Global CLO b-wic round-up: Secondary markets rally despite ‘worst liquidity seen all year’
An adjournment in the US for Veterans Day last week still left plenty of time for the CLO secondary market to rally, thanks to Pfizer's covid-19 vaccine breakthrough and a firmer indication of the US presidential election results

US and European CLO PMs earn promotion as Carlyle's Pace takes on new role
Carlyle Group’s global head of liquid credit has decided to take on a new role as vice chair of global credit, according to an internal memo seen by Creditflux, which will involve investing capital across the Carlyle platform

Beneath the triple C: cinemas get clipped but default picture improves
14 corporate debt issuers were downgraded to triple C or below in October by Moody’s or Standard & Poor’s – hurting $3.15 billion of US CLO loans, €761.73 million of European CLO portfolios and $37.95 million of middle market CLOs loans, according to CLO-i. Cinema chains were among those to suffer last month

Global CLO league tables - October 2020 YTD
Global CLO league tables - October 2020 YTD

Global b-wic round-up: Europe drifts wider
The CLO secondary market had a robust week with $860 million of US CLO paper and €315 million worth of European CLO bonds listed. But spreads widened off the back of concerns over lockdowns across the globe, the increased risk of downgrades and tomorrow’s US presidential election

CLO Census results: Citi comes out top but several banks make big leaps
Citi has been voted top in five out of the eight primary CLO categories as part of the 2020 Creditflux CLO Census, but BNP Paribas, Goldman Sachs, Jefferies and Natixis are among the banks that have made huge strides compared to last year

OC health check: CLOs wake up when September ends
September showed a slight but clear improvement in CLOs’ over-collateralisation test results as 182 CLOs breached an OC test during the reporting period, compared to 198 in August.

CLO pipeline: fixed income giants plan debut 2.0s with Morgan Stanley
Two large fixed income managers are pre-marketing debut 2.0 CLOs

[update] Beneath the triple C: theme parks take portfolios on downward ride
Seven corporate debt issuers were downgraded to triple C or below in September by Moody’s or Standard and Poor’s – hurting $2.16 billion of US CLO loans and €1.16 billion of European CLO portfolio. The pace of CLO loan downgrades to triple C has slowed steadily since the peak in April

CLO pipeline: three behemoths prepare for quick-turnaround new issues
CLO managers have printed at a frenetic pace since the start of the quarter with $3.36 billion of issuance across all CLO markets and pricing types

European CLO leverage battered

Global CLO round-up: fresh start for five year deals as market reopens
The CLO market is still producing deals at a good pace, with $2.6 billion of global issuance last week. Four new issue deals priced in the US with Intermediate Capital Group and NYL Investors pricing their first transactions of the year while CVC Credit Partners made it two and Barings three in 2020

US and European CLO portfolio managers set to leave Onex
A pair of experienced CLO portfolio managers are leaving Onex at the end of the year. Sources say Onex remains committed to the CLO business, having issued three deals globally since May

CLO pipeline: primary tightening opens door for CLO managers to print new issues
The CLO primary market is hitting a fast pace as it enters the last quarter of 2020. Last week brought a surge of new issuance as 11 US, two European and one mid market CLO manager priced their latest transactions

OC health check: August reports slow torrent of fresh breaches to a trickle
198 CLOs reported an over-collateralisation (OC) breach in August, only three of which were completely new breaches. This is a slowdown from July, when 230 deals suffered some kind of OC breach, according to the latest reports from CLO-i  

Global CLO b-wic round-up: CLO lower mezz tightens while equity investors strive for duration
A large supply of CLO paper flooded the secondary market last week as $1.5 billion of US CLO bonds and €370 million of European CLOs were listed, according to CLO-i

Global CLO b-wic round-up: dealers get involved amid rally, but dispersion persists
The CLO secondary markets returned to form last week with $716.2 million of US CLO bonds and a further €306.5 million of European CLO paper listed. Although for both markets over half of the total volume listed came from Thursday’s scheduled b-wics

CLO pipeline: managers large, small and new ready to price in post-Labour Day surge
US managers are preparing a wave of new issue CLOs in the coming days, as the usual post-Labour Day pricing surge comes to fruition even in this most unusual of years

Global CLO league tables - August 2020 YTD
Global CLO league tables - August 2020 YTD

CLOs at a glance: CLO managers are quite partial to a refi
There was a wave of CLO partial refinancing in August as equity investors capitalised on lower interest rates to cut the coupon on fixed rate tranches

Highland case against ex-PM Terry dismissed for lack of jurisdiction
The island of Guernsey is famous for its high tidal range and dairy produce. But it is not the right place for Highland Capital Management to churn legal action over CLOs against former employee Joshua Terry - so says a royal court, dismissing litigation the company filed there in 2018

Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

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