GreensLedge and NatWest score GSO as euro CLO client
GSO Capital Partners has mandated GreensLedge and NatWest Markets as co-arrangers for its first new CLO of the year, named Crosthwaite Park

CSAM European CLO price talk points to wide junior debt benchmarks
A much-awaited deal provides colour on the state of the European CLO market as the price talk for Credit Suisse Asset Management’s inaugural 2019 European deal, Cadogan Square CLO XII, circulates across the industry

Carlyle Group and BNP Paribas market new issue euro CLO
Carlyle Group is in the market with its first CLO transaction of the year, according to market sources

CLO equity a "top trade" for 2019, but beware ratings risk, says JP Morgan
CLO equity is one of the top trades of 2019, according to research analysts at JP Morgan in a research paper published on Friday, noting that the asset class offers ‘sticky capital in a volatile cycle'

Euro CLO league tables: New issues dominate in record-breaking year
The European CLO market bloomed to the fullest in 2018 and new issue volumes broke all records as €27.59 billion of new paper entered the market. Including all forms of refinancings, 2018 volumes reached €43.68 billion – just €2.05 billion short of 2017’s figures

Global 2018 CLO league tables at a glance
A snapshot of the overall league tables as of 31 December 2018

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 secondary market wakes up as several b-wics emerge
European CLO issuance has been non-existent since 26 November, but a flurry of CLO b-wics have been posted over the last few days, which should give investors an indication of where bonds are trading following the prolonged period of inactivity

Ellington opens inaugural European CLO warehouse via Barclays
The US-headquartered manager has hired Barclays to warehouse Ellington European CLO I

Disputes break out over cure contribution terms
CLO market participants are divided over the use of cure contributions — a mechanism that allows majority equity investors to put cash into the CLO to prevent a deal from breaching its overcollateralisation or interest coverage tests. In return for keeping a CLO ticking, sources say equity investors expect to be paid a rate of return of around 20%

2018 breaks more records as US new issue CLO volumes pass $125 billion
US new issue CLO volumes for 2018 currently stand at $125.68 billion, making 2018 a record-breaking year for the sector, according to CLO-i data

ESAs extend reporting olive branch to European CLOs
A group of European supervisory authorities (ESAs) have raised hopes that CLOs could avoid some of the toughest reporting requirements under the securitisation regulations coming into effect in January

CLO warehouse terms free up as stakeholders negotiate
CLO warehouse terms are becoming more flexible as dealers compete for business, and equity investors seek to extract maximum value from their deals. Sources say that warehouse maturities are more frequently rising to three years for certain deals in the US market, and that banks may be moving away from the mark-to-market warehouse model  

Raising a glass to women in CLOs
Creditflux’s inaugural Women In CLOs event took place in New York last month, with a wine tasting forming the perfect backdrop to an evening of networking

Junior debt set to be more attractive, but...
Clearly there are more eyes on the CLO market than ever. But some speakers at the CLO Investor Summit were warning of masquerading managers, free-riders, borrower weapons and zombies

Merry Christmas from the EU: Commission gifts regulatory relief to securitisations
European securitisers can breathe a sigh of relief today after the European Commission has endorsed calls to relax its securitisation regulation

The financial crisis was the making of 'em
Some of the largest and best performing CLO managers before the crisis were fairly nimble by today's standards - but these 1.0 outperformers are now among the biggest names in the industry. 

European CLOs hold up to 19% exposure to UK assets, but Brexit curbs demand, says Wells Fargo
As Brexit permutations become increasingly convoluted, the average CLO manager holds 13% exposure to loans domiciled in the United Kingdom, notes Wells Fargo in its latest research. But CLOs have made a noticeable shift away from the country as uncertainty rises

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

Strong demand for euro CLO triple As suggests expectations of a refi wave
A high volume of European CLO triple A bonds were marketed on bwics to trade today at 10am London time 

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

Accunia reshuffles CLO team as Grasso steps down
Accunia Fondsmægslerselskab has undertaken a management reshuffle as a CLO portfolio manager steps down

European regulators look to soothe CLO reporting jitters
The European Supervisory Authorities (ESAs – EBA, ESMA and EIOPA) have sought to calm the nerves of the European CLO industry ahead of a securitisation regulation framework that is due to come into effect from January

JP Morgan embraces Euribor cap with new issue CLO for Partners Group
Partners Group has priced its fourth new issue CLO of 2018, following a €413.9 million deal arranged by JP Morgan