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

Värde targets $1 billion for inaugural dedicated credit dislocation fund
Värde is seeking to raise $1 billion for its dislocation and distressed debt fund, according to an investor presentation seen by Creditflux. The firm is targeting a first close this month

Older European CLO warehouses face manager substitution pressure
European CLO managers sitting on older warehouses are facing increasing pressure, with some warehouses seeing a substitution of managers

Moody's downgrades one tranche of 2018 European CLO
Moody’s downgraded the class D tranche of a 2018 vintage CLO managed by Man GLG 

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.

CBAM become's Europe's first debut CLO manager of 2020
CBAM has become the first CLO manager to price its debut European transaction in 2020

Global CLO league tables - May 2020 YTD
Global CLO league tables - May 2020 YTD

Euro CLO league tables: fresh faces emerge with new deals
May was a month of fresh faces as three new managers entered the ring for the first time in 2020

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

CBAM readies debut European CLO
CBAM is marketing its first ever venture into the European CLO market with a deal named Vendome Funding. The Eldridge Industries-backed CLO manager is expected to price the transaction this week, via JP Morgan

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

Negative cash deal becomes first European CLO to fail OC test since sell off
260 US CLOs have failed an over-collateralisation test in the last two months and the first European CLO has breached a junior over-collateralistion since the credit sell off in March

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

Napier Park brings covid-era European CLO volumes to €1.5 billion
Napier Park Global today became the sixth CLO issuer in Europe since the onset of the pandemic, according to market sources, bringing volumes on the continent since the outbreak of the coronavirus pandemic to over €1.5 billion

Capital Four launches two CLO funds
Capital Four Management has plans to launch two structured credit funds focused on CLOs  that aim to capitalise on dislocation at both ends of the CLO capital stack, sources say

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

Single Bs set to return to primary euro CLOs as Napier Park markets new issue
Napier Park Global Capital is set to become the first CLO manager to sell a single B-rated CLO since the covid-19 pandemic onset,

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

Lupus Alpha CLO funds enter April top 10 after cutting triple B exposure in January
Lupus Alpha CLO High Grade Invest Fund, a Ucits fund managed by Lupus Alpha, topped the Creditflux April hedge fund rankings with 12.05% returns. The Frankfurt-based manager also has two other funds in the top 10 rankings: Lupus Alpha CLO High Quality Invest (9.88%) and Lupus Alpha CLO Opportunity Notes I (8.94%)

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

Apollo and Barings defer equity payments on long-dated CLOs
Apollo Global Management and Barings have joined PGIM in deferring their scheduled April payment dates for a handful of European CLOs, according to the latest payment reports on CLO-i. Apollo also deferred payments on several of its US CLOs.

Listed CLO fund rebounds in April with 5.7% gain
US and European CLO equity tranches brought in gains of 10% in April for the fund, US CLO debt 12.1%, ABS 0.6% and bank balance sheet transactions 0.3%