Global CLO b-wic round-up: volumes jump as investors get their triple A fix
The US CLO secondary market brought over $1.2 billion in total listings last week with the main driver behind last week’s supply being an increase in US CLO triple A bonds and an anchor equity position.

Reality bites after credit traders abandon Brexit hedges
Rediscovered faith in the ability of the UK and European Union to reach an agreement before the 31 October Brexit deadline has helped fuel a surge tighter of credit spreads, led by UK financial names. But that break with caution faces an immediate reality check today, following admissions a lot more work is needed

Russell and Mediobanca launch multi-asset fund with CLO allocation
Mediobanca Private Banking has joined forces with Russell Investments to set up a fund that has a 20% allocation to credit, sources say  

New manager premiums collapse as Capital Four markets first CLO
Capital Four Management has launched its first CLO and is marketing the deal via Goldman Sachs, according to market sources

Global CLO round-up: Europe mops up demand, as Euribor hits the floor
The final stretch of the year began with a bang, with the first week of Q4 bringing $3.3 billion of CLO issuance in the US and €1.2 billion in Europe. But the resurgence in volumes was not the only talking point last week, with Europe coming into focus as spreads surfed tighter

Global CLO b-wic round-up: control stake trades as junior notes come to the fore
The European and US CLO secondary markets produced high volumes of junior and subordinated notes last week. Over 30% of listings were rated as equity, single B or double B.

Global CLO league tables at a glance - September 2019 YTD
Global CLO league tables at a glance - September 2019 YTD

European CLO spreads reach new tights as BlackRock prices new issue
European CLOs reached new record tights yesterday as BlackRock and Credit Suisse priced the tightest new issue for over 12 months

Rate cuts force US and Europe price re-adjustment
Central banks’ latest round of interest rate cuts sent relative value between US and European CLOs to head into a whirlwind in recent weeks, sources say

Global CLO b-wic round-up: US and European double B trading patterns diverge
48% of the CLO secondary market was made up of triple A bonds; $255.6 million of US CLOs and €108.55 million of European CLOs. But there were differences in how CLO double Bs are trading in those markets.

CVC appoints director to bolster French private debt origination
The new hire is based in Paris and brings more than 15 years of financial market experience

CLO pipeline: new kids in class look to excel on first assignments
The summer holiday is well and truly over with the European CLO market building on last week’s momentum as three new deals and one reset are to enter the primary market. 

Euro loan trading: Areas caters to CLOs while managers cast away Nets
Global travel catering services Areas flew off the shelf after it allocated its €1.05 billion term loan B, with 50 CLO managers buying the loan

Investcorp looks to become first manager to reset a 2017 CLO
Investcorp Credit Management is setting itself up to be the first CLO manager to reset a deal that first priced in 2017

Euro CLO round-up: debt investors own the floor as tempo picks up
It was one of those rare weeks in Europe when volumes surpassed the much larger US CLO market and, to cap it all off, spreads made a big jump tighter.

Spreads tighten 3bp as Axa IM prices first European new issue CLO for 12 months
Triple A CLO spreads tumbled in Europe again on Friday as Axa Investment Managers priced its first new CLO in 12 months, according to market sources

Axiom makes big name correlation hire for credit opportunity fund
Axiom Alternative Investments has boosted its platform with the hire of synthetic credit veteran as a portfolio manager

UK pension awards private credit mandates and eyes co-investments
Nest, a UK defined contribution pension scheme, has selected Amundi and BlackRock as private credit managers, to manage a global real estate and global infrastructure debt mandate, respectively.  

Draghi sends European credit to 2019 tights, as Trump demands Fed response
European investment grade credit – and particularly the financial sector – surged tighter today as European Central Bank president Mario Draghi, in the penultimate meeting of his reign, unveiled a ‘whatever it takes’ stimulus

iTraxx and CDX roll provisional lists reveal effects of index overhauls
Eagerly awaited provisional lists are out for this month’s index CDS rolls, with big changes signalled across iTraxx and CDX products

CLO pipeline: managers look to avoid a repeat of 2018 with new issue flutter
US and European CLO managers are preparing to up the ante in September, but they will have to defy a trend set a year ago

US credit managers make ESG breakthrough after taking a first step via UNPRI
Incorporating a framework for investing in companies based on environmental, social and governance (ESG) factors is a challenge that US credit managers are accepting in growing numbers

Global CLO b-wic round-up: secondary market awakens with control equity bonanza
Four anchor positions made available on secondary market as equity accounts for over a third of all volumes.

If you can stomach volatility, CLO equity is very attractive