Doing CLOs is hard work as recovery lags
There’s scrutiny on staffing, structures and, of course, ‘the challenging arb’. But Q4 volatility created opportunity, which led speakers at the Creditflux CLO Symposium to ask for more

Loan trading round-up: CLO managers fall out of love with First Data
An analysis of loan trading among CLO managers in February shows that First Data is falling down the pecking order with managers selling $182 million of the company's loans

LSTA's Coffey floats five-point plan for Libor replacements
"Unlike Brexit, a benchmark is definitely going to happen", the audience at the IMN European CLO and Leveraged Loan conference heard 

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

CLOs are not like CDOs, says Barclays, but warns of loan quality impact
CLOs are far removed from the kinds of structured products that contributed to the 2008/09 global financial crisis, Barclays has argued in a wide-ranging research piece this week

JP Morgan makes big hire to its global credit trading desk
An experienced banker who has covered CLOs, CSOs, loan TRS and credit derivatives, has joined JP Morgan after leaving BNP Paribas 

European CLO volumes to drop in 2019, but mezz could benefit, says BNP Paribas
Demand for European leveraged loans will be lower in 2019 due to lower CLO issuance, predicts BNP Paribas

Deutsche Bank refinances CLO backed with trade finance assets
Deutsche Bank has brought a $3.5 billion CLO backed by trade finance that includes a first-loss piece issued at par

LSTA asks for return of CLO bond buckets as part of Volcker reform
The Loan Syndication and Trading Association is advocating the return of high yield bond baskets within US CLO portfolios in what could be another sign of the shackles being loosened on CLO regulation in the US

Pension fund hires portfolio manager to oversee loan and CLO investments
PensionDanmark has hired a senior portfolio manager to oversee its credit investments

CLO managers give ESMA requirements a test run
This year has already broken records for the European CLO market, but a new dose of regulatory uncertainty could put that growth at risk

Protiviti hires ex-structured credit specialist to head European lender due diligence
Consulting firm Protiviti has hired a former structured credit specialist as head of European lender due diligence and risk management

Loan managers can start to be selective
The portfolio overlap in European CLOs - at roughly 45% - is 10% higher than in the US. But newcomers and smaller managers stand a good chance of differentiating themselves

European CLO PM rumoured to be joining CIFC from large asset manager
CIFC Asset Management looks to have made a major breakthrough in its bid to establish a European credit business with the $17 billion asset manager rumoured to be hiring the head of European performing credit at a large global credit firm

Growth in UK loan issuance sparks sterling CLO revival
Strong sterling denominated leveraged loan issuance relative to euro issuance in western Europe has inspired securitisers to launch CLOs in the British currency

European CLO manager diversification is increasing, conference hears
European CLO managers have begun to pursue an active management strategy, says IMN panel

Portfolio manager central to European CLO expansion to leave Neuberger
One of the key figures behind the launch of Neuberger Berman’s European CLO business is set to leave the firm

Term structure is being developed for floating rate benchmark SOFR, says LSTA
The Secured Overnight Financing Rate, known as SOFR, is being developed into a term structure

European loans specialist joins Fair Oaks and reunites with former colleague
Fair Oaks Capital’s expansion into CLO management has taken another step forward

King Street loses out as European loan specialist has change of heart
Market sources say that King Street Capital Management came tantalisingly close to bringing in a senior official to help establish its European CLO business

US firms to continue CLO charge in Europe despite risk retention still applying
Europe is expected to welcome an influx of new CLO managers this year, despite the continent being subjected to CLO risk retention

Blockchain experts eye CLOs in bid to overhaul archaic practices
The CLO industry, in many ways, can still be accused of living in the dark ages – but all that could be about to change with Creditflux learning that at least two firms are looking to modernise CLO infrastructure by implementing blockchain technology.