Seven points basis opens up in CLO triple Bs - but Investcorp trades well to defy trend
Triple B rated tranches once again swamped the secondary CLO market yesterday and trading levels suggest the basis between bonds on negative watch/outlook versus those not subject to a downgrade is about seven points

Moody's joins Fitch and S&P in CLO negative watch camp as it acts on 976 tranches globally
Moody’s has put tranches from 358 US CLOs and 39 European CLOs on review for downgrade, in an announcement that places 976 tranches (859 in the US 117 in Europe) at risk of losing their original rating

Experienced CLO official departs Pretium after two years
A CLO and loan portfolio manager has departed Pretium Partners, according to market sources, just under two years after his arrival

Yes they Canyon: west coast manager joins group of post-covid 19 CLO issuers
Canyon Capital has joined the exclusive group of managers to price a new issue CLO amid the crisis stemming from the coronavirus pandemic

Redding Ridge and Natixis reunite for second new CLO in a month
Redding Ridge Asset Management, the CLO manager affiliated with Apollo Global Management, has priced its second CLO of the month, becoming the fist manager to issue two new transactions following the coronavirus selloff in March

OC health check: another two CLOs fail senior OC tests
Two senior overcollateralisation test failures number among 26 deals joining the list this week of CLOs breaching their OC tests in April, according to the latest trustee reports on CLO-i.

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

Eagle Point cuts dividend payments on listed CLO equity fund
Eagle Point Credit Company has slashed its divident payment by 60% to eight cents a share, down from 20 cents a share, following losses to net asset value in the first quarter as a result of the coronavirus pandemic

We start again: loan crash sparks move to short-dated CLOs
After 12 years, the CLO bull run has come to an end. But these things were built to withstand massive shocks, so there’s no time to panic. Rather, it’s time to kick off 3.0s with static deals.

Two US CLOs fail senior OC tests
Apex Credit Partners and Marathon Asset Management have become the first CLO managers in the 2.0 era with deals failing their senior overcollateralisation tests, according to latest trustee reports on CLO-i

AGL prices novel CLO with ability to reinvest would-be equity distributions
AGL Credit Management has become the fourth manager to issue a new CLO following the coronavirus-triggered sell-off

Two senior credit officials leave Global Atlantic
Global Atlantic has parted ways with two senior members of its credit team, including its head of credit investments

Secondary CLO debt trades well but Trace suggests CLO equity trading at 12 cents
A variety of CLO paper was in for the bid yesterday with US secondary CLO volumes reaching $281 million, and European volumes hitting €74 million

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).

$52 million b-wic suggests stabilising junior CLO spreads
A $52 million b-wic yesterday shed some light on junior CLO levels on a day of very little pricing transparency.

S&P puts 48 triple C-heavy CLOs on negative watch
A spike in loan assets rated triple C as a result of the coronavirus pandemic has led S&P Ratings to put 48 CLO tranches on negative watch

Who's got the moves US: Carlyle leads as $3.7 billion of CLO loans recover
CLOs were exposed to $833.4 million worth of paper in the 10 term loans that suffered the largest price falls last week. But CLOs also had exposure to $3.67 billion of loans that recovered the most over the seven days.

GSO out the gate with first new issue CLO post-covid 19 crash
GSO Capital Partners today became the first manager to issue a CLO following the coronavirus-triggered financial crash

CLO warehouses trigger draw stops as loan market tanks
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge.

Investors watch Libor amid inter-bank liquidity concerns
After a freefall to 74 basis points on 12 March, CLO managers found some relief in watching Libor rise to 120bp during the second part of the month.

European CLO triple Bs go from 99 to 73 in less than a month
European CLO mezzanine prices have fallen by almost 30 cents in less than a month, with a b-wic yesterday featuring a 2019 PGIM-managed CLO underlining the dramatic decline

GSO close to pricing static US CLO after buying $428 million of secondary loans
A CLO primary pipeline is starting to re-emerge following the March sell-off, with GSO Capital Partners marketing a static $463.5 million CLO to investors via Citi

US CLO double Bs struggle as 2020 deal drops 40 cents in three months
A gap is emerging between single A US CLO tranches and junior CLO debt after $33 million of single As changed hands yesterday via a b-wic with prices between 82 and 87 cents. But a 2020 CLO shows how fast and sharp the decline has been for junior CLO paper

Global CLO b-wic round-up: CLO triple As recover but mezz left behind
The CLO secondary market was a tale of two halves last week. 100% of all bonds listed in b-wics on Monday and Tuesday had no covers released (either traded or did not trade), but the end of the week was a different story for both markets

CLOs process Internap bankruptcy as they hold $212 million
CLOs hold $212 million of the debt of Internap Technologies, which filed for Chapter 11 in the Bankruptcy Court for the Southern District of New York on on Tuesday