CLO pipeline: queue gets longer as Blackstone goes again and Sancus makes first move
The queue to price for US CLO managers is only getting larger with 18 new issue CLOs in the pipeline, according to market sources, along with 18 repricings and two new issue European CLOs and two mid market CLO resets

Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed

Global CLO pricing lab: investors get over fatigue and embrace reset roll over
The demand for CLOs is showing no signs of slowing down after the market had experienced some fatigue at the end of the first quarter and into the second. In the last two weeks, there have been 47 CLO transactions across all forms of pricing in the three markets; led by 18 US CLO new issues

CLO pipeline: new issue becomes name of game with 14 managers preparing to price
Only $3.2 billion of CLO paper priced globally across all forms of pricings this past week. But the market looks to set to explode back into life with 14 US CLO new issues in the pipeline

Woah, we’re halfway there
Judging by the 2020 vintage, European CLO overlap is 50%. But varied approaches to holding bonds and the many loans managers turn down mean there are ways for issuers to outperform

Global CLO league tables - April 2021 YTD
Global CLO league tables - April 2021 YTD

CLO pipeline: go long! new issues and resets push refis aside
The CLO market is ready to go beyond refinancings - after this year's opening blitz of those deals - into the longer tenored territory of resets and new issues

Credit Rendezvous: ready and waiting
In Creditflux's quarterly review of credit, portfolio managers tell us that Inflation is likely to nudge higher but they are optimistic because dispersion will pick up and windows of volatility will emerge, rather than elongated phases of stress 

Beneath the triple C: CLOs benefit as upgrades make for lighter triple C buckets
For the first time since the sell off in March last year, downgrades to triple C have come to a near-standstill

CLO pipeline: expensive 2019 CLOs in vogue with 32bp savings potential
The CLO pipeline is dominated by refinancings and resets, with new issuance taking a backseat

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

CLO pipeline: US adds deals at frenetic pace as Europe catches breath after record start
US CLO investors have numerous deals to consider with 13 new issues and 15 repricings being prepared to flood the market in the coming days

Global CLO b-wic round-up: equity trades break new records as investors look to redeploy cash
The CLO secondary market is experiencing heavy churn with €273.5 million of European CLO paper and $1.05 billion of US CLOs listed last week. Within that supply, a record trade for a 2.0 European CLO equty tranche was recorded 

Global CLO b-wic round-up: 2020 deals trade at premium
As the primary CLO market continues to grind tighter, the secondary market is holding steady, but last year's vintages are trading well as they near the end of their call-locks

Credit fundraising: January proves anything but dry for manager inflows
After a tough and unpredictable year, January may have been seen by many as an opportunity for a fresh start. But for seven managers it meant holding final closes on funds, while three undertook first closes and one a fund launch

Global 2020 CLO league tables
Global 2020 CLO league tables 

2020 wrap: CLO funds bloom despite rocky ground
2020 was a busy year for CLO fundraising, with Creditflux recording at least 30 funds that launched over the 12 months to invest across the CLO capital structure

Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels

Global CLO league tables - November 2020 YTD
Global CLO league tables - November 2020 YTD

CLO pipeline: LCM switches arranger to complete deal and join issuance surge
Over $3.5 billion of global CLO issuance priced last week and managers in all three CLO markets are taking advantage of tightening spreads across the capital structure after three major covid-19 vaccine breakthroughs and increased confidence since the US presidential election

Global CLO league tables - October 2020 YTD
Global CLO league tables - October 2020 YTD

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

Credit fundraising: managers build homes for real estate credit funds
The “largest ever real estate credit fund” was one of the fundraising highlights last month as Blackstone’s Real Estate Debt Strategies IV fund reached $8 billion on its final close

Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to CLO-i

Blackstone reveals CLO originator NAV was understated for four months
Blackstone says the net asset value of class A units in its privately-offered CLO originator were understated between 31 March and 30 June