Global CLO league tables - March 2022 YTD
Global CLO league tables - March YTD

Euro CLO league tables: Jefferies takes huge lead as managers bunch up
The increased volatility and geopolitical risk brought about by Russia’s invasion of Ukraine meant European CLO issuance dropped off in March after a strong February

Bain goes long with new European CLO as 2022 issuance passes €15 billion
Credit Suisse arranged Bain’s €416.72 million deal, named Bain Capital Euro CLO 2022-1, which features a 4.6 year reinvestment period and a two year non-call

WhiteStar gets off the mark in Europe with reset of 2020 CLO
WhiteStar Asset Management has reset a 2020 vintage former MacKay Shields European CLO, slashing triple As down to 117 basis points over Euribor and adding additional equity

Investcorp triple As hit 110bp in first Euro CLO of year
Jefferies arranged the €451.9 million deal, named Harvest XXVIII, which Investcorp upsized from €400 million

CBAM: star power, friends in insurance, and doing things 'my way'
"And now the end is here, and so I face that final curtain... I've lived a life that's full, I traveled each and every highway, And more, much more
I did it, I did it my way". Sinatra could easily have been thinking of CBAM when he penned these lyrics. We look back at how a group of experienced CLO officials came together to launch a mega player in the CLO business in no time at all 

Napier prints short-dated Euro CLO with low ramped warehouse
Standard Chartered picked up another co-placement agent role, while Jefferies was lead arranger on the upsized Henley CLO VII

Euro CLO cost of debt retraces to 2020 year-end levels as BofA revises reset forecasts
Blackstone Credit and CVC Credit printed the first new issues since the loan market wobble, while Bank of America has revised its refi/reset forecast down from €35 billion to €19 billion

CLO mezz investors are homing in on documentation: Morgan Stanley
European CLO mezzanine investors paid close attention to documentation over the past 12 months, with junior overcollateralisation test criteria, weighted average life extesions and approval for collateral quality key areas of focus, say Morgan Stanley strategists

Euro CLO league tables: primary issuance shuts down amid extreme market volatility
European CLO issuance initially picked up in February with €7.82bn in total pricings, compared to just €2.44bn in January, before extreme market volatility preceding Russia’s invasion of Ukraine halted the primary market.

Global CLO league tables - February 2022 YTD
Global CLO league tables - Feb YTD

Spac pricing hints at Sound Point's growth ambitions in loan market
Sound Point Acquisition Corp has priced a $225 million IPO, signalling that credit asset manager Sound Point Capital Management is looking to expand its platform

Ucits at a glance: 2022 opens shakily but with a familiar lead
Ucits funds moved slowly into 2022 as 59% made negative returns in January

Packaging company Schur is painful for European CLOs
The dramatic fall in loans taken out by Austrian flexible plastic packaging manufacturer Schur Flexibles has shocked CLO managers. The firm is hiring PJT Partners and Allen & Overy ahead of a potential restructuring

Fund performance: Groundhog Day as 2021 leaders start strong
CLO funds once again claim the most top performing spots as seven out of 10 funds belong to the category

US managers eye growth potential in European CLOs
The legion of European CLO managers is set to grow this year, with US issuers harbouring ambitions to become global players in the CLO business.

CLO sellers bide their time amid widening Ukraine crisis
Russia’s invasion of Ukraine has sent shockwaves across the world, and CLOs, despite limited exposure to either country, have felt its impact. Those signs are most visible in the secondary market

Euro CLO triple As show signs of succumbing to macro volatility as €1 billion paper prints
Over €1 billion worth of European CLO paper priced on Wednesday with two new issues from KKR and Spire, alongside a reset from ICG

Large US CLO issuer plans expansion into Europe
An experienced US CLO manager is hiring with a view to building out a European CLO team

Euro CLO mezz widens amid macro concerns as Cairn prints new issue and Oaktree pulls reset
Cairn priced its latest European CLO new issue, Cairn CLO XV, with the widening non-IG tranches reflective of broader macro and geopolitical stresses

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

Banks join fight against slow loan settlement in mini-win for CLOs
Several developments are in the works to tackle painfully slow loan settlement times in Europe, with Goldman Sachs, JP Morgan, Clifford Chance and the Loan Market Association among the firms looking to drive change

Euro CLO mezz widens but seniors hold firm as BlueBay and Sound Point price new issues
BlueBay Asset Management and Sound Point Capital Management became the latest CLO managers to price European new issues

European CLO benchmark could drop to 90bp for triple As as Cairn markets new issue
The European CLO triple A benchmark look set to drop to 90 basis points over Euribor this week, following an updated price guidance on Cairn’s latest new issue

Global CLO trading lab: Payments season prompts equity to surge but short-dated bonds trade low
Over the last two weeks, $2.8 billion of US CLOs and €640 million of European CLO paper have appeared on b-wics, with equity making up 33% and 40% of the respective markets