CLOs at a glance
A listing of CLOs that have priced in the last month

Euro CLO single Bs widen to March 2020 levels as Partners resets
DMs on the Penta 3 reset were not disclosed but wider volatility in the market has led single B coupons on Penta 3’s deal to blow out to 983bp. But the CLO's senior tranche remained in line with guidance

Partners becomes first manager to refi rather than reset 2020 European CLO
JP Morgan won the mandate to refinance Penta CLO 8, which cuts the deal's cost of debt by 34.6 basis points

Partners goes long again with five-year European CLO
-Partners Group has priced its latest European CLO, named Penta CLO 10

BNP Paribas markets Partners European CLO new issue and PGIM reset
BNP Paribas is marketing a new issue European CLO managed by Partners Group and PGIM’s reset of its 2018 vintage deal Dryden 69, according to market sources

ESG-compliant CLO manager recycles assets from 2015 deal for upcoming Euro CLO
Recycle your legacy loan assets today, for a better CLO tomorrow 

Global CLO pricing lab: let’s all point at that 108bp print while spreads leak out
The tsunami of CLO paper coming to market is the biggest technical factor causing spreads to widen, according to sources

Partners prints five-year European CLO with ESG-scored deal
Partners becomes second European CLO manager to breakthrough the five year reinvestment period

CLO pipeline: queue gets longer as Blackstone goes again and Sancus makes first move
The queue to price for US CLO managers is only getting larger with 18 new issue CLOs in the pipeline, according to market sources, along with 18 repricings and two new issue European CLOs and two mid market CLO resets

Partners joins ESG-scoring CLO managers but standardisation doubts persist
Partners will implement its scoring system across its European CLOs, US CLOs and non-CLO funds

Global CLO pricing lab: investors get over fatigue and embrace reset roll over
The demand for CLOs is showing no signs of slowing down after the market had experienced some fatigue at the end of the first quarter and into the second. In the last two weeks, there have been 47 CLO transactions across all forms of pricing in the three markets; led by 18 US CLO new issues

Credit fundraising: ESG centre stage as capital pours into new strategies
Sustainability was the watchword for fundraising in February, amid a flurry of fund launches as well as first closes for impact funds and sustainable bond funds

European reset wave begins as Partners reworks 2018 CLO
Partners Group’s Penta CLO 5 has become the first European CLO to reset in 2021

Partners lines up first European CLO reset in 11 months
Partners Group is laying the groundwork to print one of the first CLO primary transactions in Europe of 2021, having teamed up with BNP Paribas to issue a reset of a 2018 vintage deal

Partners triggers frequency switch event on European CLO
Partners Group has made the rare decision to flip the frequency switch on one of its European CLOs

Credit Suisse registers €1 billion euro CLO issuance in October as Partners prices
October European CLO issuance stands at just over €2.7 billion, the largest monthly volume since the March sell-off

OC health check: CLOs wake up when September ends
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August.

CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics

Secondary European CLO market kicks into gear with 38 bonds on sale today
The European secondary CLO market is revving up with 38 debt tranches up for grabs across five b-wics today. The auctions take place this morning New York time and feature about €75 million of CLOs from triple As down to single Bs

Global CLO b-wic round-up: CLO lower mezz spreads tighten back after volatile two weeks
Secondary CLO spreads in the US and European markets have recovered after moving wider over the last two weeks

Partners markets US CLO as it aims to become second transatlantic issuer of 2020
Partners Group is on course to become the second CLO manager this year to price new issue deals on either side of the Atlantic

Euro CLO league tables: three new issues make January just right
Three European managers braved the waters in January to kickstart the CLO primary market

Points up front: Swiss CLO manager is regular as clockwork
The Swiss are known for their meticulous timekeeping and punctuality, so it’s perhaps no surprise that an asset manager based in Zug is crafting a reputation as the most efficient in the CLO market.

Partners takes advantage of single B tranche rally with European CLO pricing
Partners Group priced its latest new issue CLO in Europe yesterday as single B spreads fell to their tightest point since year-end 2018