AGL prices novel CLO with ability to reinvest would-be equity distributions
AGL Credit Management has become the fourth manager to issue a new CLO following the coronavirus-triggered sell-off

LSC bankruptcy leaves print marks on CLOs
CLOs hold $84.3 million of the debt of LSC Communications, which filed for Chapter 11 in the Southern District of New York yesterday.  

Two senior credit officials leave Global Atlantic
Global Atlantic has parted ways with two senior members of its credit team, including its head of credit investments

Secondary CLO debt trades well but Trace suggests CLO equity trading at 12 cents
A variety of CLO paper was in for the bid yesterday with US secondary CLO volumes reaching $281 million, and European volumes hitting €74 million

Beneath the triple C: $31.6 billion of CLO credits feel downgrade pain
March madness took a toll on CLOs as Moody’s and Standard & Poor’s downgraded 4.25% of the portfolios in the US and 1.84% in Europe to triple C or below in just one month (some of these were already triple C rated, only to fall further).

$52 million b-wic suggests stabilising junior CLO spreads
A $52 million b-wic yesterday shed some light on junior CLO levels on a day of very little pricing transparency.

S&P puts 48 triple C-heavy CLOs on negative watch
A spike in loan assets rated triple C as a result of the coronavirus pandemic has led S&P Ratings to put 48 CLO tranches on negative watch

Who's got the moves US: Carlyle leads as $3.7 billion of CLO loans recover
CLOs were exposed to $833.4 million worth of paper in the 10 term loans that suffered the largest price falls last week. But CLOs also had exposure to $3.67 billion of loans that recovered the most over the seven days.

GSO out the gate with first new issue CLO post-covid 19 crash
GSO Capital Partners today became the first manager to issue a CLO following the coronavirus-triggered financial crash

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.

Investors watch Libor amid inter-bank liquidity concerns
After a freefall to 74 basis points on 12 March, CLO managers found some relief in watching Libor rise to 120bp during the second part of the month.

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

GSO close to pricing static US CLO after buying $428 million of secondary loans
A CLO primary pipeline is starting to re-emerge following the March sell-off, with GSO Capital Partners marketing a static $463.5 million CLO to investors via Citi

US CLO double Bs struggle as 2020 deal drops 40 cents in three months
A gap is emerging between single A US CLO tranches and junior CLO debt after $33 million of single As changed hands yesterday via a b-wic with prices between 82 and 87 cents. But a 2020 CLO shows how fast and sharp the decline has been for junior CLO paper

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

CLOs process Internap bankruptcy as they hold $212 million
CLOs hold $212 million of the debt of Internap Technologies, which filed for Chapter 11 in the Bankruptcy Court for the Southern District of New York on on Tuesday

PGIM lines up for print and sprint CLO
PGIM is looking to capitalise on market volatility by issuing a 'print and sprint' style CLO via Jefferies

Junior US CLO tranches outshine European CLOs as GSO makes it a double
GSO Capital Partners has achieved the feat of becoming the only CLO manager to issue deals on both sides of the Atlantic amid the coronavirus-induced market selloff

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. 

Neuberger goes down in duration with one-year US CLO
Neuberger Berman has adapted to the sell-off in credit markets by launching a one-year reinvestment CLO, as opposed to a five-year deal

Raymond James scores first arranging credit with Deerpath CLO
Deerpath Capital Management has priced its second CLO backed by loans to middle market companies as Raymond James scored its first CLO arranging credit as co-placement agent

Wide double Bs leave CLO refis trapped in catch 22
$12.5 billion of US CLOs have refinanced this year on the back of steep CLO term curves — but wide junior CLO spreads have made some equity investors and managers think twice about repricing.

Palmer Square static CLO reveals funding-cost spike since January
Palmer Square Capital Management yesterday priced its second static CLO of 2020, according to market sources – but pricing levels show the toll coronavirus-related volatility has taken on short-dated CLO liabilities

CLO and repo markets lick wounds after Fed burns its cred
In the wake of yesterday's emergency Fed rate cut, CLO investors say the spread between Libor and the overnight indexed swap indicates Libor has further to fall