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

GSO edges past Redding Ridge in 2020 CLO new issues with US deal
GSO Capital Partners priced a new issue US CLO on Friday, bringing its total volume globally for 2020 ahead of Redding Ridge Asset Management for the first time since March

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

Four US CLO refis highlight diverging manager strategies
Four US CLO managers - Ares Management, GSO Capital Partners, Marathon Asset Management and Voya Alternative Asset Management - have each refinanced fixed-rate CLO tranches, with the four deals totalling $69 million in paper. But new strategies are beginning to emerge

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

Global CLO league tables - August 2020 YTD
Global CLO league tables - August 2020 YTD

GSO prints static CLO with triple As at 130bp
GSO Capital Partners has priced its second static CLO amid the coronavirus pandemic, naming it Stratus Funding 2020-1

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

Cut! Cineworld’s cancelled merger boosts CLO OCs
Investors in Cineworld’s $1.9 billion term loan breathed a sigh of relief in July after the UK cinema chain cancelled its merger with Canadian firm Cineplex, with holders repaid in full, according to market sources

Global CLO b-wic round-up: spreads widen in short week to end manic June
A shortened week brought an end to a manic month of secondary CLO activity. $343.5 million of US CLO and €309 million of European CLO paper was on sale last week, dropping $1.05 billion and €170 million from the previous week

US triple A spreads hit 160bp as GSO prices second post-covid CLO
Triple A spreads on new issue US CLOs have further tightened to 160 basis points

CLO pipeline: marathon runners and sprinters join the race
Five new CLOs priced last week, four of which were US issues and one European, but they have been ably replaced in the pipeline, with a handful of managers looking to strike while the CLO market is still hot

CLO double Bs on sale as sub-investment grade rally fizzles out
After more than a month of rapid tightening, CLO double Bs trended wider last week by roughly 60 basis points, as the market for these sub-investment grade tranches stabilises in the mid-800s

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

Global CLO b-wic round-up: double Bs lead the way as rally endures and drags equity with it
The CLO secondary market continued its hard rally last week as prices rose across the whole asset class with double B rated CLO bonds leading the charge tighter

Global CLO league tables - May 2020 YTD
Global CLO league tables - May 2020 YTD

CLO double Bs go on late night b-wic as spreads tighten sharply
Investors are piling into junior US CLO tranches as traders begin to see economic recovery following the pandemic

Early March European CLO makes it through the sell off with 5.4% risk retention
One of the last European CLOs to price before the primary market shut down in March has disclosed the fair value of its notes post-closing, which shows that it has a reasonable 38 basis point cushion against risk retention deficiency

Akorn falls into bankruptcy with $321 million planted in CLOs
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday

US CLO league tables: coronavirus brings changes in approach and new top manager
Amid a big slump in CLO primary issuance, new deals have taken focus and there are some notable changes at the top of the league tables

Who’s got the moves US: oil and gas leads renaissance for US CLO managers
The US leveraged loan market has held steady over the last two weeks. After rising to just below 87 of par in mid-April, the S&P LSTA US Leveraged Loan index closed at 85.75 to start this week

Credit pickers need luck to avoid OC trap