CLO pipeline: Carlyle eyes fourth new issue in two months but refis and resets dominate
Manager focus has shifted to reworking vintage CLOs to lower funding costs in a much tighter market, with the new issue US market having slowed

CLO pipeline: busy year, so let's take time to reset
The US CLO market this year has been dominated by new issues and refinancings, but now is the time of the reset judging by this week’s pipeline

Beneath the triple C: resurfacing credits surpass divers as tide turns for CLOs
Upgrades above triple C overtook downgrades to that rating or below in February. Moody's or Standard & Poor's cut six corporate debt issuers to triple C or below in February, out of which just four can be found in CLO portfolios

Global CLO league tables - February 2021 YTD
Global CLO league tables - February 2021 YTD

CLO pipeline: US adds deals at frenetic pace as Europe catches breath after record start
US CLO investors have numerous deals to consider with 13 new issues and 15 repricings being prepared to flood the market in the coming days

Global CLO b-wic round-up: equity trades break new records as investors look to redeploy cash
The CLO secondary market is experiencing heavy churn with €273.5 million of European CLO paper and $1.05 billion of US CLOs listed last week. Within that supply, a record trade for a 2.0 European CLO equty tranche was recorded 

CLO pipeline: all bases expand as more absentees join bonanza
The US CLO market is bubbling with issuance as 17 new issues and 15 repricings appear in the pipeline. Europe is set to welcome two new issues and nine repricings while Golub Capital looks to bring its first 2021 deal to the middle market

Global CLO b-wic round-up: 2020 deals trade at premium
As the primary CLO market continues to grind tighter, the secondary market is holding steady, but last year's vintages are trading well as they near the end of their call-locks

Global CLO league tables - January 2021
Global CLO league tables - January 2021 YTD

CLO pipeline: snow business like the CLO business
CLO issuers are putting aside the cold snap and are warming up with a flurry of deals.

Global CLO b-wic round-up: US lower mezz trades strong, but European piece softens
CLO investors have had no chance to catch their breath after a historic 2020 as US CLO secondary volume reached $3.3 billion and European secondary listings topped €1 billion in January

CLO pipeline: OFS to make comeback as 2020 absentees eye new issues
As liability spreads tighten day by day, the CLO pipeline is filling fast. 2020 absentees are joining the parade as four US managers and three European managers aim to return to the new issue market after taking a break of 12 months or longer

OC health check: CLOs end 2020 with fragile recovery
Only 109 CLOs breached an overcollateralisation test in December, falling from 121 in November. This in turn was down from the 147 CLOs that breached an OC test in October, but 33 cured their breaches in November and a further 11 cured all OC test failures in December

CLO pipeline: 2020 absentees join new issue rush
The CLO pipeline is growing by the minute as managers prepare their first new issues of the year after varying lengths out of the market

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

Global 2020 CLO league tables
Global 2020 CLO league tables 

CLO 2021 outlook: back to the 'old' normal with volumes, spreads and structures to revert to pre-covid levels
Predictions went out the window this year because, well, who in December 2019 could have foreseen a pandemic devastating lives and wrecking financial markets? But the emergence of vaccines to combat the threat of the coronavirus has spurred a rally in credit over the last month. And CLO researchers expect a resurgence in 2021 with US new issue CLO volumes predicted to hit the $80-110 billion range, according to reports analysed by Creditflux.

Global CLO b-wic round-up: junior tranches trade above par as US volumes reach $45bn
A busy week of over $1.4 billion of US CLO secondary bonds and €290 million of European CLO paper gave light to CLO spreads across the capital structure continuing their push towards pre-covid levels

It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December

Global CLO league tables - November 2020 YTD
Global CLO league tables - November 2020 YTD

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

CLO pipeline: LCM switches arranger to complete deal and join issuance surge
Over $3.5 billion of global CLO issuance priced last week and managers in all three CLO markets are taking advantage of tightening spreads across the capital structure after three major covid-19 vaccine breakthroughs and increased confidence since the US presidential election

Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs

OC health check: 41 CLOs heal their breaches
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates

CLO pipeline: New issuance pause ends as managers look to gain from rallying spreads
It is two and a half weeks since the last US CLO new issue priced, but that is set to change and Bridgepoint’s debut European transaction on Friday brought an end to Europe’s own two-and-a-half-week primary break