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

Head of European private debt Bone earns promotion at Partners
Partners Group’s head of private debt in Europe, Christopher Bone, has been promoted to partner as one of 10 senior-level promotions announced by the firm

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

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

Muzinich aims to take granular portfolio tactic across Europe
Muzinich has put together what it describes as a “direct lending 2.0” strategy, which it anticipates will serve as a solution to the constraints faced by middle market lenders in Europe. The firm launched the Italian version of the strategy in November via its Italian subsidiary Springrowth SGR and is looking to create follow-ups in other European jurisdictions

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

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

Vue CDS reels on loan no-show, as CLO managers hold front row seats
Vue International is among the biggest movers in credit default swap trading today after the cinema operator pulled an £833 million refinancing and acquisiton financing

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

KKR promotes three European credit specialists to managing directors
KKR has promoted several members of its team to managing directors - including a former US CLO portfolio manager