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

CBAM readies debut European CLO
CBAM is marketing its first ever venture into the European CLO market with a deal named Vendome Funding. The Eldridge Industries-backed CLO manager is expected to price the transaction this week, via JP Morgan

Euro CLO investors look to cash in as market confidence returns
A mixed b-wic comprised of €35 million European CLO tranches is on offer at 9.30am New York time Tuesday, with investors looking to capitalise on tightening spreads as confidence gradually returns to the market

Europe’s newcomers find ways to stand out
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

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

GSO prices first post covid-19 European CLO
GSO has partnered with BNP Paribas to print its first post covid-19 European CLO, according to market sources, marking the seventh transaction in the continent since the pandemic began

Fitch takes action on 29 European CLO tranches
Fitch Ratings took action on 29 European CLO tranches yesterday, placing the majority of these on rating watch negative

Europe’s newcomers find ways to stand out
Last year’s new European CLO managers needed to provide something different for investors. In general, they’ve succeeded, with Capital Four having one of the smallest overlap figures in our data

Credit pickers need luck to avoid OC trap

Global CLO b-wic round-up: spreads tighten across the board as bond-flex CLOs trade well
Price levels have tightened and, more importantly, stabilised across the secondary CLO market over the last two weeks, but the Easter break led to a drop off in CLO b-wic supply

Global CLO b-wic round-up: $8 billion of US CLOs listed in record-breaking March
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

Benchmark European 2020 CLO trades 11 points down in secondary
A senior European CLO investor has flipped €21.9 million worth of notes onto the secondary market, selling eight of nine line items via a b-wic, sources say. Meanwhile, US CLO trading switched from being investment grade focused over the last month to being centred on below IG tranches yesterday: IG volumes reached $574 million versus $926 million for lower rated tranches

We’ve survived before, we can do so again

We’ve survived before, we can do so again
$7.8 billion of CLO collateral, split evenly between the US and Europe, is in the loans that have fallen fastest in the past month. But short term CLO pain will bring opportunities for building par

Beneath the triple C: mighty CLO buckets from Akorns grow
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. 

European CLO single Bs jump to 1,100bp with GSO deal - but seniors hold firm
Junior European CLO spreads have slumped, with GSO Capital Partners pricing new issue single Bs at 1,100 basis points on Friday

Global CLO b-wic round-up: that's another fine mezz you've gotten me into
European CLO investors are tripping over themselves to buy mezzanine paper in the secondary CLO market

CSAM sees sun after nine years in shade

US CRE CLO growth spurt encourages Europeans
The US CRE CLO market hit a record $19.2 billion in 2019 and sources say that a first ever European deal will be issued this year. They cite the growing commercial mortgage direct lending market on the continent as laying the foundations for a European CRE CLO.

GSO aims to place US CLOs in Europe
GSO Capital Partners has launched a manager entity named Blackstone/GSO CLO Management LLC in an effort to sell US CLOs into Europe.

Global CLO b-wic round-up: US CLO equity returns in big way as four control positions hit the market
Over $230 million of US CLO equity went on sale last week via bid lists, the first time these assets have made their way to the secondary market in 2020. It also marks the most US CLO equity listed in a week since at least 2018, according to CLO-i

Global CLO b-wic round-up: junior mezz rebounds with busiest week since June
Secondary market CLO trading has made a busy start to 2020 with $478.6 million of US deals and €103.3 million of European CLOs up for sale last week

Euro CLO league tables: new issues shatter 2018’s record but total issuance falls
The European CLO market continues to grow at a record shattering pace with 2019 new issuance volumes totalling €29.8 billion, an 8% increase on 2018’s previous record figure, from 53 active managers

Global CLO league tables at a glance - November 2019 YTD
Global CLO league tables at a glance - November 2019 YTD