Moody's puts 241 CLO tranches on downgrade review including five rated Caa3
Moody's has added another 241 US CLO tranches to its list of reviews for possible downgrade, the agency has announced

Zais returns to CLO primary market with one-year deal
Zais Group has made its CLO primary market return, teaming up with RBC to price a 1.12-year reinvestment deal via RBC

CVC prices new CLOs in Europe and US
CVC Credit Partners has priced its first new CLOs post-covid 19 on both sides of the Atlantic - and dragged the US CLO market tighter in the process

One William Street launches fifth ABS-focused fund
One William Street Capital Management has launched its fifth ABS focused fund, OWS ABS Fund V

Dishware maker files for bankruptcy as CLOs hold $200 million
CLOs hold $207.58 million of Libbey Glass, which filed for chapter 11 protection in the US Bankruptcy Court for the District of Delaware on Monday, as a result of the firm's impending debt maturities and the impact of coronavirus

CLO double Bs go on late night b-wic as spreads tighten sharply
Investors are piling into junior US CLO tranches as traders begin to see economic recovery following the pandemic

Fund manager hires Hayfin's structured credit head and launches CLO fund
An experienced CLO and structured credit fund manager has hired from Hayfin Capital Management as it targets $300 million for a CLO fund

OC health check: some CLOs cure failures, but quarter of US deals still in breach
117 deals failed over-collateralisation tests in the last week, although only 46 of these were deals reporting breaches for the first time, according to the latest reports available on CLO-i

A different kind of crisis
Panellists on Creditflux’s US CLO webinar were positive about the robustness of CLO structures and the role of cure contributions. But they warned about zombie defaults and gaming tests

Fund performance: CLO tranches move up
April returns managed a partial bounce back after a tumultuous March. 82% of funds listed in the Creditflux database made positive returns, showing at least small signs of recovery after 90% of all funds listed posted negative returns in March

I take strength from the composure investors have shown when told their payments are being deferred
It’s tempting to head to the beach or grab a CLO distribution, but investing is all about playing the long game

Onex hires Jaber as it launches CLO investment business
Onex Credit Partners has hired Ronnie Jaber to start a CLO investment business in New Jersey, according to an announcement today

Distressed debt managers eye CLOs' low single B loans
Opportunistic credit managers have been witnessing a heavier flow of triple C-rated assets emitting from CLOs since March, but they're finding lower single Bs to be a fresh source of deal flow

Banks report billions in unrealised CLO losses
Some of the world's largest bank buyers of CLO tranches reported billions of dollars of gross unrealised losses in their their latest quarterly reports

ABS market holds strong as talf date approaches
The US Federal Reserve announced last week that the term ABS loan facility's first subscription date for loans backed by eligible asset-backed securities (ABS) will be 17 June, but before the Fed has even spent a dollar, talf has already been a success, says Tom Sweeney, co-head of structured credit finance at DWS Asset Management.

Post-sell-off US CLO volumes on track to pass $9 billion as Sound Point markets deal
US CLO volumes since the pandemic outbreak are on track to pass $9 billion as Sound Point Capital Management markets its first new issue since December

OC health check: US CLOs hit by new round of test failures
135 deals breached an over-collateralisation test last week, 78 for the first time, according to the latest trustee reports from CLO-i.

Bankrupt Hertz runs out of gas with CLOs holding $245 million
CLOs hold $245 million of Hertz’ debt as the US-based car rental company drives into bankruptcy protection, with the coronavirus panedemic putting brakes on the Estero, Florida-headquartered's firm car rental operations

Akorn falls into bankruptcy with $321 million planted in CLOs
CLOs hold $321.3 million of specialty pharmaceutical company Akorn’s debt, according to the latest trustee reports from CLO-I, with the firm having filed for chapter 11 protection in the US District Court for the District of Delaware yesterday

Fair Oaks spends on junior European CLO debt after raising funds
Fair Oaks Capital has invested $92 million in junior CLO debt tranches since the start of April after putting to work fresh commitments to CLO investment fund Fair Oaks Limited

Fed announces first loan subscription date for talf
The Federal Reserve Bank of New York announced yesterday that the first loan subscription date for the term asset-backed securities loan facility will be 17 June and the first loan closing date will be 25 June

Global CLO b-wic round up: dealer bid strengthens secondary CLO market across the board
The US CLO secondary market had over $1 billion listed in b-wics last week, the first time at this level in three weeks according to CLO-i. A further €270 million went on sale in the European CLO secondary market, as the dealer bid returned to assist in continued tightening across the capital stack

Nuveen targets $500 million for 'pure play' talf fund
Nuveen is aiming to raise up to $500 million for a 'pure play' term asset backed loan strategy, Creditflux understands

Mezzanine CLO spreads tighten with BlackRock US deal
BlackRock has priced a $397.7 million new CLO via Goldman Sachs, acheiving a 175 basis points print on its tightest triple As, according to market sources

OC health check: interest diversion failures foreshadow breaches
14 CLOs reported over-collateralisation test breaches last week, five for the first time, according to the latest trustee reports available on CLO-i.