
PensionDanmark has hired a senior portfolio manager to oversee its credit investments

CLO managers give ESMA requirements a test run
This year has already broken records for the European CLO market, but a new dose of regulatory uncertainty could put that growth at risk

CLO market gauges counterparty risk as it predicts economic cycle will turn
Credit is showing symptoms of a cycle in its latter stages, according to CLO market participants. While this makes loan and manager selection important, participants are increasingly focusing on counterparty risk.

Protiviti hires ex-structured credit specialist to head European lender due diligence
Consulting firm Protiviti has hired a former structured credit specialist as head of European lender due diligence and risk management

Loan managers can start to be selective
The portfolio overlap in European CLOs - at roughly 45% - is 10% higher than in the US. But newcomers and smaller managers stand a good chance of differentiating themselves

Xtract: CLOs may be further squeezed by one-week Libor Election
There are 30 loans which could, at the drop of a hat, switch to one-week Libor benchmarks, according to a report by Xtract Research

Experienced CLO specialist joins Pretium
Pretium Partners moved into CLO management a year ago and now has $2 billion in AUM in this space thanks to a couple of acquisitions. It has now hired a portfolio manager to deal with the additional AUM

European CLO PM rumoured to be joining CIFC from large asset manager
CIFC Asset Management looks to have made a major breakthrough in its bid to establish a European credit business with the $17 billion asset manager rumoured to be hiring the head of European performing credit at a large global credit firm

Investors debate merits of bond buckets as regulators revisit Volcker rule
CLOs with bond buckets could return in the US as federal agencies have signalled their willingness to roll back certain parts of the Volcker rule

Growth in UK loan issuance sparks sterling CLO revival
Strong sterling denominated leveraged loan issuance relative to euro issuance in western Europe has inspired securitisers to launch CLOs in the British currency

The expanding middle
Our analysis of mid market CLOs reveals that managers have distinguished themselves with the overlap between mid market US CLO portfolios being approximately 5%

European CLO manager diversification is increasing, conference hears
European CLO managers have begun to pursue an active management strategy, says IMN panel

Portfolio manager central to European CLO expansion to leave Neuberger
One of the key figures behind the launch of Neuberger Berman’s European CLO business is set to leave the firm

Term structure is being developed for floating rate benchmark SOFR, says LSTA
The Secured Overnight Financing Rate, known as SOFR, is being developed into a term structure

CLO debt investors resist equity investor push for Libor toggle
“If spreads weren’t collapsing we wouldn’t be hearing about this," says PGIM's Edwin Wilches

2018 US CLOs are highly ramped at closing, but this could decline, says Fitch
New US CLO portfolios at closing have been ramped by over 83% on average every month this year, according to research from Fitch Ratings

European loans specialist joins Fair Oaks and reunites with former colleague
Fair Oaks Capital’s expansion into CLO management has taken another step forward

King Street loses out as European loan specialist has change of heart
Market sources say that King Street Capital Management came tantalisingly close to bringing in a senior official to help establish its European CLO business

US firms to continue CLO charge in Europe despite risk retention still applying
Europe is expected to welcome an influx of new CLO managers this year, despite the continent being subjected to CLO risk retention

Blockchain experts eye CLOs in bid to overhaul archaic practices
The CLO industry, in many ways, can still be accused of living in the dark ages – but all that could be about to change with Creditflux learning that at least two firms are looking to modernise CLO infrastructure by implementing blockchain technology.

PGIM's Juliano set for promotion to head US loan business
Brian Juliano is set to become the head of PGIM’s US loan management team upon the retirement of Joe Lemanowicz later this year