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

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

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

Senior CLO investment officials leaves GSO for Kennedy Lewis
CLO tranche investor Dik Blewitt has parted ways with GSO Capital Partners, landing a job as partner and 'head of tactical opportunities' at Kennedy Lewis Investment Management

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

GSO out the gate with first new issue CLO post-covid 19 crash
GSO Capital Partners today became the first manager to issue a CLO following the coronavirus-triggered financial crash

US CLO issuers get pricing signals as triple As trade in secondary at 375bp
Would-be US CLO issuers were given an indication of pricing levels yesterday after a CLO that turns static in July hit the secondary market

We’ve survived before, we can do so again

PGIM revives CLO plan with switch to static transaction
The CLO market has been on hold for three weeks due to coronavirus-induced volatility, but experienced CLO managers are attempting to revive the primary pipeline via a static format

GSO close to pricing static US CLO after buying $428 million of secondary loans
A CLO primary pipeline is starting to re-emerge following the March sell-off, with GSO Capital Partners marketing a static $463.5 million CLO to investors via Citi

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

CLO pipeline: down but not out, as deals find new ways to limp forward
Deepening credit instability has taken a toll on CLO appetite, but there is still life in the primary market

Junior US CLO tranches outshine European CLOs as GSO makes it a double
GSO Capital Partners has achieved the feat of becoming the only CLO manager to issue deals on both sides of the Atlantic amid the coronavirus-induced market selloff

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

CLO refi love is strictly Taconic as US volume hits $10.8 billion
US CLO refinancing volume for 2020 climbed to $10.77 billion today as GSO Capital Partners priced the second refi of the year, according to market sources

GSO joins exclusive club of US CLO managers to price triple As under 100bp
GSO Capital Partners joined a select few US CLO managers that have priced a deal this year with triple As paying under 100bp