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OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
4 years ago
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. -
OC health check: breaches start to take toll on July payment dates
4 years ago
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches -
OC health check: all quiet on the overcollateralisation front
4 years ago
Eight US broadly syndicated loan CLOs reported overcollateralisation test breaches last week during a quiet reporting period in which only 40 CLOs published a trustee report, according to CLO-i, but focus is turning to the swathe of CLO distributions coming due. -
Beneath the triple C: downgrades hold steady as Travelport loses its luggage
4 years ago
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers -
OC health check: CLOs heal up with no new breaches among US BSL deals
5 years ago
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs -
OC health check: CLO managers drop their breaches
5 years ago
114 CLOs reported overcollateralisation breaches last week, but only three deals reported breaches for the first time -
OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
5 years ago
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i -
OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
5 years ago
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs. -
OC health check: second European 2.0 CLO reports junior OC breach
5 years ago
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period. 314 deals are now reporting OC breaches as of the latest report, according to CLO-i. -
OC health check: some CLOs cure failures, but quarter of US deals still in breach
5 years ago
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i -
LP round-up: talf and dislocation funds win as pensions allocate $350 million to credit
5 years ago
Investors poured in $350 million to eight credit-focused funds, primarily to credit dislocation funds. Private debt continued to remain stead with investors maintaining or increase allocations -
OC health check: eight CLOs report second month of test failures
5 years ago
20 CLOs reported overcollateralisation test failures last week, of which 12 were new breaches while eight were deals were failing for a second reporting period in a row -
OC health check: another two CLOs fail senior OC tests
5 years ago
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i. -
Matalan default risk jumps as market mood dampens
5 years ago
UK retailer Matalan is a big decliner today in bonds and CDS, as positive sentiment ebbs from the credit market after the recent strong rally -
Global CLO b-wic round-up: $8 billion of US CLOs listed in record-breaking March
5 years ago
Last week brought an end to the busiest month in both the US and European CLO secondary markets since at least 2014. $7.7 billion of US CLO paper was on sale in March with a further €1.8 billion of European CLO bonds available, bringing the total listed in Q1 to $13.9 billion and €3.6 billion -
Financials and commodity names lead credit widening as oil slumps
5 years ago
Credit markets ended last week going wider and the theme continues today, as the price of oil slumps further amid growing concern about how the impact of the coronavirus outbreak will stifle demand -
Beneath the triple C: mighty CLO buckets from Akorns grow
5 years ago
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. -
Global CLO b-wic round-up: that's another fine mezz you've gotten me into
5 years ago
European CLO investors are tripping over themselves to buy mezzanine paper in the secondary CLO market -
European unitranche deal flow increased 11% last year, finds GCA
5 years ago
European direct lending unitranche deals completed in 2019 increased by 11%, according to GCA Altum's Q4 2019 MidCap Monitor, marking a record year for the industry -
Euro loan trading: CLO managers find a home for building specialist's downsized loan
5 years ago
CRH Europe issued a €700 million term loan B in November, which was downsized from €900 million. But still, it has proved popular with CLO managers with CLO-i indicating that CLOs bought €275.2 million of the loan -
Euro trading: Vue proves to be leading light for CLOs, but liquid bonds play crucial support role
5 years ago
Vue International's newly issued loan starred in 25 CLO managers' portfolios, which bought €239.4 million of the loan in June and made it a box office hit among CLO managers, according to CLO-i. -
Global CLO b-wic round-up: 71% of equity positions trade as supply picks up
5 years ago
The European and US secondary CLO market took a step back this week as the primary CLO generated $7.8 billion of deal flow globally -
Euro CLO round-up: returnee CIFC comes full circle, seven years after CLO sale
6 years ago
Having sold a European CLO contract seven years ago, CIFC is back and determined to build on its debut 2.0 European CLO -
European loan trading: CLO managers snack on Ifco loans
6 years ago
35 CLO managers were holding €364.2 million €364.2 million of IFCO’s loans in April – all at par -
Global CLO round-up: new managers put down roots
6 years ago
Birch Grove priced its debut CLO this week while relative newcomers PPM (in the US) and Voya Alternative Asset Management (Europe) grew their CLO AUM.
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