Moving forward together
This year’s Creditflux London Women in CLOs event saw almost 100 participants gather for an evening of networking, cocktails and perfume-making at the Landmark Hotel

What a difference a year makes
Speakers at this year’s CLO Symposium were united in their optimism — they feel the CLO markets in the US and Europe are doing well, and that should continue for the rest of 2024

GoldenTree takes home the big prize
Our 16th annual awards saw the CLO community gather at London’s Landmark Hotel to recognise the best performing CLOs, CLO managers and CLO funds — and the global manager of the year

BofA: innovation and consistency
The first of our new series of CLO arranger profiles takes a look at Bank of America, the largest shop in the market, where one team covers CLO arranging, trading and financing, globally

CLOs grow from strength to strength
The first quarter of 2024 saw such extraordinary issuance across the global CLO market that it was enough to outpace the equally extraordinary amortisation occurring in older deals

Do defaults predict equity returns?
At first glance, recently redeemed European CLOs show some sort of correlation between final IRR and the number of defaults in their portfolio. But what other factors affect performance?

How many CLOs will be reset?
Tightening liability spreads aren’t just driving record new CLO issuance this year — they’re also triggering a wave of resets and refinancings in the US, especially for broadly syndicated CLOs

CLO rankings: 2023 turns out OK
Last year may not have seen records in the primary CLO market, but it was a very solid performer with a strong finish. 

A strong year for CLO strategies
After the pain of 2022, credit fund managers must have been praying that 2023 turned out better. It did.

Banks predict steady year ahead
It’s the season for predictions and the CLO market is no exception, with all the banks having their say. We’ve rounded up their forecasts for new issuance and resets in the US and Europe

2023: a bumper year for CLO funds
It looks like 2023 will finish as a solid year for most credit funds, and an outstanding one for CLO funds. But funds pursuing corporate distressed strategies continued to struggle

Tightening spreads show market’s growing maturity
As another tumultuous year ends, we review how CLO spreads are looking around the world. In summary? Given current macroeconomic woes, the situation could have been much worse

What CLO investors really need to know
From the drivers of CLO performance to cashflow modelling, these are the seven things every CLO equity investor needs to know. This article is an extract from Dealscribe and CLO Research’s guide What CLO Equity Investors Need To Know

Setting standards for emissions data
Macroeconomic trends may have pushed the topic of ESG reporting down the news agenda this year, but this is changing with a raft of new regulations in countries around the world

The wall is coming down
Refis and extensions have greatly reduced the height of the maturity wall looming over European CLOs in the near term — but, further out, WAL test cushions remain critical

CLO Census: It’s time to put the shop in order
After a lacklustre year for the CLO market, the 539 respondents to our comprehensive survey are increasingly calling for structural changes, from electronic trading to standardised documents

European CLOs win out against US deals
Last month, our analysis explored the performance of US CLOs that were previously reset. We found that they delivered higher distributions than deals which weren’t reset, with the exception of the 2017 and 2018 vintages (Creditflux September 2023 — Do resets help CLOs perform better?). This article expands that analysis to the European market, and compares the performance of US BSL and EU CLO equity tranches.

Coping with stress
After a long period of relatively stable European CLO documentation, 2023 has seen a number of innovations. Tom Davidson, Creditflux’s managing editor, sat down with S&P Global Ratings’ Sandeep Chana and Kos Vavelidis, a partner at DLA Piper, to discuss the trends.

Primary market roars into life
The primary CLO market pickup that started in August continued strongly in September, both in Europe and the US. Although the overall direction was the same on both sides of the Atlantic, the type of activity was quite different.

What do you think?
The Creditflux CLO Census is back for its seventh instalment. Our annual stock-take of the global CLO industry begins on Monday, 2 October — it’s your chance to make your voice heard

The Italian connection
As Octagon and Conning come under the umbrella of large Italian insurer Generali, we spoke to the firms’ CEOs about their expectations for credit in general and their firms in particular

Question your assumptions
Valuing CLO paper is complicated, and loan prepayments are one of the trickiest parts. When pricing a new issue CLO, the market generally assumes that 15-20% of loans will prepay their principal annually. This prepayment rate is important because it essentially determines the pace at which a CLO’s rated debt is paid off after the reinvestment period, when the CLO pays down its own principal.

All change, please
This year has not only seen the fall of Credit Suisse, but also the arrival of two fresh faces — Scotiabank and CIBC — triggering a wave of hiring that has some way to run.

Fund performance
Good month for CLO funds sees six in top 10 as Axiom sets pace

Credit hedge funds
Credit hedge funds performance data