It's all relative: Euro CLO mezz rallies to follow month-long IG/HY compression
European credit suffered this week with Brexit talks between the UK and the EU dragging on and both sides conceding that a trade deal is unlikely to be reached by Sunday’s deadline. But European CLO tranches have held up reasonably well with mezzanine spreads tightening by almost 13% in December

400 holds $430 million final close on opportunistic structured credit fund
400 Asset Based Term Fund II will invest across structured credit including special situations, risk-transfers, and liquidity premium opportunities in the primary and secondary markets

Barings' CLO team partners with Citi for first CLO as partnership since 2016
Barings has teamed up with Citi to print a new CLO, marking the manager's first partnership with the largest CLO arranger for the first time in over four years

US manager completes first new issue CLO in 17 months
Hayfin Capital Management has returned to the US CLO market with its first new issue since July 2019

Nuveen hits US market tights with CLO and takes 2020 volume to $1.2 billion
Nuveen has priced the third US CLO on its Symphony platform of 2020, bringing its volume for the year to $1.22 billion

US CLO league tables: new issue rankings go to wire as post-pricing upsizes pop up
The new issue US CLO rankings are tightly contested with JP Morgan leading Citi by just $641 million with one month left of the year. Even in December's typically slower weeks this is a closeable gap 

Global CLO league tables - November 2020 YTD
Global CLO league tables - November 2020 YTD

Mid market CLO league tables: late November surge revives mid-market
After a quiet start to the month the mid-market sprung to life on an eventful 20 November when three deals priced

Benefit Street prints three-year US CLO via Citi
Benefit Street Partners has teamed up with Citi to print a three-year reinvestment CLO

Columbia prints tightest five-year reinvestment US CLO since March sell-off
Columbia Management has priced the tightest five-year reinvestment CLO post-covid

Europe leads corporate credit rally, but US outperforms in CLOs
iTraxx Crossover has been the CDS market's outperformer this week, tightening over 30 basis points, or 11.4%, to trade at 235bp today. But in the CLO market, US deals have come out on top thanks to a BlackRock CLO that priced its double Bs at some of the tightest levels this year

Credit fundraising: November marks turning point as fund launches spike
November was always set to be an important month as the world awaited the US election outcome and the results of covid-19 vaccine trials. This did nothing to slow down fund managers as 14 funds launched, up from only four funds launching in September and five in October

Double B spreads shrink to just 635bp as BlackRock prints tightest CLO yet
BlackRock has once again priced the tightest three-year reinvestment CLO post-covid, repeating a feat it last acheived back in September

Allstate rides US CLO rally with super-tight new issue
Allstate Investment Management Company has printed a new CLO named AIMCO CLO 12 as liability tranches continue to rally

KKR features delayed-draw single Bs in US CLO
KKR priced its fourth US CLO of 2020 last week, taking its deal volume for the year to $1.31 billion in the US and around $2.17 billion globally

Compression plays out as HY and European CLO double Bs outperform
Investment grade and high yield credit spreads have tightened in sync with each other this week, but CDS and CLOs alike underline that the big theme over the past month has been compression between investment grade and high yield

Elmwood prints five-year reinvestment CLO with triple As at 139bp
Elmwood Asset Management has priced its seventh CLO and its first five-year reinvestment deal since the March sell off

AB swings back to mid market CLOs with $346.8 million new issue
AB has returned to middle market CLOs following its debut in CLOs backed by broadly syndicated loans last month

Invesco scores tightest three-year triple A print with first US CLO in 12 months
Invesco has returned to the CLO primary market with a first new issue deal since October 2019

CBAM prices first five-year CLO since March sell off
CBAM has priced a second US CLO post-covid and its first with a five-year reinvestment period

CLO pipeline: LCM switches arranger to complete deal and join issuance surge
Over $3.5 billion of global CLO issuance priced last week and managers in all three CLO markets are taking advantage of tightening spreads across the capital structure after three major covid-19 vaccine breakthroughs and increased confidence since the US presidential election

Global CLO b-wic round-up: Junior tranches rally amid heavy supply, including portfolio liquidation
The US CLO secondary market rally is showing no signs of slowing down after a week of over $1 billion worth of bonds was listed and well absorbed, according to market sources. The European market also had a roust week with over €300 million of paper up for grabs, although the market stayed generally flat with some tightening in double and single Bs

OC health check: 41 CLOs heal their breaches
147 CLOs breached an over-collateralisation test in October, down from 183 in September. 41 CLOs that breached an OC test in September passed all OC tests in October, most of which had October payment dates

Ares rides vaccine rally to price tightest three-year US CLO
CLO primary spreads have tightened dramatically after Ares Management priced its first US new issue post-election, with weighted funding costs of just 167.38 basis points over Libor

Blackstone revisits Reese Park with post-pricing CLO upsize
Blackstone Credit has become the fourth CLO manager this year to upsize a CLO post-pricing. Reese Park initially priced on 16 October at $408 million and is set to close on 30 November at $510 million, with the addition of new debt tranches paying lower rates of interest