Spotlighting the original originator
Five years ago in Creditflux, we reported on the very first CLO originator fund being launched: Blackstone/GSO Corporate Funding.

Seriously, the CLO arb is difficult right now
We know the arbitrage for CLO equity is never perfect, but the arb progressively deteriorated through 2018. Since January, the picture has worsened further after a brief respite in December

US CLO round-up: dropping anchor (investors) brings CLO spreads tighter
Syndication was the theme of the week across the global CLO market last week as managers and arrangers presented deals which were sold to a more diverse group of investors than has been the case for most of this year.

GSO prices CLO with tightest prints across senior and junior tranches
CLO spreads fell sharply yesterday as GSO Capital Partners priced a new issue deal named Niagara Park CLO with a weighted average funding cost of 176.65 basis points over Libor

Budge up, more new managers are coming

Global b-wic round-up: US CLO equity continues its surge
Last week marked the third straight week that the US CLO secondary market has seen total listings of under $600 million, but over a quarter of that was equity.

Spire wins Creditflux Manager of the Year award
Spire Partners was the big winner at Creditflux's Manager Awards last night as the London-based manager scooped the award for the manager of the year. On top of this, the firm picked up awards for Best European CLO Manager and Best European CLO for Aurium CLO II

Euro CLO league tables: at long last - a reset, a refi and a debut
A chill swept through the European CLO market in April. While managers priced €3.16 billion of CLOs, it was the slowest month since January. 

CLOs at a glance
A round-up of CLO performance

Two CLO investors leave GSO in London
Two experienced CLO investors have parted ways with GSO Capital Partners in the last few weeks

Return of the refi: GSO produces Europe's first CLO refinancing for seven months
GSO Capital Partners has priced Europe’s first CLO refi transaction since last September, according to market sources

CLO pipeline: managers seek to return as others arrive, after testing Q1
With the first quarter of 2019 now in the books, the CLO market looks to be continuing where it left off.

Large, liquid loans aren’t always perfect
CLOs could be forgiven for rushing to buy Refinitiv loans — after all it was the biggest LBO since the crisis. But some large managers have abstained, while others have bought opportunistically

GSO to add two North American offices in 2019
The credit manager anticipates the offices will help expand the firm’s origination efforts in North America

Controlling class conditions unshackle CLO managers
CLO managers are looking to the future by incorporating ‘controlling class conditions’ in their CLO documentation, which kicks in if an anchor triple A investor exits their deals

We can’t hide it any longer, we’re tiering up
With the opening months of 2019 highlighting a clear class system among CLO managers, there has never been a better time to assess tiering. We find that timing, patience and luck all play a role

Euro CLO league tables: repricings take a back seat while new issues get going
The European CLO market showed signs of kicking back into gear in February with €3.32 billion of issuance

Tail wags dog as European CLOs' 108bp benchmark drags loans
European CLOs usually price on the back of where underlying loans are printing, but this year the reverse looks to be true

GSO becomes first manager to price two new issue CLOs this year
GSO Capital Partners on Friday became the first manager to issue two new CLOs in 2019, following the $502.05 million deal named Buckhorn Park

Keep calm and buy corporate loans
Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

Euro CLO round-up: largest managers brave primary market amid regulatory squeeze
Two seasoned European CLO managers stepped into the primary market to price new issue deals amid a period of uncertainty as the Securitisation Regulation put forth by the European Securities & Markets Association (Esma) beds in

US CLO round-up: it's a slow start, but at least we have a benchmark as 42 deals fill pipeline
It’s safe to say 2019 is off to a slow start for the US CLO market. This past week, $1.4 billion has priced, bringing total issuance in January 2019 to $5.7 billion. That’s 70% below the January 2018 new issue volume of $20 billion.

GSO prices Europe's largest new issue CLO in over six months
 Europe’s CLO primary market is taking off, with GSO Capital Partners today becoming the third manager to price a new issue deal on the continent

GreensLedge and NatWest score GSO as euro CLO client
GSO Capital Partners has mandated GreensLedge and NatWest Markets as co-arrangers for its first new CLO of the year, named Crosthwaite Park