Two managers rework 2019 CLOs
Aegon USA Investment Management and Cerberus Business Finance has each refinanced a 2019 CLO, with the two deals totalling $682.6 million of issuance

Kayne produces rare partial CLO refi leaving triple As untouched
Kayne Anderson Capital Advisors has priced a rare partial CLO refi, cutting the costs of its mezzanine debt while leaving the triple A tranche untouched

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

PGIM cuts 2017 CLO's funding costs by 32.2bp with refi
PGIM teamed up with Goldman Sachs to refinance 2019's Dryden CLO 72 on Thursday, reducing the deal's funding costs by 32.17 basis points in the process

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

US CLO pricing lab: let’s refi like it’s 2017
The new issue US CLO market has been a slow burn over the last two weeks with only six deals being brought to the market amid wider triple A spreads. But the repricing market has been booming with today’s triple A levels still comparatively cheaper than previous vintages exiting their non-call periods

Ares brings CLO's leverage down to less than five turns in $1 billion-plus reset
Ares Management has upsized its second largest CLO in a reset, bringing the deal to a par value of $1.19 billion - the seventh biggest CLO backed by broadly syndicated loans in the market

Benefit Street prints its largest CLO since 2017
Benefit Street Partners priced its largest CLO in over three-and-a-half years on Tuesday, teaming up with Natixis on the $609 million deal named Benefit Street Partners XXII

Aegon and BlackRock join group of single B CLO issuers with resets
Aegon USA Investment Management and BlackRock each priced a CLO reset on Tuesday that included a single B-rated tranche

AGL cuts debt cost by 123bp in first reset of post-covid CLO
AGL Credit Management has become the first CLO manager to reset a post-covid CLO outside of static-to-static transactions

Secondary CLO spike pushes double Bs to 800bp as KKR resets
KKR Credit has priced a US CLO reset in another example of how junior CLO spreads have gapped out over the last two weeks

Global CLO b-wic round-up: record level of CLO paper stalls rally
Record levels of primary and secondary CLO supply has left investors spoilt for choice and led to the CLO rally stalling

HPS issues US CLO market's 15th single B tranche of 2021
HPS Investment Partners has become the 15th US CLO manager of the year to issue a single B tranche, bringing the total issuance of the liability class for 2021 up to $108.8 million

Carlyle brings 2021 US new CLO volume to $1.14 billion with tightly priced deal
Carlyle Group priced its second new US CLO of the year on Friday, teaming up with Citi to place the $508.8 million Carlyle US CLO 2021-2

MUFG cuts CLO funding costs with first primary deal of 2021
MUFG priced its first CLO primary market transaction of 2021 on Monday, arranging a $492 million refinancing of three tranches of Symphony CLO XV

Recette reset takes US CLO market to new tights
Invesco has priced the tightest CLO reset in the market with a triple A print of just 108 basis points over Libor

JP Morgan prices CLO refis for Fidelity and Sound Point
JP Morgan has priced CLO refinancing deals for Fidelity Investments and Sound Point Capital Management. The two deals total $872 million in volume

Nuveen renames CLO and upsizes by $170 million following reset
Nuveen Asset Management has reset one of its 2017-vintage CLOs via Wells Fargo, upsizing the deal by $170 million in the process

Barclays prices CLO refis for Kayne Anderson and NYL
Barclays priced two CLO refinancings on Friday, reworking deals managed by Kayne Anderson and NYL Investors. These total $742 million, meaning the US CLO market absorbed $8.42 billion of refi paper in January - or 38.55% of the total refis priced in 2020

Elmwood breaks own record with largest new issue CLO in almost two years
Elmwood Asset Management has teamed up with JP Morgan to print the largest US CLO since April 2019. The deal, named Elmwood CLO VIII, priced at $913.5 million

OC health check: CLOs end 2020 with fragile recovery
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December

Three transactions take 2021 CLO refi volumes over $3.5 billion
Another three CLO refinancing transactions priced in the US on Friday, bringing the total volume across refis, resets and reissues in 2021 up to $3.58 billion

Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios  – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i

US CLO league tables: AGL and JP Morgan topple leaders in new issuance, but Apollo and Citi maintain overall dominance
Only 13 months after setting up shop, AGL Credit Management vaulted itself to the top of the US CLO new issue league tables in 2020

CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux.