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

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

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

Euro CLO league tables: Apollo blasts its way to top spot
July marked the largest month of European CLO issuance since coronavirus pandemic-induced volatility hit financial markets

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

CLOs at a glance: managers show creative side to price new issues

Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers

Five Arrows prices same-day CLOs in US and Europe for first time
Five Arrows Managers broke new ground on Friday after pricing two CLOs on one day for the first time in its history

Ostrum's US CLO plan takes a turn after head of structured credit leaves
An experienced CLO PM has left Ostrum after just one year

CLO pipeline: Redding Ridge plans fourth US CLO since March
Last week proved to be one of the busiest weeks of the primary CLO market since the start of the coronavirus pandemic, with $5.21 billion worth of new paper issuance coming through: eight US CLOs, one middle market deal and three euro CLOs

Hayfin prints Euro CLO with fixed-to-floating tranches
Hayfin Capital Management has printed its first European CLO of 2020, after amending the capital structure to include two fixed-to-floating tranches

OC health check: breaches start to take toll on July payment dates
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches

Hayfin revises structure for upcoming CLO with fixed-to-floating tranches
Hayfin Capital Management has amended the capital structure on its new upcoming €343.6 million European CLO to include an unusual feature

Beneath the triple C: downgrades hold steady as Travelport loses its luggage
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers

Creditflux announces finalists for Manager of the Year award
Ahead of the virtual awards ceremony on 15 July Creditflux is thrilled to announce the four finalists for the prestigious Manager of the Year category.

CLO pipeline: break's over - time to print deals
The CLO market has taken a slight pause after the independence holiday in the US last weekend, meaning the CLO pipeline includes a backlog

Hayfin features single B tranche in short-dated euro CLO
Hayfin Capital Management is marketing its first European CLO deal, which includes a €7 million single B-rated note 

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

Revolutionary ESG-linked loan wins CLO support
European loan investors welcomed a novel concept in June when Carlyle Group-backed Logoplaste issued the first term loan with pricing linked to environmental, social and governance (ESG) factors

CLOs at a glance: global market hits post-outbreak high
Primary issuance is on the rise as global CLO volumes in June stand at $7.22 billion as Creditflux goes to press, exceeding the $7.12 billion in May

CLO pipeline: Managers prepare to build on momentum in July
The demand for new issue CLO paper is strengthening with eight US CLOs, one mid market CLO and three European CLOs preparing to print in the coming days

OC health check: CLO managers drop their breaches
114 CLOs reported overcollateralisation breaches last week, but only three deals reported breaches for the first time

Junior CLO spreads tighten as Investcorp's euro triple Bs hit 400bp
Junior spreads have tightened further with triple B notes hitting 400 basis points as Investcorp prices its second European CLO of 2020, Harvest CLO XIII

CLO pipeline: marathon runners and sprinters join the race
Five new CLOs priced last week, four of which were US issues and one European, but they have been ably replaced in the pipeline, with a handful of managers looking to strike while the CLO market is still hot

Investcorp markets second European CLO of 2020
Investcorp Credit Management is marketing a new €249.61 million European CLO via Barclays