CLO warehouses trigger draw stops as loan market tanks
CLO warehouses are being put on ice due to ‘draw stop’ triggers, which have come into play as loan prices plunge.

European CLO triple Bs go from 99 to 73 in less than a month
European CLO mezzanine prices have fallen by almost 30 cents in less than a month, with a b-wic yesterday featuring a 2019 PGIM-managed CLO underlining the dramatic decline

Fair Oaks suspends dividends from listed CLO fund citing covid-19 uncertainty
Fair Oaks Capital has suspended dividends on its listed CLO fund “in light of the ongoing uncertainty in economies and markets caused by covid-19 pandemic”, according to an update to investors in the $315 million fund

Global CLO b-wic round-up: CLO triple As recover but mezz left behind
The CLO secondary market was a tale of two halves last week. 100% of all bonds listed in b-wics on Monday and Tuesday had no covers released (either traded or did not trade), but the end of the week was a different story for both markets

Investors query loan b-wic objectives as trade rates plummet
Over €1 billion worth of loan paper has appeared in the form of European loan b-wics in March, according to market sources. But buyer appetite has been low

Ellington sells large chunk of assets from European CLO warehouse
Ellington Management sold €69.5 million from its CLO warehouse on a b-wic dated 12 March, according to market sources

Beneath the triple C: mighty CLO buckets from Akorns grow
Rating agencies went on a downgrading spree in February, with Moody’s and Standard & Poor’s cutting 20 corporate names to triple C or below – affecting $2.78 billion of paper in US CLOs and €316.6 million in European CLOs. 

Euro CLO league tables: Carlyle doubles down in February as 2019's leaders look on
Carlyle Group has jumped to the top of the European CLO manager league tables after bringing two deals to the market in February

Global CLO league tables - February 2020 YTD
Global CLO league tables - February 2020 YTD

Back from the dead: CLO risk retention resurfaces in the US
Risk retention is making an unexpected comeback in the US CLO market as more managers look to structure their deals to comply with European risk retention regulations

KKR beats CIFC's European CLO benchmark one day later
KKR Credit brought new issue CLO Avoca XXI via Bank of America last night and in doing so, set a new triple A spread benchmark for European CLO managers of 89bp and a cost of debt of 164.5bp

CIFC pushes European CLO spreads to new tights
CIFC Asset Management’s second CLO in the European market, CIFC European Funding CLO II, has set a new benchmark for the year as triple A spreads move tighter to 90bp with a cost of debt of 165.6bp.

Lord Abbett preps floating rate interval fund with monthly share repurchase
Lord Abbett Enhanced Floating Rate Fund will invest at least 80% of its assets in floating rate products including senior secured or unsecured loans, second lien debt and floating rate structured credit including CLOs

Global CLO b-wic round-up: that's another fine mezz you've gotten me into
European CLO investors are tripping over themselves to buy mezzanine paper in the secondary CLO market

CLO pipeline: new loves kindle as managers finish with old flames
US new issue CLO paper is back on the agenda after a January dominated by refinancings. 14 new deals are in the pipeline, but refis are holding steady with eight of these in the works. CLO refinancings have been the front runners this year, with 22 CLO refis versus 12 new US CLOs. 

Partners markets US CLO as it aims to become second transatlantic issuer of 2020
Partners Group is on course to become the second CLO manager this year to price new issue deals on either side of the Atlantic

CLO pipeline: make some noise for repricings
CLOs may be a bit late to the spread-tightening party, but a hoard of CLO repricings is aiming to make up for it by sheer volume

Euro CLO league tables: three new issues make January just right
Three European managers braved the waters in January to kickstart the CLO primary market

Global CLO league tables - January 2020 YTD
Global CLO league tables - January 2020 YTD

Sound Point adds third new CLO in first 10 months of European issuance
Sound Point Capital Management is keeping up the pace on its European CLO platform with its third new issue since its launch in April last year

Carlyle revives amortising euro CLO with upsized capital structure
Carlyle Group has reset a CLO in the middle of its amortisation period, giving a new lease of life to the deal named Carlye GMS Euro CLO 2015-1

Global CLO round-up: welcome back, give us a (refi) wave
Tighter corporate credit spreads means new issue volumes are down, but it makes a decent entry point for new CLO managers to price deals and also makes refinancing CLOs imperative

Accunia returns to CLO primary market with first new issue since 2018
Accunia yesterday returned to the CLO primary market with its first new issue since June 2018

CLO pipeline: a refi of nine cuts time (and margins)
Nine US CLO managers are preparing to refinance one of their CLOs to lower financing costs

Global CLO b-wic round-up: equity, equity everywhere, but trading volumes sink
For the second week in a row, over $230 million of US CLO equity went on sale and multiple control equity positions were listed in the CLO secondary market