CLO 2023 Outlook: CLOs look set to rise to the challenge of a tough 2023
CLO researchers had an (understandable) inability to accurately predict the staggering array of macro shocks that affected the CLO market this year. So it comes as a surprise that overall CLO issuance reached a lot closer to anticipated levels than many would have expected back in Q2

CLO managers get dusters out for ‘clean-up’ issuance
As leveraged loan prices recovered some of their value through November, a number of CLO issuers took the opportunity to term out underwater warehouses

Beneath the triple C: Winter is coming for CLOs as downgrades outstrip upgrades
Both US and European issuers have felt downward pressure from the rating agencies as we head towards the end of the year, with downgrades to triple C now firmly outpacing upgrades out of it.

BofA withdraws forecast for US banks to return to CLO investing en masse in 2023
Bank of America has withdrawn its forecast that US banks will make any signficant return to investing in CLOs in 2023 following comments from the Federal Reserve's vice chair for supervision suggesting that capital requirements could increase further next year

Rockford Tower opts for unusual non-call duration in latest new CLO
Rockford Tower Capital Management priced a new CLO on Thursday, opting for an unconventional 1.5-year non-call period

The Last Tranche with MidOcean's Rotondo: retail bid is the wildcard in leveraged loan market
In this episode of the Last Tranche, Joe Rotondo, senior portfolio manager on the credit investments team at MidOcean Partners, looks back on a turbulent year for the leveraged loan asset class

US CLO tranches had best month of year in November: Barclays
CLO debt investors enjoyed their best month of returns for 2022 in November, with triple As returning an annualised excess return of 12% and triple Bs returning 37% on the month

Mid market CLO league tables: Golub scores in 90th minute as Natixis leads banks
Golub Capital left it late, but the prolific mid market CLO manager wrestled the lead in new issuance from Blackstone Credit last month

US CLO league tables: BofA and Citi going down to the wire but Blackstone set to clinch manager crown
20 US CLO managers priced last month to take year-to-date new issue volumes to $114.2 billion. This is $54.7 billion less than 2021’s total new issuance, but $34.1 billion more than 2020 and $6.1 billion more than 2019

Global CLO league tables - November 2022 YTD
Global CLO league tables - November 2022 YTD

Euro CLOs have better 2023 entry point than US in $140 billion issuance year: Barclays
CLO performance and issuance may have to wait until the second half of next year for improvement, say Barclays credit strategists in a 2023 outlook piece. But Europe could fare better than the US given starting levels in a year the market faces some challenging regulatory hurdles

Northwestern Mutual makes US CLO market debut
Northwestern Mutual has become the fifth manager to debut in US CLOs this year

CSAM and CVC take different paths to benchmark 220bp US CLO triple A print
Credit Suisse Asset Management and CVC Credit Partners each came out with a new CLO on Tuesday with senior triple A notes yielding 220 basis points over Sofr, proving the benchmark triple A print for tier one CLO managers is unchanged since October

PPM joins ranks of managers turning to static CLOs
PPM Loan Management Company has become the 12th US CLO manager to print a static CLO this year

Capital Four's US CLO issuance volume passes $1 billion
Capital Four Management priced its third US CLO on Tuesday, bringing its US deals under management to $1.2 billion

US CLO pipeline: PPM returns to playing field after 14-month absence
Five fresh deals have made their way on to the pipeline this week, including PPM Loan Management company preparing to end its 14-month drought

Plenty more US CLOs in the CCC as buckets pass 5%, finds S&P
US CLO triple C baskets have nudged to 5.02% in November from 4.4% the prior month

Black Diamond prints rare five-year reinvestment CLO with three-year call lock
Black Diamond Capital Management has priced its first CLO in over a year, opting for an unusual duration structure with a full five-year reinvestment period and an unusual three-year call lock

Redding Ridge prints static CLO with a number of unusual structural features
A portion of RR 24's triple A-rated loan tranche can convert to notes, but only up until 21 December

Texas pension allocates $75 million to CLO fund
Texas County District & Retirement System has allocated to its third CLO fund in three years 

US CLO pipeline: Capital Four and GoldenTree structures emerge as pipeline builds
Four more US CLO managers are marketing new issue CLOs to join three holdovers in the pipeline this week

Brigade issues new CLO with unusual call and reinvestment structure
Brigade Capital Management priced a new CLO via Morgan Stanley on Thursday with a rare non-call and reinvestment period duration

Neuberger Berman prints US CLO with senior triple As hitting 220bp benchmark
Neuberger Berman priced a new CLO on Thursday with the deal's triple A notes placing at the current benchmark yield of 220 basis points over Sofr

Manager raises $150 million for first solo captive CLO equity fund
The US manager is on the road fundraising for its third ever captive equity CLO fund, but first under its new branding,

Beneath the triple C: Stormy October hits CLOs with rising tide of downgrades
After a slight respite in the pace of downgrades over the summer for CLOs, October brought renewed momentum as macro-economic pressures - primarily high interest rate burdens for corporate borrowers and supply side inflation - became the recurring rationale