Global CLO b-wic round-up: US CLO triple As finally rally while European investors go ‘all in’
A huge supply of $731 million of US CLO triple A bonds pushed US CLO secondary volumes to just shy of $1.5 billion last week

OC health check: CLOs pay $1.3 billion on senior tranches as payment dates come due
Senior debt holders received $1.3 billion of principal from CLOs that breached an overcollateralisation test in July, a month in which the majority of scheduled payment dates fell. Of those deals suffering an OC breach, 190 were due to make a payment to noteholders and 57% were within reinvestment. 

Beneath the triple C: CLOs get their sneakers on as retailers run into bankruptcy
July added further relief to CLO portfolios with the slowest rate of downgrades to triple C since March. US CLO portfolios faced downgrades of $2.18 billion to triple C while European portfolios faced just €59.13 million of such downgrades

Global CLO b-wic round-up: Palmer Square sets highest cover as double B curve inverts
Palmer Square and MJX set the CLO secondary market trading range, but pickings in Europe were the slimmest they have been in almost five months

Managers weigh up matters of principal
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par

CLO pipeline: AGL aims high as it prepares fifth new issue of 2020
US CLO managers are sensing opportunities in the CLO market either via new issue CLOs or by refinancing the fixed-rate tranches in their legacy deals

Euro CLO league tables: Apollo blasts its way to top spot
July marked the largest month of European CLO issuance since coronavirus pandemic-induced volatility hit financial markets

Global CLO league tables - July 2020 YTD
Global CLO league tables - July 2020 YTD

CLOs at a glance: managers show creative side to price new issues

Global CLO b-wic round-up: secondary CLOs rally but dispersion persists
The US CLO secondary market rallied, and spreads compressed last week, but there are still several outliers

Five Arrows prices same-day CLOs in US and Europe for first time
Five Arrows Managers broke new ground on Friday after pricing two CLOs on one day for the first time in its history

Ostrum's US CLO plan takes a turn after head of structured credit leaves
An experienced CLO PM has left Ostrum after just one year

CLO pipeline: Redding Ridge plans fourth US CLO since March
Last week proved to be one of the busiest weeks of the primary CLO market since the start of the coronavirus pandemic, with $5.21 billion worth of new paper issuance coming through: eight US CLOs, one middle market deal and three euro CLOs

Hayfin prints Euro CLO with fixed-to-floating tranches
Hayfin Capital Management has printed its first European CLO of 2020, after amending the capital structure to include two fixed-to-floating tranches

OC health check: breaches start to take toll on July payment dates
37 CLOs reported an over-collateralisation test failure last week, but this was a falling percentage of those publishing trustee reports and none were fresh breaches

Hayfin revises structure for upcoming CLO with fixed-to-floating tranches
Hayfin Capital Management has amended the capital structure on its new upcoming €343.6 million European CLO to include an unusual feature

Fair Oaks resumes dividends on listed CLO fund
Fair Oaks Capital will resume paying dividends on its listed fund Fair Oaks Income Fund

Credit Rendezvous: record fiscal stimulus provides pick-me-up
Credit markets had a mini bounce-back in the second quarter as central banks poured cash into the economy. But there is great uncertainty about the effects of a second wave of coronavirus. As part of our quarterly report on credit - the Credit Rendezvous - Creditflux spoke to experts across 12 segments of the credit market

Two large managers prepare CLO funds
Another two managers have joined the plethora of firms launching CLO-focused funds of late including CIFC, Capital Four, DFG, Eagle Point, Neuberger Berman, Octagon, and Tetragon

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

Hayfin features single B tranche in short-dated euro CLO
Hayfin Capital Management is marketing its first European CLO deal, which includes a €7 million single B-rated note 

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

Revolutionary ESG-linked loan wins CLO support
European loan investors welcomed a novel concept in June when Carlyle Group-backed Logoplaste issued the first term loan with pricing linked to environmental, social and governance (ESG) factors