Beneath the triple C: CLOs take first knock since covid scrapes
CLO managers have been hit by a number of loan downgrades to triple C for the first time since the wave of pandemic-related cuts trickled to a halt in early 2021. Companies indirectly linked to the health sector suffered most in May 

European CLO managers aim for bigger bond bucket fix
European CLO managers are eyeing larger fixed rate bond allocations amid dislocation and lower loan supply. This has, in turn, led to an increase in fixed rate tranches

Beneath the triple C: 13 CLO loans take a dive but defaults subside to a ripple
22 corporate debt issuers were downgraded to triple C or below in November and December by Moody’s or S&P, out of which 13 can be found in CLO portfolios  – hurting $4.55 billion of US CLO loans, €1.87 billion of European CLO portfolios and almost $80 million of middle market CLOs loans, according to CLO-i

Europe leads corporate credit rally, but US outperforms in CLOs
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year

Beneath the triple C: downgrade rate slows as $8 billion of CLO loans tumble
May offered some respite to CLO portfolios as corporate downgrades to triple C were reduced heavily - affecting just $6.67 billion of US CLO paper and €1.09 billion of European CLO portfolios

Onex hires Jaber as it launches CLO investment business
Onex Credit Partners has hired Ronnie Jaber to start a CLO investment business in New Jersey, according to an announcement today

If history repeats itself, the best CLO play could be to hold equities
After a futile scramble for liquidity, LyondellBasel filed for bankruptcy in the early morning hours of 6 January 2009. Bad luck for CLO managers that were holding the loan? Not at all

Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further).

European CLO managers with big bond buckets do best, finds Bank of America
European CLO managers that trade in the secondary market and hold a higher percentage of fixed rate assets are likely to outperform their peers, Bank of America finds in latest research

First Data takeover foreshadows inflows for CLOs that hold the debt
CLO managers that hold portions of First Data Corporation’s $11.5 billion syndicated term debt could find themselves with lots of cash to redeploy later this year if Fiserv completes its acquisition of the financial services company

European CLO PM rumoured to be joining CIFC from large asset manager
CIFC Asset Management looks to have made a major breakthrough in its bid to establish a European credit business with the $17 billion asset manager rumoured to be hiring the head of European performing credit at a large global credit firm

Oaktree appoints co-heads of European credit as CLO official moves on
Oaktree Capital Management has promoted two long-serving employees in London who will now jointly lead its European credit team. This comes as the firm's head of European CLOs prepares to leave in order to pursue an opportunity on the US west coast

Onex brings in analyst from bank's European CLO management team
Onex has added another analyst to its team. The official joins from NIBC - one of the few banks to also dabble in CLO management

Drama in Dallas: Highland heads to the courts to sue its former CLO PM
Drama in Dallas as Highland Capital Management and former CLO portfolio manager Josh Terry wage war against each other

Ex-Deutsche CLO chief joins hedge fund manager in New York
An experienced structured official - who had served at Deutsche Bank for 12 years - has left GreensLedge to join former colleagues on the buy side

Oak Hill hires bank's former CLO trading head in New York
Sources have told Creditflux that Oak Hill Advisors has pulled off a major coup by hiring a well-known CLO trader to its New York offices  

Experienced CLO trader to end 15-year stay at bank in New York
Market sources say that a key CLO trader is leaving a bank, which has reduced the amount of capital it is dedicating to the secondary CLO market 

BlackRock markets first ever European CLO after recent hires
BlackRock, the world's largest asset manager, is gearing up to launch its first ever European CLO, according to market sources

Katke guilty plea to stand despite successful appeal in related case
Former RBS CLO trader Matt Katke, who pleaded guilty to securities fraud charges in March, will likely be unable to withdraw his plea following a successful appeal in a related case

Former US CLO trading head launches fund
Asset manager raises $100 million for new CLO equity fund

Structurer leaves bank after 14 years to join CLO buyer Security Benefit
Insurance company Security Benefit is continuing its push in structured credit with a senior hire to its New York team

Credit Suisse reshuffles US CLO team in New York
Credit Suisse has reshuffled its CLO syndication and structured credit sales teams, according to well placed sources