CLO pipeline: a marathon for some, a sprint for others
Following a week in which there were three US CLO refinancings, one new issue CLO and one upsizing, three more US CLO managers are marketing latest new issue CLOs after varying times away

Highland case against ex-PM Terry dismissed for lack of jurisdiction
The island of Guernsey is famous for its high tidal range and dairy produce. But it is not the right place for Highland Capital Management to churn legal action over CLOs against former employee Joshua Terry - so says a royal court, dismissing litigation the company filed there in 2018

Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

Deutsche Bank hires in syndication as it looks to bounce back in CLOs
Deutsche Bank has re-affirmed its commitment to CLO issuance with Colin Parkhill joining later this year as head of European ABS and CLO syndication in London, and the bank lining up several mandates

Axa IM fund drops in July as it seeks call on non-paying 2013 CLO
Volta Finance, a publicly listed CLO fund managed by Axa Investment Managers, was down 1.2% in July (after its 11 cents per share dividend payment) due to US dollars depreciating against euros by 4.6% during the month, Axa said in the fund's monthly update

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

Apollo appoints head of leadership development and diversity
Apollo Global Management is taking steps to improve diversity at its leadership level

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

The Last Tranche with Guggenheim's Duffy: CLOs will pay more for loans than today’s index prices
Marking the long-awaited return of the Last Tranche podcast, Creditflux's Hugh Minch talks to Adrian Duffy, head of European corporate credit at Guggenheim Investments in Dublin

The surge in index tranche trading has resulted in a deep, liquid and nuanced set of market dynamics
Welshcake emerges from his bunker to find CLOs still standing and the CSO market getting back to business

New firms are rocking all over the world
Rockford Tower and other small global CLO issuers are showing that you don’t need decades of experience to be successful. It can be better to change the tune rather than repeat the classics

Managers weigh up matters of principal
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

CLO managers offer views on ESG for upcoming PRI report
Principles for Responsible Investment (PRI) is set to unveil a report detailing results from its ESG structured credit survey in the next few months, and the institution anticipates that this will be a launch pad for further investigation about ESG integration into the asset class

Cut! Cineworld’s cancelled merger boosts CLO OCs
Investors in Cineworld’s $1.9 billion term loan breathed a sigh of relief in July after the UK cinema chain cancelled its merger with Canadian firm Cineplex, with holders repaid in full, according to market sources

Fund performance: Credit funds post double-digit gains
June returns have once again been led by CLO funds, as seven out of the top 10 belong to our CLOs category.

Credit funds at a glance (August 2020)
A round-up of fundraising and people moves

Ucits at a glance: Ucits funds march on and erase Q1 losses
95% of Ucits credit funds listed with Creditflux posted positive returns in June to keep up the momentum from May when all but one fund was in positive territory

Credit hedge funds (August 2020)
Monthly credit hedge fund tables

Three years after launch, Rockford Tower joins the elite
The CLO platform launched by King Street Capital Management in 2017 has been crowned Creditflux Manager of the Year

They said it: "Imagine a garden party and all of a sudden a big wasp shows up"
On Creditflux’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party

New funds move in as tranche trades take off
Synthetic structured credit funds are proving popular with investors amid a spike in index tranche trading

Points up front: Introducing Downton Flux

During last month’s broadcast of the Creditflux Manager of the Year, we were inundated with messages of congratulations for the award winners via a live feed...