US managers recalibrate as Euro CLO portfolio spreads rise: Moody's
CLO managers have had to readjust this year and data from Moody’s Investor Services shows weighted average rating factor scores for all US CLOs have held steady, while weighted average spreads have dropped 0.15%

Patchy primary market slows European take-outs
European CLO issuance is reaching a crossroads, with several warehouses ramped while the path to the primary market is hazardous.

US loan index falls below 92 to almost wipe out gains since July
The S&P/LSTA Leveraged Loan Index sank to an average bid of 91.92 cents by Monday, down by two points in as many weeks, wiping out almost all the gains seen in the late-summer market rally

Axa IM plots Euro CLO warehouse investment amid loan pressure and possible liquidations
Some European CLO warehouse may face liquidations and there will be further pressure on leveraged loans in the last quarter of the year, according to Axa Investment Management

European IG CLO mezz is attractive versus US paper: Barclays
There is no reason for European CLO mezzanine tranches to be as wide as they are versus equivalent US paper, according to a strategy note from Barclays.

Beneath the triple C: US CLOs take a dip in the triple C as Europe watches from the sun lounger
The US CLO market bore the brunt of downgrades to triple C in July and August, with a total of $6.22 billion of paper affected. European CLOs enjoyed a more relaxing summer holiday, with only 1 name representing €33.88 million worth of bonds downgraded to triple C.  

15 CLO managers aim to print European deals as 'aspirational pipeline' forms
European CLO market participants are doubtful the pace of issuance will return to full swing in September, despite a reasonably healthy forward-looking pipeline.

Fitch launches ESG scoring for Euro lev fin issuers with 75% CLO coverage
Fitch has scored 430 individual borrowers in the European market, which are on average more than 75% of the portfolio in an average Fitch-rated European CLO

Keep an eye on gaming, leisure and entertainment issuers in Euro CLOs, says BofA
CLO investors should be mindful of industry concentration exposure, with the gaming, leisure and entertainment sector an area of focus, according to Bank of America research released yesterday

Euro CLOs demonstrate "considerable resiliency" to upcoming CLO maturity wall, says S&P
Managers and investors should keep an eye on upcoming CLO maturity wall with “potential adverse effects” amid tighter financing conditions and the impact that could have on CLO performance and ratings

CLOs keep eyes glued to screen as Cineworld previews possible chapter 11
Cineworld, the UK-based cinema giant, has announced that a chapter 11 restructuring is among the options it is considering, in response to recent media speculation about a possible default

Widening asset/liability gulf will hurt CLOs: Barclays
A mismatch between CLO asset / liability rate risk is increasing in the US as more leveraged loan issuers opt for one-month pay frequency, Barclays credit strategists have found

Short duration CLOs are putting reset risk in the post: Barclays
The CLO market’s recent trend of shorter duration issuance could be setting up a problem for managers down the line that will impact their equity returns, Barclays has warned

FinDox steps in on climate disclosure reporting for CLOs
FinDox has become involved in reporting on carbon data for ­climate-related financial disclosure regulations, having been mandated by leading CLO managers to source relevant ESG key performance indicators

Beneath the triple C: ebbs and flows leave triple C levels at a temporary stasis
Following a rising tide of downgrades in May the loan market stabilised somewhat in June, with seven issuers held by CLOs downgraded to triple C and a counter-swell of five names upgraded to single B.

CLO managers try loan restructuring provision
European CLO managers have taken advantage of new loss mitigation language in deals for the first time, after Schur Flexibles announced a restructuring last month

European CLO managers wait for stability as loans slide
European loan prices have dipped into the high 80s, as Creditflux goes to press, which should create an attractive entry point for loan buyers. But, in reality, the bid for these assets has not been strong, particularly from CLOs amid fears loans could slump further still

Tech platform aims to cut time spent reading CLO docs
Officials at Claira, the new platform that provides natural language understanding technology backed by Citi, say the CLO market is a core industry for them as they seek to help market participants quickly assess loan and CLO documents

Loan traders eagerly await electronic trading solution
The announcement of Octaura’s electronic loan and CLO trading platform last month has been met with positivity by market participants, who laud the unified approach taken by large investment banks in supporting the initiative

Manager selection stakes are heightening as CLO pain points intensify: Barclays
CLOs’ slump in market value and piling of distressed assets have made differentiation between managers much more acute on key metrics, regionally and by vintage, according to Barclays credit strategists

Octaura's real-time trading solution paves way for loans and CLOs to drop illiquid tag
The unprecedented cooperation between CLO trading desks that culminated last week in the launch of Octaura could change the way credit investors judge the relative value merits of loans and CLOs versus liquid alternatives such as high yield bonds

CLO investors show more signs of optimism than other ABS: Barclays
CLO investors attending the Global ABS conference in Barcelona were more upbeat than those that work in residential mortgage-backed securities and other ABS, say Barclays securitised credit strategists. But the overall mood was sombre

Onex points to "variety of personal and market" reasons as it addresses CLO exodus
Onex Credit Partners has responded to questions about the stream of professionals that have left in the last few months

Beneath the triple C: CLOs take first knock since covid scrapes
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May 

Euro loan slide hits ramped warehouses as Carlyle eyes print and sprint deal
European loans tumbled in May, leaving CLO warehouses under pressure and causing a slowdown in primary issuance