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

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

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.

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

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. 

$350 million of CLO collateral drips into default as oil companies file for Chapter 11
CLOs hold $353 million worth of debt of two oil and gas companies - Ultra Petroleum and Gavilan Resources - which have become the latest casulties of the precipituous decline in oil prices. The pair filed for chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on Thursday and Saturday, respectively

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.

Onex scores tightest CLO debt execution following covid-19 outbreak
Onex Credit Partners today teamed up with Bank of America to price its first CLO since the coronarvirus outbreak, named OCP CLO 2020-18

CLO pipeline: Apollo targets fourth deal as managers line up to break 2020 ducks
Six CLO managers, five in the US and Fair Oaks Capital in Europe, are showcasing their first new issues of the year in preparation for pricing later this month. And Apollo Global Management is marketing its fourth new issue CLO (third US new issue CLO) in the last month and a half

Three-year US CLOs set to tighten as large managers market deals
US CLO triple A spreads are tightening sharply this week with market sources indicating that benchmark levels for three-year reinvestment deals have gone into the 180s

CLO market welcomes 'favourable and surprising' revisions to talf, but issues remain
CLO participants are welcoming the 'many favourable and even pleasantly surprising' revisions to the term asset backed lending facility announced by the US Federal Reserve today to address previous concerns. This could help reignite the market, but some issues were not addressed

OC health check: eight CLOs report second month of test failures
20 CLOs reported overcollateralisation test failures last week, of which 12 were new breaches while eight were deals were failing for a second reporting period in a row

Beneath the triple C: April showers send buckets overboard
Downgrade waves rocked the CLO market in April as Moody's and Standard & Poor's downgraded 135 corporate borrowers to triple C or below, from ratings above that level. The downgrades put CLOs in rough waters as $41.6 billion of such loans are prevalent in US CLOs while €5.64 are moored in European CLO portfolios – affecting 5.92% of the US market and 4.37% of the European market

Natixis becomes first US CLO arranger to pass $1 billion issuance since coronavirus outbreak
Natixis on Friday became the first arranger of US CLOs to pass $1 billion issuance since the coronavirus outbreak and market sell-off, following a $332.75 million new issue managed by AIG

MJX portfolio manager joins US CLO issuer
A member of MJX's investment committee has landed at another CLO manager 

Flex CLOs tap mass downgrades to fill big triple C buckets
CLO managers are being hampered by the sheer volume of corporate credit downgrades to triple C, leaving the small cluster of triple C-flex CLOs to capitalise

US CLO league tables: coronavirus brings changes in approach and new top manager
Amid a big slump in CLO primary issuance, new deals have taken focus and there are some notable changes at the top of the league tables