Beneath the triple C: downgrades hold steady as Travelport loses its luggage
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers

Creditflux announces finalists for Manager of the Year award
Ahead of the virtual awards ceremony on 15 July Creditflux is thrilled to announce the four finalists for the prestigious Manager of the Year category.

CLO pipeline: break's over - time to print deals
The CLO market has taken a slight pause after the independence holiday in the US last weekend, meaning the CLO pipeline includes a backlog

Double B CLOs on downgrade watch up for grabs as market eyes tightening
CLO double B spread averages tightened 24.44 basis points on Wednesday, ending a 22-day widening streak. On Thursday, a b-wic of seven CLO double Bs goes live at 11am New York time and should clarify if spreads will tighten further

CIFC and RBC plan first new CLO partnership for over five and a half years
CIFC is marketing CIFC Funding 2020-II, the firm's second new CLO since the coronavirus pandemic began, and is working with RBC to arrange the deal

OC health check: CLOs heal up with no new breaches among US BSL deals
53 CLOs reported an over-collateralisation (OC) test breach last week, but only two CLOs breached an OC test for the first time, neither of which were US broadly syndicated loan CLOs

CEO Wriedt to part ways with DFG and launch his own business
Oliver Wriedt is stepping down from his role as chief executive officer of DFG Investment Advisers to launch his own investment venture, according to an investor letter seen by Creditflux.

CLOs at a glance: global market hits post-outbreak high
Primary issuance is on the rise as global CLO volumes in June stand at $7.22 billion as Creditflux goes to press, exceeding the $7.12 billion in May

Anchorage prints its first loan-only CLO in a year
Anchorage Capital Group has priced a new $341 million CLO via Citi, the manager's first new issue following the coronavirus outbreak

CLO pipeline: Managers prepare to build on momentum in July
The demand for new issue CLO paper is strengthening with eight US CLOs, one mid market CLO and three European CLOs preparing to print in the coming days

OC health check: CLO managers drop their breaches
114 CLOs reported overcollateralisation breaches last week, but only three deals reported breaches for the first time

Elmwood completes second new CLO of 2020 with $392.4 million deal
Elmwood Asset Management, the CLO manager owned by Elliot Management, has priced its second CLO of 2020 and its first following the coronavirus outbreak

Five Arrows notches first new CLO of the year
Five Arrows Managers, the CLO management arm of Rothschild, has priced a short one-year CLO via Barclays

CLO pipeline: marathon runners and sprinters join the race
Five new CLOs priced last week, four of which were US issues and one European, but they have been ably replaced in the pipeline, with a handful of managers looking to strike while the CLO market is still hot

OC health check: slowing of downgrades offers some reprieve for CLOs stuck in breach
89 deals reported overcollateralisation breaches last week, but only seven of these deals were breaching any OC test for the first time, according to the latest reports available on CLO-i

CLO double Bs on sale as sub-investment grade rally fizzles out
After more than a month of rapid tightening, CLO double Bs trended wider last week by roughly 60 basis points, as the market for these sub-investment grade tranches stabilises in the mid-800s

Q2 US CLO volumes pass $14 billion as Benefit Street issues new deal
Benefit Street Partners has issued its first new CLO of 2020, bringing the total volume of US CLOs priced since the coronavirus selloff to $14.32 billion, according to market sources

CLO pipeline: manager prepares crowning return as primary market gets busy
CLO secondary prices have rallied hard in recent weeks, providing impetus for the new issue deal pipeline to fill up quickly. But one surprise is that Western Asset Management has chosen this moment to return to the primary CLO market, after several years' absence

OC health check: US CLOs show improvement as first euro CLOs breach multiple tests
15 deals reported a breach in an overcollateralisation test last week according to the latest reports available on CLO-i, including one European CLO and 14 US broadly syndicated loan CLOs.

Global CLO b-wic round-up: US triple Bs edge wider but 2020 bonds trade at a premium
The furious rally that the secondary CLO markets have gone through over the last two weeks was brought a halt by the Federal Reserve’s reminder on Wednesday night that all is still not well with the economy

Fidelity upsizes two-year US CLO
Fidelity Investments has priced its first US transaction of the year dubbed BallyRock CLO 2020-1

Voya prices first new issue US CLO of 2020
Voya Alternative Asset Management priced its first US new issue CLO of the year on Friday

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

OC health check: second European 2.0 CLO reports junior OC breach
33 deals reported overcollateralisation (OC) breaches last week in a relatively quiet reporting period.  314 deals are now reporting OC breaches as of the latest report, according to CLO-i.

CIFC CLO funds outperform after using tech to identify tail risks
CIFC Asset Management has been using technology to its advantage as two of its CLO funds were in the top 10 of our credit hedge fund return tables in April