Quarterly rankings: Wave of acquisitions reshapes CLO market
A wave of acquisitions and consolidation hit the CLO market in the first quarter of 2022, although the ripples have yet to alter Creditflux’s manager rankings

CLOs look attractive after corporate rally - but not all tranches: Barclays
Rallying corporate cash credit spreads over the past two weeks have widened the basis with CLOs and made these products look attractive again, according to Barclays strategists

Hidden loan tail risks and mounting single B exposure could pose problem for CLOs: Barclays
A solid rally for leveraged loans this week - against returning weakness in bonds - has put focus back on the market, which seemingly has little tail risk priced in. But short term support factors and a dwindling triple C bucket mask the quality skew, warn Barclays strategists in a note today - which could spell downgrades for single-B minus rated loans

Global CLO league tables - March 2022 YTD
Global CLO league tables - March YTD

Diameter moves into Europe with top credit trading hire
Diameter Capital is expanding in Europe with a big sell-side hire

CBAM: star power, friends in insurance, and doing things 'my way'
"And now the end is here, and so I face that final curtain... I've lived a life that's full, I traveled each and every highway, And more, much more
I did it, I did it my way". Sinatra could easily have been thinking of CBAM when he penned these lyrics. We look back at how a group of experienced CLO officials came together to launch a mega player in the CLO business in no time at all 

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

The Last Tranche with CVC's Bergstresser: CLO market will continue to function amid Ukraine crisis
In this episode of the Last Tranche, CVC Credit Partners partner and global head of performing credit Gretchen Bergstresser discusses the impact of Russia's invasion of Ukraine on the global loan and CLO markets

CLO equity could get hurt by mismatch in credit spread adjustments: Barclays
The possibility that borrowers and sponsors start to use their clout to scrap credit spread adjustments from leveraged loans poses a risk for new CLO equity, while legacy deals also face transition challenges

CLOs at a glance
A listing of CLOs that have priced in the last month

US managers eye growth potential in European CLOs
The legion of European CLO managers is set to grow this year, with US issuers harbouring ambitions to become global players in the CLO business.

CLOs go island hopping as EU rules bar Cayman Islands
Swathes of CLO special purpose vehicles are set to be relocated this month following the introduction of European Union regulations designating the Cayman Islands as a money laundering location

CLO sellers bide their time amid widening Ukraine crisis
Russia’s invasion of Ukraine has sent shockwaves across the world, and CLOs, despite limited exposure to either country, have felt its impact. Those signs are most visible in the secondary market

Large US CLO issuer plans expansion into Europe
An experienced US CLO manager is hiring with a view to building out a European CLO team

US banks' exposure to triple A-rated CLO paper climbs 84%
US banks held $170 billion of CLO paper at the end of 2021 – a massive increase of $72 billion from the end of 2020, according to Bank of America research

Global CLO trading lab: Payments season prompts equity to surge but short-dated bonds trade low
Over the last two weeks, $2.8 billion of US CLOs and €640 million of European CLO paper have appeared on b-wics, with equity making up 33% and 40% of the respective markets

CLO pipeline: US manager base poised to hit 119 and Europe 57
The CLO market is open to newcomers as both the US and European are set to welcome first time CLO issuers – BlueBay Asset Management in the US and Acer Tree Investment Management in Europe

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

CLOs should realise gains from reorg equity positions: Pearl Diver
Reorg equity sitting within CLOs has risen in value over the last year and Pearl Diver Capital says it may be a good time to exit these positions “and realise value for CLOs”

Sofr spike boosts CLO debt as Europe and US go out of sync
The sharp rise in three-month term Sofr has caused CLO relative value to shift decisively towards primary US CLO debt tranches in January as the floating rate benchmark shot up from 9.11bp to 17.06bp (from 1-20 January)