Global 2019 YTD CLO league tables at a glance
Global 2019 YTD CLO league tables at a glance

Global CLO b-wic round-up: record February underscores secondary market value
A roaring February, bringing $2.615 billion listed in the US CLO b-wic market, ended with only a murmur last week

US dollar three-month is focus point for benchmarks, finds Ice Libor survey
One-, three- and six-month US dollar and sterling are the focus points for Ice Benchmark Administration to seek agreement with banks, according to the results of IBA’s survey on uses of Libor

Global CLO b-wic round-up: momentum stalls in CLO secondary market
Only $589.94 million worth of assets were posted on CLO b-wics last week with a US public holiday disrupting the flow. But the trade rate was high with some $422.74 million of CLOs changing hands.

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

It’s going to be a credit picker’s market
Our panel of experts believe that the credit market will be volatile this year, but there will be opportunities in European credit and additional tier one bonds, trups CDOs and unitranches

Keep calm and buy corporate loans
Calm heads prevailed in 2018. Markets were volatile and risk retention was supposed to cause problems, but there was no need to panic and volumes went on to break records set in 2014

CLO market holds breath as Japan risk retention looms
Risk retention compliant US CLOs could make a comeback after the Japan Financial Services Authority (JFSA) unveiled its proposed new risk retention framework, which could tie the hands of the world’s biggest buyers of US CLOs

Global CLO league tables: new year, new issues
Momentum in the CLO market at the start of 2019 is less forceful than it was at the beginning of 2018 and 2017, on the basis of opening volumes

CIFC launches its first CLO Ucits fund
CIFC Asset Management has become the latest manager to launch a new CLO Ucits fund

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'

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 

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%

We are yet to find a mass-media article that devotes attention to the potential merits of CLOs
Far too many recent mass-media articles critical of the CLO market are heavy on the hyperbole and light on the facts, writes our columnist and Eagle Point founder Thomas Majewski

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

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

Points up front: “I always think of myself as Bruce Lee when I’m investing in CLO equity”
An analytical mind, a strong network of industry contacts and an eye for value are vital for a competent CLO equity investor. But don’t forget the one-inch punch

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  

Risk retention was difficult, but worth it
When US skin-in-the-game rules were announced in 2014, it was clear they would be a burden for managers. But no one expected risk retention funds to bring new types of investor into CLOs

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