Metric raises EUR 1bn for fifth flexible private capital fund
Under the strategy, the asset manager provides flexible financing that does not fit into traditional private debt or private equity

February global CLO issuance on track to beat 2021 record
Monthly global CLO issuance has passed the 100-deal mark in February, with a week of dealmaking still to go

CLO rankings: manager AUM, advisory firm and trustees Q1 2023
Two acquisitions close to shake up the top and Dechert takes early lead over Milbank in manager counsel rankings

Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it.

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.  

Market rides out China-US fray with oil, rates and jobs back in focus
US and European credit markets are exhibiting a firmer tone on Wednesday, with investor focus having shifted from Taiwan concerns to Opec+ oil supply. But a looming Bank of England rate hike and US jobs data mean caution remains the watchword

Russia and retail put stop to credit rally with big spread reversal
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider

Skew opens up as indices pivot following broad sell off
The opening of the US session on Thursday has brought a firmer tone, after European and Asian markets extended their weak run. But the reversal in index direction has left single name credits still sitting at much wider spreads

Energy firms underperform in credit sell off as oil prices slump
Investment grade credit is the underperformer on Wednesday as the market pivots wider amid negative economic signals and ahead of US Federal Reserve chair Jerome Powell’s appearance before Congress

Global CLO league tables - February 2022 YTD
Global CLO league tables - Feb YTD

Global CLO league tables - January 2022 YTD
Global CLO league tables - Jan YTD

Global CLO trading lab: bank sells $834 million triple As in quarterly reallocation as hedge fund trades CLO equity
Thursday’s secondary CLO market was the busiest of 2021, with over $1 billion of US CLOs on offer. This featured an enormous b-wic worth $834.3 million, where sources have told Creditflux of the bank behind the aucton. While a large credit hedge fund is said to have sold out of control CLO equity 

CSAM regains best manager throne
Upstart CLO managers overtook more experienced rivals at last year’s Creditflux Manager Awards, but CSAM and other large firms, such as PGIM, emerged victorious in London this time around

Global CLO trading lab: Seasoned equity prices lag as debt spreads level out
The CLO secondary market took a back seat to the surging primary market in August and September with secondary US CLO volume accounting for just 3.7% and 4.2% of the total US CLO market (primary and secondary volumes). But opportunities are there in CLO equity tranches

Rising stars vie with swooping hawks as Fed deliberates
Rising star companies moving from high yield to investment grade could be a valuable source of returns for credit investors in coming months, say sources

CLO pipeline: Man GLG resurfaces from six-year absence as deals exiting call-lock fill pipeline
CLO spreads have leaked out in recent weeks but deal economics are still favourable, encouraging managers to come back to the primary market for the first time this year

CLO pipeline: GoldenTree makes good home for single Bs in swarm of activity
Wider CLO spreads are not deterring US CLO managers or equity investors, as 14 new issues, 10 resets and seven refinancings enter the pipeline

Global CLO trading lab: quality and optionality shine as 2020 and 2019 mezz trades up
The primary and secondary CLO markets are moving in tandem with both markets drifting wider amid a wealth of supply

Global CLO pricing lab: let’s all point at that 108bp print while spreads leak out
The tsunami of CLO paper coming to market is the biggest technical factor causing spreads to widen, according to sources

Global CLO trading lab: Octagon CLO comes out top in CLO double B spike
Double B-rated bonds made up 40% of the European and US CLO secondary markets last week. $222 million of US CLO double B bonds were on sale and a further €105 million of European CLO double B items were listed

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

CLO pipeline: go long! new issues and resets push refis aside
The CLO market is ready to go beyond refinancings - after this year's opening blitz of those deals - into the longer tenored territory of resets and new issues

Toronto-based Whitehorse Liquidity hits $4 billion hard cap on liquidity solutions fund
Whitehorse Liquidity Partners Fund IV provides liquidity solutions to private equity-style fund investors and managers

CLO pipeline: Carlyle eyes fourth new issue in two months but refis and resets dominate
Manager focus has shifted to reworking vintage CLOs to lower funding costs in a much tighter market, with the new issue US market having slowed

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline